The Ultimate Software Group Inc.

08/06/2020 | News release | Distributed by Public on 08/06/2020 04:10

How Does an Internal Gig Marketplace Work?

The Gig Economy Never Left, It Just Moved

Every year, there's at least one hot topic that pops up into the sphere of HR relevancy. Just a couple of years ago, we were gifted with the 'gig economy.' While the term was new to many of us (myself included) this way of working has been around as long as… well, work.

For those new to the phrase, the gig economy is defined as 'a labour market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs.' Of course, short-term employment is nothing new, but it's rise in popularity in recent years is.

All that being said, I won't bore you with another article about the ins-and-outs of the gig economy. Instead, let's talk about how the gig economy has been adopted within the workplace as an internal gig marketplace.

What is an Internal Gig Marketplace?

An internal gig economy, or internal gig marketplace, is similar to a job board-with the exception that every 'gig' is a short-term project available only to your current employees. Your employees won't exactly be leaving their roles to take on this project full time. Instead, an employee will be able to commit 10-20% of their time to this new project while still fulfilling the responsibilities of their primary role.

The Business Case for an Internal Gig Marketplace

While there are a number of professionals who work full-time within the gig economy, this world of short-term employment has also been a safe haven for curious minds. Within the gig economy, everyone has a chance to embrace other sides of themselves. A career accountant can become a photographer. A teacher can try out voice acting. The gig economy addresses a need that has existed in all of us since childhood-the need to explore.

And that's why the gig economy has found a place within modern organizations. People are multi-faceted, and generally speaking, many of us don't like to be boxed into one category. If a decorated wrestler couldn't go on to become a widely popular astrophysicist, we wouldn't have Neil deGrasse Tyson. If high-flying acrobats aren't enough to convince you, here are three practical benefits for implementing an internal gig marketplace at your organization.

Talent Retention

The internal gig marketplace allows employees with interests outside of their current roles an opportunity to explore and grow. And from a business perspective, it sure beats losing an amazing employee if they can only explore these interests by leaving the company.

Employee Engagement

When employees get a peak into a different business function, they also have the opportunity to connect the dots between the day-to-day work and the overall business goal. Employees who align with your organization's 'why' are more energized and engaged with their work.

Workforce Agility and Adaptability

If 2020 has taught us anything, it's that businesses need to be able to transform quickly in order to thrive in the rapidly changing world around us. Having employees who are multi-disciplined will help your teams be prepared for unexpected changes down the road.

Ready to embrace an internal gig marketplace? Join this webcast to be part of the conversation on how to best leverage an internal gig marketplace at your business.