The gig economy has been a boon to many businesses. By tapping into the gig economy, companies can now increase agility when scaling while saving time and money.
The good news for business owners is that freelancers and gig workers are an easy bunch to please. A recent study found out that freelancers and gig workers are generally happier than traditional employees since they have the freedom to choose their own work.
The trick is to make yourself attractive to the gig market and you’ll have no problem accessing the best-skilled talent for your company’s short-term needs.
You may think it’s easier said than done, but here’s what you need to keep in mind.
Paying and managing gig workers can get complicated
There’s no question that paying and managing gig workers are a tad challenging. Most businesses are still figuring out how to efficiently integrate gig workers into their existing payment processes and systems. The main issue is that the gig economy is rife with short-term engagements and temporary contracts, so it’s hard to keep up with all the payment updates.
However, this is largely because most payments for gig work are made via outdated methods. This is not only a hassle to businesses, but it’s also frustrating to the gig workforce. For instance, gig workers are not happy about receiving payments made via methods that are not instant.
After all, there’s no reason businesses should be handling payment of gig workers manually and disbursing paper checks when they can modernize payment with innovative, digital options.
The right payment solutions can simplify things
Statistics show that over 50% of gig workers don’t have access to employer-provided benefits. So while you may not provide additional benefits like employer-sponsored insurance to your gig workers, you can at least improve the speed and efficiency of your payment operations.
As you work with more and more contractors and other gig workers, you’ll find that quick access to funds is one of the crucial missing pieces of the puzzle when it comes to how to keep freelancers.
Here are two efficient digital payment solutions that you and every other business should explore:
- Payout cards – With payout cards paying your gig workers is as simple as loading their earnings directly and quickly onto the cards, all in one place. Payout cards are now the perfect solution for today’s general contractor and the gig workforce in general. The best thing about payout cards is that gig workers can receive their money instantly even if they don’t have a bank account.
- Early access to payment – Payout cards allow workers to receive instant pay and immediate access to payment. Freelancers don’t have to wait for payment, which increases the flexibility that’s inherent in the gig economy. This flexibility keeps gig workers satisfied, allowing you to enjoy the numerous benefits that freelancers and gig workers bring to the table.
Benefits of working with freelancers and gig workers
Consider these exceptional benefits of working with top gig talent. Please check your local laws about requirements around employment status versus gig contractor status.
Lower Costs
As mentioned, tapping into the gig economy allows businesses to save money. Instead of hiring employees on and off, you can hire on-demand workers without spending more on employee benefits such as paid vacation and retirement plans.
Your gig workers generally won’t expect these benefits because they know what they signed up for. Besides saving on HR costs and benefits, you can also enjoy reduced costs by minimizing infrastructure expenses, such as office space, supplies, and IT equipment.
Access to Diverse Individualized Skills
Gig workers exist all over the marketplace, and they can cover your business’s needs in every department. Hiring the right person for the job doesn’t have to be hit or miss when you can access the right gig talent via specialized online job boards and communities.
This is handy if specific tasks require expertise your employees may not have. The gig economy allows your business to adapt quickly and solve challenges. That means small and medium-sized businesses can now operate with the efficiency of larger companies but without the additional overhead costs.
Improve Workplace Efficiency
Outsourcing work to gig talent is also beneficial to your employees. Since on-demand workers are more economical, employers can outsource the nitty-gritty tasks, leaving employees more time to focus on core business.
For instance, you can quickly hire freelancers to remotely handle bookkeeping, website development, content creation, and other tasks. Your company’s efficiency improves since employees can now devote their time to the things that matter.
Easy Scalability
Employers now have nothing to worry about when busy seasons roll around. They can now turn to the gig market and hire freelancers willing to fill in the human resources gaps just for a short time. This enables businesses to scale up and down efficiently without burdening employees. This also keeps customers satisfied since their demands are always met.
Ask how Juice can help you put these reward programs in place
The consensus is in: Flexibility is the biggest attractor to on-demand workers. Therefore, business owners that provide flexible payment solutions and unique freelance benefits can ride the wave to improved profitability. Wondering how best to adopt reward programs so your gig workers can love you more? Juice Banking payout cards are your one-stop solution to managing and paying gig workers better. Get started and order custom payout cards for your gig workers to win over the best talent and keep them around.
