HR in the Gig Economy

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HR in the Gig Economy
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What is the Gig Economy? At the dawn of the
2010s, the world saw a rapid increase in the
development of new technologies that changed the
world as we knew it. Organizations across all
industries started to leverage upon this
technology to drive their business further
forward into the 21st century. This has not only
brought about opportunities for businesses, but
for individuals too.In the US alone, nearly 16.5
million people are working in 'contingent' or
'alternative work arrangements'. Increments in
such sorts of working arrangement have given rise
to what we now know as the Gig Economy. With the
Gig Economy, Human Resource processes
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that have served companies for decades have to be
altered. Increasingly, the world economy is
highly susceptible to external factors, for
instance, COVID-19. Situations like these have
forced businesses to reconsider their operations
and as such has caused many organizations to
look toward newer, mobile technologies to
survive adverse working environments.
Undoubtedly, there is a new need for greater, and
more e?cient management of resources and without
proper preparation, a once successful company
may get left behind in this new digital and
on-the-go age of the Gig Economy. What does this
mean for HR Operations? E?cient Attendance
Tracking As the world continues to digitalize,
gone are the days of manual data collection and
storage as more companies look towards newer and
more innovative measures such as biometrics.
This means no more punch-cards, no more sign in-
and-out sheets and a reduction in unnecessary
administration work. This additionally helps
companies reduce their carbon footprint, as
consumers and stakeholders grow more concerned
about measures of sustainability. At QuickHR, we
use our own state-of-the-art Biometric system for
attendance tracking, overtime calculation and
monitoring store tra?c. With the Gig Economy,
many employees are working from home or off-site.
Manually documenting all
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these is tough, not to mention a waste of paper,
time and other resources. By using a Biometric
facial recognition device no matter where
employees are working, all data collected will
automatically be transferred into the attendance
scheduling function in a HR System, fully
integrated with other functions such as leave
and claims. Consequently, this means a more
e?cient way of working, both for general
employees, managers and HR staff. Such a method
of tracking employee attendance is undoubtedly
the way to go to keep up with the fast-paced
business world of the Gig Economy. Flexible
Payroll Systems In 2020, it was reported that
there were 211,000 Gig workers in Singapore, up
from 200,000 in 2016. Additionally, 80 of
individuals from this group indicated that
freelance work was their primary source of
income. This suggests that slowly but surely,
the popularity of traditional work is on
the decline.As a consequence, running payroll
will no longer be a straightforward process as a
result of increased arbitrary and complex working
arrangements. With more workers on the go, HR
may need to run payroll for many kinds of
workers daily-rated, shift-rated or on a
per-month basis. As a result of the changing
landscape with regards to work scheduling,
HR managers would have a tougher time calculating
and processing the salaries of workers, which
heightens the risk of leaving employees with
improperly issued salaries.
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This would lead to unsatis?ed employees while
also causing additional contributions such as
income tax and CPF to be made more complex. This
has resulted in many companies turning towards
various forms of ?exible e-payroll systems like
QuickHR . Such systems have many multi-faceted
features which allow for multiple pay-runs to be
punctually and accurately processed regardless of
employment type, while also possessing automatic
inclusion systems for a smooth CPF and IRAS
submission. Possessing such features, payroll
runs will be made all the smoother to quicken
operations about the workplace. Inevitably, with
the rise of the Gig Economy, companies are
seeking more e?cient methods of managing payroll
runs and salary issuances. This reduces time
spent on lower-level operational HR activities
such as data entry, and frees up time for the HR
team to focus on more strategic planning to grow
the business, especially important in this age
where business conditions are highly
volatile. Robust Hiring Processes In this
economic downturn, many companies have frozen or
reduced hiring greatly. This has resulted in a
greater number of applications for each job role.
In addition, in recent years there has been a
reduced emphasis on formal quali?cations, and a
match of work experience, with a greater focus on
soft skills of candidates . How then, can you
still e?ciently sort through candidates to ?nd
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one who will be a great addition to your
team? To aid your recruitment efforts, there is
a need to utilise a quick?re, yet accurate and
consistent method of hiring the best applicants
via Applicant Tracking Systems , (ATS). ATS are
now more important than ever, with robust
features that can help ?lter for the best hires
possessing the most relevant skillsets and
quali?cations. Once these applicants are
selected and hired, ATS make the onboarding
process easy, automatically transferring all
necessary data to an organisations employee
database. E?cient and quick, these systems are
equipped with the necessary facets to simplify
the onboarding process. In the Gig Economy where
everyone is on the go, organizations are always
on the lookout to snatch up the best talent to
empower themselves via a more skilled and
effective workforce. Thus, it is necessary to
take action now and utilize an ATS, like
QuickHRs, to maintain a strong market position
amidst uncertain nature of business
environments. Going with the Gig The changes
brought about by the Gig Economy have
unquestionably revolutionized the way the
business world operates. As the world continues
to move away from traditional operations, Human
Resources also has to move with the times and
adopt the newest trends and technologies to drive
their business further forward.
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It is only by embracing change can they truly
maintain a competitive edge. In preparing for
the Gig Economy, do consider QuickHR, an
award-winning HRMS. With a biometric system for
attendance tracking, ?exible payroll and a robust
applicant tracking system, you'll be able to
automate your HR processes and the let the
software do the heavy lifting thus allowing you
to focus on the things that truly matter. Once
again, we hope that you've enjoyed a good read.
And remember, Think Now, Think Far, Think
QuickHR. Get in touch with us at
https//quickhr.co/ to ?nd out more about our
state-of- the-art HRMS solution!
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