The Growing Gig Economy

THE GROWING GIG ECONOMY WHAT IS A GIG ECONOMY? A gig economy is a workforce in which full-time staff is less common than temporary positions for short-term engagements, such as: independent seasonal workers on contractors employees short-term projects By 2020, 40% of all workers are expected to be short term only. 60 15- 45 30 One recent survey suggests that some 45 million people, or more than one in five adults, participate in the gig economy. HOW IS TECHNOLOGY ASSISTING THE GROWTH OF THE GIG ECONOMY? AUTOMATION As digitalization continues to increase, and we get more and more connected as a society, it makes it that much easier to automate the processes associated with the gig economy – for example, everything from finding the right people with the right skill set, to scheduling and communicating with them, to on-site time and attendance tracking, and all the way through payment. Additionally, the workforce is increasingly mobile, and work can be accomplished practically anywhere and anytime. The increase of mobile and on-demand platforms that help manage all of the labor processes associated with a contingent workforce allows businesses to gain greater visibility and control over their complex and fragmented teams. Through this increased visibility and control, businesses operating in the gig economy gain more data and analytics in order to make smarter hiring decisions, as well as to increase their overall profitability. COMPLIANCE MANAGEMENT Technology is assisting businesses in navigating the employee misclassification landscape. The event service industry is among those in the crosshairs of federal and state regulators targeting the misclassification of employees (who receive a W2) as independent contractors (who receive a 1099), arguing employees should receive certain benefits that traditionally, independent contractors do not. In May 2017, the Bureau of Labor Statistics will partner with the Census Bureau to survey the scope of the contingent worker. The hope is that the government will set new policies and securities for independent contractors, with a better understanding of the growing contingent workforce market. DATA & ANALYTICS Data and analytics collected through advanced technology aids in true-cost visibility and increased profitability as well as crew scheduling and management. HOW DO YOU MANAGE YOUR LABOR PROCESSES AND CREW IN TODAY'S GIG ECONOMY? LASSO eliminates the frustration of endless phone calls, working off multiple spreadsheets, manually tracking actual hours worked and ensuring your crew is paid accurately and on-time. Instead, we boost your ability to make strategic decisions with the help of the industry's first fully integrated business intelligence software. It's long overdue, and it's time to pull together these crucial labor processes and simplify your crew management today - LASSO helps with everything from building your talent pool, scheduling your people, managing your costs, and so much more. LASSO Workforce Management Solutions Sources: http://www.dol.gov/_sec/media/reports/dunlop/section5.htm http://www.skilledup.com/insights/longer-just-temp-rise-contingent-worker http://www.economist.com/news/leaders/21637393-rise-demand-economy-poses-difficult-questions-workers-companies-and http://www.forbes.com/sites/robertwood/2013/11/21/do-you-want-a-1099-or-a-w-2/#68d075cf49f1 http://www.fool.com/investing/general/2015/05/20/1099-vs-w2-which-is-preferable-for-employers-and-e.aspx http://whatis.techtarget.com/definition/gig-economy http://blogs.wsj.com/economics/2016/01/28/we-may-soon-get-better-at-measuring-the-gig-economy/ http://www.laboremploymentreport.com/2015/05/22/the-affordable-care-act-complicates-the-use-of-temporary-employees/ http://obamacarefacts.com/obamacare-employer-mandate/ https://www.irs.gov/Individuals/Self-Employed http://www.bizfilings.com/toolkit/sbg/tax-info/payroll-taxes/employers-responsibility-fica-payroll-taxes.aspx https://www.patriotsoftware.com/payroll/training/blog/what-is-suta/ https://www.irs.gov/Individuals/International-Taxpayers/Federal-Unemployment-Tax http://www.wcb.ny.gov/content/main/onthejob/WCLawlntro.jsp