The gig economy, portfolio careers and what it all means for you

The gig economy. Career contractors. Portfolio careers. It’s no secret that the professional landscape is changing. So what does it mean for you?

According to the Australian Financial Review, around 6.5% of employed people are working more than one job, marking a significant rise in multiple-job holding.

There are many reasons for this shift, and it could be a positive development for many organisations. What’s for sure is that the days on a single-minded 9-to-5 role are long behind us. 

What is career contracting and the gig economy?

Increasingly, Australian employees are looking beyond singular professional arrangements to consider gig-based employment, contractor roles and even multiple jobs worked simultaneously. This is what it means to be a career contractor.

For some employees, this approach to work is a chance to diversify. Work never gets boring when people get to jump between different ideas, skillsets and even industries.

For others, career contracting offers greater flexibility. Often, these roles can be hybrid or remote, allowing for a better work-life balance and improved employee autonomy. 

For others still, a career contractor approach is simply a way to pay the bills. It allows employees to access multiple opportunities at once when they can’t secure a single full-time role to suit their needs.

What has caused this shift?

The gig economy is on the rise, with 250,000 Australians forming part of this growing sector.

More often than ever, employees are developing portfolio careers, sometimes opting for fractional work that allows them to work part-time for several employers instead of taking on a single full-time job. 

There are many reasons for this apparent transition. 

In a world of growing entrepreneurship, the gig economy provides start-up employers with the freedom to hire part-time contractors before they can afford the full suite of benefits they’d owe a full-time employee. 

For employees, the gig economy provides optimal flexibility and job mobility. Employees feel free to take control of their work and take on new opportunities without restrictions. 

Economic conditions change fast. The gig economy acts as a highly adaptable employment model. What it lacks in stability, it makes up for in flexibility and the capacity for evolution. 

What do these trends mean for you?

As an employer, you need to think about how these working trends could influence your talent strategy.

You can use the gig economy model to create a functional team that adapts quickly to change and helps you address temporary problems with temporary solutions.

Working with the gig economy can help you find skilled niche talent to support specific goals, all while saving money by avoiding a full-time hire that isn’t what you need.

Used well, the gig economy can help you find the right people to support your organisation’s growth as you scale and expand. 

Things to keep in mind

In many ways, hiring freelancers and contractors is just like hiring a part-time or full-time team member.

As you would in any other hiring scenario, you’ll need to carefully review CVs and select highly skilled people to join your team. Never forget about background and reference checks!

Remember, a contractor might only be with your organisation for a short period of time. But your employees are still your brand ambassadors. You still need to provide a great offer and a positive employee experience that engages and retains. 

Your approach to any employment engagement is critical. When you manage this experience effectively, you can curate a powerful and appealing employer brand that will soon help you attract new talent to your organisation, on a permanent or temporary basis.

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