The gig economy has been around ever since workers began looking for supplemental income, but, it has recently evolved with the introduction of technology. Companies emerging like Uber, Lyft and GrubHub, are changing the gig economy landscape of the workforce. The gig economy has attracted millennials and Gen Zers because of the flexibility and autonomy to work from anywhere, at any time.

As millennials and Gen Z continue to gravitate towards the gig economy, Baby Boomers and those closer to retirement age are beginning to see the appeal. The main pull being extra income without a major time commitment. With more than 44 million Americans having a side hustle, it is more important than ever for businesses to keep their top performers and here’s how to make it happen.

Create an environment where employees want to work

One of the major benefits of working in the gig economy is the freedom to make your own decisions. But with this degree of freedom, it can require a tremendous amount of self-discipline. The idea of being your own boss can be a lot of pressure and many people need structure and encouragement to stay motivated.

With a traditional work environment, employees are interacting with superiors and peers daily. They have help making decisions and someone to hold them accountable. While freedom is a perk of working in the gig economy, it is not suited for everyone. By creating a fun and productive environment, employees will feel a greater sense of encouragement.

Make Training and Development a priority

Training and development can present a prime opportunity to expand an employee’s knowledge base. It gives an employee a greater understanding of their responsibilities within a role. Which in turn, can help boost their confidence and provide a greater incentive to stay with a business long-term.

A recent study shows that around 70 percent of millennials indicated that job-related training and development opportunities have influenced their decision to stay at their job. By creating a strong training and development program, a company’s brand can continue to grow a strong foundation. It can also be more appealing to recent graduates or those looking to make a career change.

Provide employees a strong benefits package

There are many perks of working in the gig economy, but one of its biggest disadvantages is the lack of benefits. One major benefit of working in a traditional job environment is the protection that it offers – like health and retirement benefits.

Individual healthcare costs are at all-time high and freelance workers are struggling to find affordable options. Oftentimes, with an employer, they are the ones choosing the plans and offer to pay a part of the premium.

In addition to offering healthcare benefits, a traditional work environment can offer a number of other incentives. Some additional benefits include 401K assistance and retirement benefits. To avoid losing employees to the gig economy, provide a strong benefits package that will be difficult to resist. 

The gig economy isn’t going anywhere soon and companies are at risk of losing their best employees. Creating a place where employees want to work, a strong training and development program, and offering a competitive benefits package will help you compete against the gig economy. By applying these three tips, it will be hard for your employees to walk away.

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