Gig Economy and HR Tech Revolution

The digitalisation of the labour market is an established fact. The growing popularity of AI tools has already transformed the way in which companies search for, and hire their workforce. But is this approach sufficient in the case of highly skilled, experienced experts?

Nowadays, the human resources industry is evolving faster than ever before. The labour market is changing and so are the expectations of both employers and employees. HR departments are begining to adopt advanced technology for the recruitment of their employees and management process to keep up with an ever-changing landscape. The HR technology market was estimated to be worth $22.89 billion in 2020 and is projected to reach a staggering $35.68 billion in 2028. HR technology consists of a myriad of tools that include, but are not limited to: electronic reference surveys, recruitment software, automated payroll, feedback provision, learning platforms, performance analytics, and many more. An increasingly popular solution for many companies is to „rent” a platform hosted elsewhere, in the form of Software as a Service(SaaS), meaning that it can be accessed directly via the Internet, leaving its timely and costly management to its providers. 

One of the main tasks that HR technologies can assist with is staff management in the context of the freelance revolution within a now global gig economy. For example, a payroll management software can swiftly help to define the conditions and payment required for an increasingly varied workforce that is working different contract lengths, hours and rates. An efficient HR dashboard can help employers save a lot of time by facilitating work-related bureaucracy. E- technology has come to be nearly indispensable in forming an efficient and innovative on-demand team. 

Yet, attracting the best applicants requires a user-friendly recruitment interface that simultaneously communicates enough information about the firm’s expectations and its work culture in order to attract well-qualified applicants. The gig economy is characterized by a quick turnaround of personnel as market expectations, company goals and employee’s skills evolve, and for which institutions must prepare accordingly. 

Although AI is an incredibly useful tool, it does not replace the need for human decision-making and personalized interaction during the recruitment process. This is especially valid when it comes to dealing with specialized, high-profile candidates. These kinds of highly-skilled experts are also more likely to recommend your organization to other specialists in their field, even if they don’t actually take your job offer. The EonD platform effectively integrates both approaches by forming the right balance between the AI and skilled HR teams.