Covid has incredibly exacerbated and accelerated the adoption of part time staffing for companies as they strive to reduce their operating costs during this difficult time. On the other side, we have witnessed an influx of part time staff looking to earn additional income to mitigate any further financial burden.
We strongly believe that this trend of social distancing (working from home) and companies seeking to reduce their operating leverage (primarily labor costs) will continue, emphasizing the importance of human cloud platforms.
The future of work is evolving and changing rapidly. The gig economy is growing at double digit annual growth, and in fact, McKinsey research predicts that 43% of Americans will be gig workers by 2020, and the global market is expected to double in the next five years. The trend is growing due to various functions including, technology and tech enabled applications that facilitate the connection and matching of part time workers with employers, the changing habit of the new generation seeking to have greater flexibility of their schedules and earn extra income (structural decline of the routine 9-5 jobs), and companies having access to a larger pool of talent at a lower labor cost (i.e. bypass the burden of full employment costs).
Although the gig economy is a relatively new trend in the middle east, we are witnessing a significantly growing acceptance and understanding to the advantages of hiring part time staff. We expect this trend to continue to grow as the future of work continues to evolve.