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67% of gig workers feel more engaged benefits

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Just under two-thirds (67%) of gig workers would feel more engaged and positive towards the business if attractive benefits were offered, while two-thirds (66%) said they would feel more valued, according to research by Aon. 

The research of 200 HR directors and 300 freelance workers, published in July 2020, also found that if gig workers were offered an appealing health and benefits proposal, 67% of respondents would recommend their employer to a friend.

Almost three-quarters (73%) of women and two-thirds (66%) of men admitted that they would prefer a comprehensive benefits package. Additionally, 73% of women prefer location and convenience compared to 59% of their male counterparts. A similar proportion (74%) of women also prefer working flexible hours compared to 59% of men. 

For business to business functions (B2B’s) the most offered benefits are pensions (27%), sick pay (27%), training and development (24%), paid holiday (24%) and employee discounts (24%).

The benefits that gig workers value the most are training and personal development (23%), sick pay (23%), income protection (19%), life insurance (19%) and professional indemnity insurance (18%).

For business to consumer functions (B2C), the most offered benefits are maternity/paternity pay (29%), training and development (25%), critical illness (24%), disability insurance (24%) and private health insurance (24%).

While the most desired benefits by those that work in these functions being accidental death and disablement insurance (21%), income protection insurance (19%), training and personal development opportunities (19%), professional indemnity insurance (19%) and public liability insurance (19%).

One in six (15%) of both B2B and B2C freelance workers would desire to receive paid holiday entitlements, while 14% would value pension benefits.

One-quarter (26%) of HR directors in Europe believe that their workforce will comprise of 51%-75% of gig workers, according to research by Aon.

Additional research found that two-thirds (66%) of gig workers believe that it is important to plan financially for the future as well as enjoying their present time, while 64% believe that security and stability are important, additionally, over half (54%) are worried about their future and finances.

Andrew Cunningham, chief commercial officer, emea health solutions at Aon, said: “If businesses want to continue to draw upon the responsive talents and skills of gig workers, they need a better understanding of the economic outlook that this group of workers will face in a post-Covid-19 (Coronavirus) world. The reality is, that the pandemic has already had a considerable impact on them. While some are operating our delivery services, food, transport and sanitation industries, and have proved to be vital to running our economies, the same can’t be said for white collar gig workers where the pandemic, in some cases, has been devastating for their work.

“Businesses should be concerned about their responsibility and duty of care towards their gig workforce. If we are to get the best out of people, gig workers and traditional employees need to be treated equally, regardless of their contracts. Both groups are likely to have similar concerns, financial pressures and commitments.”



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Workers

Gig economy workers demand fair conditions

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James Yang is still angry over the road deaths of five colleagues at work who suffered the same pressure he felt as a food delivery driver.

The Chinese migrant worked for Hungry Panda but says the company booted him off the app after raising concerns about conditions.

Mr Yang earned as little as $12.50 an hour working 12-hour days.

He and fellow gig economy workers met with politicians at federal parliament on Thursday, campaigning for the same rights afforded to other workers.

Labor leader Anthony Albanese believes gig workers should be given the minimum wage and greater scope to access other base employment standards.

He urged the Morrison government to stand up to Uber and Hungry Panda in the same way it took on tech giants over the news media bargaining code.

“What we can’t have is a circumstance whereby we have two industrial relations systems,” Mr Albanese said.

“One that has pay, one that has annual leave, sick leave, one that has conditions that most Australians take for granted, and another whole section of society who are marginalised, who don’t enjoy any minimum wage.”

Industrial Relations Minister Christian Porter said he had a great deal of sympathy for Mr Yang but he’s not going to tell him there’s an easy fix.

He said the Fair Work Commission had consistently ruled gig workers were contractors and not subject to the same conditions as employees.

Mr Porter said media code negotiations with Facebook and Google were years in the making after a consumer watchdog inquiry.

He noted the cost to business of changing the gig model and impact on consumer pricing as key complexities in regulating the sector.

Rideshare driver Malcolm McKenzie said gig workers didn’t have the same avenues to pursue unfair dismissal.

“Drivers face the possibility of termination through the app as a result of a fallacious claim against them, unsubstantiated claim against them,” he said.

Delivery driver Ashley Moreland said he faced losing his job if orders weren’t met on the company’s timeline.

“It really is time that laws caught up to the technology and that we brought some rights to this industry,” he said.

“Because I think it’s a bit of a shame that in a modern developed democracy, we have this situation of third world work.”

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Gig workers to form 20% of finance workforce in next five years

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More than half (52%) of financial institutions say they expect to have more gig-based employees in the next three to five years, according to PwC’s report, ‘Productivity 2021 and beyond: Upskilling the workforce of the future to create a competitive advantage in financial services’.

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Gig economy to supply fifth of financial services workers by 2026

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Up to a fifth of workers in financial services could be gig economy employees within the next five years globally, new research by PricewaterhouseCoopers suggests (PwC).  After surveying 500 financial services businesses, the researchers found that slightly more than half expect to have more gig-based employees – such as online platform workers – over the next three to five years.  The gig economy currently supplies just 5% of talent in financial services, but PwC expects this to rise to between 15% and 20% by 2026, driven by continuous cost pressures and the need to access digitally-skilled talent.  Crowdsourcing – which typically involves using the internet to divide work between many different participants – was also highlighted as a key contributor to improve productivity by the survey respondents.  Half of businesses said they had leveraged the practice, up from 21% in 2018, of which 80% said it had added “high value” to their organisations.  John Garvey, global financial services leader at PwC US, said that COVID-19 and remote working have “opened the door to accessing talent outside of a firm’s physical location”, including outside of the country.  “What we are seeing now is a talent marketplace for gig workers in financial services, competing to take advantage of their specialist skill set and boost productivity within their businesses,” he continued.  “Leaders in the industry are looking seriously at their workforces to evaluate which roles need to be performed by permanent employees and which can be performed by gig-economy workers, contractors or even crowd-sourced on a case-by-case basis.”  However, challenges remain for financial services businesses wishing to take on gig workers, which will require overcoming several obstacles.   The survey found that the most common issues for businesses include confidentiality concerns, a lack of knowledge, regulatory risk, and overall risk avoidance.  Garvey said that few full-time employees and an increasing percentage of gig-economy talent and skills that they

Up to a fifth of workers in financial services could be gig economy employees within the next five years globally, new research by PricewaterhouseCoopers suggests (PwC).

After surveying 500 financial services businesses, the researchers found that slightly more than half expect to have more gig-based employees – such as online platform workers – over the next three to five years.

The gig economy currently supplies just 5% of talent in financial services, but PwC expects this to rise to between 15% and 20% by 2026, driven by continuous cost pressures and the need to access digitally-skilled talent.

Crowdsourcing – which typically involves using the internet to divide work between many different participants – was also highlighted as a key contributor to improve productivity by the survey respondents.

Half of businesses said they had leveraged the practice, up from 21% in 2018, of which 80% said it had added “high value” to their organisations.

John Garvey, global financial services leader at PwC US, said that COVID-19 and remote working have “opened the door to accessing talent outside of a firm’s physical location”, including outside of the country.

“What we are seeing now is a talent marketplace for gig workers in financial services, competing to take advantage of their specialist skill set and boost productivity within their businesses,” he continued.

“Leaders in the industry are looking seriously at their workforces to evaluate which roles need to be performed by permanent employees and which can be performed by gig-economy workers, contractors or even crowd-sourced on a case-by-case basis.”

However, challenges remain for financial services businesses wishing to take on gig workers, which will require overcoming several obstacles. 

The survey found that the most common issues for businesses include confidentiality concerns, a lack of knowledge, regulatory risk, and overall risk avoidance.

Garvey said that few full-time employees and an increasing percentage of gig-economy talent and skills that they can access on-demand, are making organisations far more innovative, nimble and cost-efficient.

“Many of the most valuable companies in the world share one thing in common: they have embraced the platform economy as a business model,” he added.

 

Image credit: iStock

Author: Chris Seekings

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