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gig workers for specialised skills. How can startups l

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Consider a scenario where you are the founder of a Series A funded startup. And you are looking for a product manager and a product designer. You need someone who can work effectively and efficiently, remotely, and also build a strategy. 

Since most of the interactions happen online, the interview processes are longer. But while the candidate you’ve selected is perfect for the role, they volunteer to look for part-time, contractual or freelance roles. 

The pandemic has removed geographical boundaries and constraints. “The mental block to find people from cities like Mumbai, Delhi, and Bengaluru have reduced drastically. People across India are being hired due to remote work,” explains Bhavik Rathod, Co-founder of the edtech startup Kyt. 

Remote work has not only opened opportunities that didn’t exist earlier, but has also increased the number of gigs for specialised roles. 

An HBR report explains that the number of platforms that offer on-demand access to a highly-skilled workforce increased significantly – from 80 in 2009 to 330 now. It also added that almost all of the Fortune 500 companies use these platforms to scout for a highly-skilled workforce.

Gig Economy

https://outsourcedcmo.in/

Gigs for specialised roles 

“Over the past eight months there has been an open-minded approach by founders to hire 1) remotely 2) through a time-based approach, which means, try people and their work for a month or two before hiring them,” explains Alex Peters, Co-founder and CEO, The Quartile Company. 

The Quartile Company is a boutique HR and Recruitment Advisory firm operating in India, Southeast Asia, and Europe. They advise founders and VC firms in the areas of people, community, and culture. 

“As in the Valley, certain high impact roles like sales/marketing/business etc are slowly metamorphosing into time-bound (contract-based) or growth-based (eg x to 3x) or a path to fundraise (eg. raised A, help us take it to B). At The Quartile Company, we have had significant enquiries made by Directors/VP’s/CxO’s who are considering gigs,” says Alex. 

He says that multiple pieces of research suggest that the gig economy is projected to hit $400+ billion by 2023. But why are people opting for the gig model, and what can startups leverage? 

The pandemic has made it clear that smaller teams with a strong focus can achieve faster results. Laks Srini, Co-founder and CTO of the San Francisco-based real estate tech startup Zerodown, and Co-founder of the payroll software startup – Zenefits adds, “We are open to part-time contract work now and are looking for smaller teams. That can bring maximum impact.” 

Set the right expectations 

With the advent of the pandemic, time became the single most important factor over everything else. Gigs help enable and optimise time. 

“Full-time work offers constraints on what people can work on and can’t. And with the deeper focus on specialised skills, people with these talent pools are becoming more aware of what they want and how much time they actually want to work on a particular project,” says Bhavik. 

An increasing number of people in specialised functions like Product, Engineering etc are now swaying towards the gig economy because the boundaries and geographies that once limited this thought process don’t exist anymore with work from anywhere/work from home models. 

Neha Indoria, Co-founder of Boingg!, adds that such models have also opened up opportunities for several people who possibly can’t leave their homes or can’t take on full-time employment for nine hours, but for a few hours in a day. 

But when you are hiring freelancers or contractors, the expectation setting for both in-house employees and gig roles needs to be very sharp and clear. “We set clear expectations of what is needed, and it works well for us,” says Neha. 

Bhavik adds that with remote working becoming the norm, defining roles has become the single-most-important factor in hiring both remote and full-time employees.

“Since everyone is working online, and remotely, you need to make sure the role of the individual, what they need to do, how they fit into the overall organisation, what parts they will be working on, all become supercritical,” he says. 

Focus on building a strong integration 

All the hiring processes – from searches, conducting interviews to onboarding – is now being done online and remotely. Explaining how that works, Anu Hariharan, Partner, YC Continuity Fund by Y-Combinator says, 

“It, therefore, becomes important to integrate people well online. If you have done that and seen it work, as a leader, you need to understand what functions work well remotely, and what functions do not. Some functions don’t work well remotely. You have to understand your team’s capabilities of how they work together. And then build a thesis of what functions can work remotely, through gigs and what cannot.” 

She added once that integration is clear, it becomes important for companies to specify and create hubs that help people communicate and deliver the work they have promised. 

“Put in a lot of thought and create a hiring plan on what roles and functions can be hired remote or part-time. You also need to be clear if you have specific time zones that you want them to work on,” explains Anu. 

Honesty and transparency

Bhavik adds it is now becoming increasingly important for people to deliver from day one, and more so in specialised roles. So the integration and having an extremely transparent flow becomes exceedingly important. 

You don’t have the luxury to be ambiguous. How you sync every role with one another, how does the gig work fall in the entire segment, what constitutes the vision, mission, and direction of the company needs to be extremely transparent. 

“Apart from what you expect them to do, you also need to be clear: why is it important not just for the gig worker, but also for your overall staff. You need to build trust with your employees and understand how the flow of information and data passes on,” adds Bhavik. 

Also, gigs have given people the freedom to work on different projects, from anywhere, which means they can pick and choose. 

“High demand work means more money. They make more money on a per month basis than a full-time employee. And in times when funds are limited for everyone, this kind of clarity, honesty, and openness becomes important,” adds Bhavik. 

Understand the legalities 

Though remote work and gigs are bridging the geographic boundaries that had restricted people, it also becomes important for founders to understand the legalities and the payment methods that may work for these gigs. 

“There is a YC company – Deel that helps support payment processing for international contract workforce. A company from New York may choose to hire someone from Brazil, as the time zones are similar, but this means you need to understand the labour laws and payment systems of Brazil as well. Deel helps in the onboarding, payroll and payment management of international hires. The laws of the land are different, and even the tax filings work differently,” says Anu. 

She adds this, in turn, has led to a slew of startups that have started up to support the hiring of remote workers, and help ease their onboarding process. 

While the number of gig roles and jobs are increasing, many believe it will not be a complete remote or a complete full-time workforce. What this trend has opened up is a hybrid model that gives companies, startups, and employees the flexibility that was earlier lacking. 



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SEC Proposes to Permit Offerings of Equity Compensation to Gig Economy Workers

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The SEC has proposed amendments that would permit, for a temporary five-year trial period, companies to offer equity compensation to “platform workers” (gig economy workers who provide services by means of an internet or other technology based marketplace platform) under the same regulatory framework available for offerings to employees (available here). The amendments would expand Rule 701 (by which non-reporting companies may issue equity-based compensation without a registration statement) by adding a new subsection, Rule 701(h), and Form S-8 (by which reporting companies issue equity-based compensation) by adding a new General Instruction A.1.(b), to permit these offerings.

The proposed changes would be effective for five years, in order to allow the SEC to assess the impact of these changes in light of the evolving gig economy and to assess whether the issuances are being made for appropriate compensatory purposes rather than capital raising purposes. The proposed amendments take into account comment letters received in response to the SEC’s July 2018 Concept Release, in which it sought input on the ways to modernize Rule 701 and Form S-8. The proposed changes are particularly timely, as the COVID-19 pandemic, shutdowns and “work at home” orders continue to cause a re-thinking of, and evolution away from, the traditional model of a brick and mortar office-based work place.

The SEC noted that these proposed amendments are meant to address solely “considerations relevant to the U.S. Federal securities laws.” To that end, the SEC stated that it is not expressing any opinion on whether platform workers should or would be considered “employees” for the purposes of other laws or regulations.[1]

In a separate but simultaneous release, the SEC proposed amendments to more generally modernize and simplify the requirements of Rule 701 and Form S-8. For our summary of these proposed changes, please see our separate client alert, “SEC Proposes Amendments to Rule 701 and Form S-8.”

Eligible Workers

Under the proposed changes, to be eligible, platform workers must provide bona fide services through or by means of the issuer’s internet-based or other widespread, technology-based marketplace platform or system (a “platform”). Additionally:

  • workers must be unaffiliated with the issuer;
  • workers providing services to third-party end users would qualify, so long as the issuer benefits (g., by receiving a fee or percentage of compensation);
  • consistent with the existing provisions of Rule 701 and Form S-8, platform workers providing services to the issuer, its subsidiaries, its parents and subsidiaries of its parent would be eligible;
  • issuances may be made to an entity, if (i) substantially all of the entity’s activities involve the performance of bona fide services provided through a platform, and (ii) it is wholly and directly owned by the natural person actually performing the services; and
  • consistent with the separately proposed amendments to Rule 701 and Form S-8, former employees and former employees of acquired entities would be eligible for issuances under certain circumstances.

Eligible Services

The provision of certain services would not be eligible for issuances under these expanded rules – services in connection with capital-raising or with promoting or maintaining a market for the issuer’s securities would not qualify, nor would the use of a platform for the sale or transfer of permanent ownership of discrete, tangible goods (e.g., a platform that provided for the permanent transfer of real estate would not be eligible, whereas a platform that provided for the temporary rental of real estate would be).

The services would need to be provided pursuant to a written contract or agreement between the issuer and the platform worker and must be provided through a platform that the issuer operates and controls. In order to demonstrate that it controls the platform, an issuer would need to be able to show that it: (i) provides access and establishes the principal terms of service, (ii) establishes the terms and conditions by which the platform worker receives payment for services and (iii) has the authority to accept and remove platform workers providing services.

Conditions for Issuances

Any issuances would need to be made pursuant to a compensatory arrangement that is evidenced by a written compensation plan, contract or agreement between the issuer and the platform worker. To ensure that the securities are issued/received for compensatory and not speculative purposes, the SEC has additionally proposed that:

  • the amount and terms of securities issued to platform workers could not be subject to individual bargaining, nor could platform workers be permitted to elect between payment in securities or cash;
  • a platform worker could receive no more than 15% of their compensation in any 12-month period, and no more than $75,000 in any 36-month period, in securities issued pursuant to Rule 701 or registered on Form S-8; and
  • any issuances made under Rule 701 would be subject to enhanced transfer restrictions – issuers would need to take steps to ensure that these securities would be transferrable only to the issuer or by operation of law.

In order to enable the SEC to assess the use and impact of this temporary expansion, the SEC would require issuers who elect to issue securities to platform workers under Rule 701 or Form S-8 to furnish to the SEC, in a non-public manner (e.g, this information would not be filed or furnished publicly via EDGAR), the following information regarding these issuances at six-month intervals (commencing six-months after the first issuance):

  • the criteria used to determine eligibility for securities awards to platform workers, whether they are the same as for other compensatory transactions, and whether those criteria are communicated to workers in advance as an incentive;
  • the type and terms of securities issued to platform workers during the prior six months, and whether they are the same as for other compensatory issuances in that interval;
  • if issued pursuant to Rule 701, the steps taken to ensure that the securities are non-transferable;
  • the percentage of overall outstanding securities that issuances to platform workers represents;
  • during the interval, the number of platform workers and the number of non-platform workers the issuer has, and the number of platform workers and non-platform workers who received securities; and
  • the number and dollar amount of securities issued to platform workers, both in absolute amounts and as a percentage of total sales under Rule 701 and/or Form S-8, as applicable.

Issuances Treated Like Other Rule 701 Issuances

Similar to other issuances pursuant to Rule 701, these issuances would be excluded from the calculation of outstanding securities under Rule 12g5-1 (e.g., to calculate whether an issuer must register a class of equity securities under Section 12(g)(1)).

Securities sold to platform workers would be included when calculating the amount of securities offered by the issuer, both for determining the maximum threshold amount issuable under Rule 701 and for determining the applicable disclosure requirements of Rule 701(e).

Comment Period

The SEC has requested comments on the proposal within 60 days of the date of its publication in the Federal Register.

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Portable benefits are the future of the gig economy

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The decisive win for Proposition 22 in California on November 3 shows a likely majority of voters—even in the most progressive states—see the value of flexible work that allows people to generate income on demand. That value has only grown amid an ongoing economic crisis that has hammered employment in nearly every industry in New York and left thousands searching for immediate opportunities to earn income.

Rather than repeat California’s tumultuous past year, New York’s leaders should learn from it and deliver what voters are asking for: a bold plan to ensure that independent workers in all sectors can access universal, portable benefits, gaining financial security without losing flexible work.

It was just over a year ago that California passed Assembly Bill 5 into law, which established strict guidance on classifying workers as independent contractors and challenged the ability of app-based platforms to operate. California’s new ballot measure reverses course, allowing app-based drivers to work as independent contractors while extending a range of benefits—and earning the support of workers, tech companies, and voters.

In New York and across the nation, the problem has grown increasingly clear. Far too many workers in the gig economy live in a state of perpetual financial precarity. Few have access to the benefits that typically flow from full-time employment — including health care, worker’s compensation, paid leave, life insurance, retirement savings, and more.

The result is an unacceptable level of risk for workers and their families, and the potential for the further erosion of the middle class.

But faced with so many obstacles to an inclusive economic recovery, tackling this challenge shouldn’t require a knock-down, drag-out fight. Instead, New York policymakers should bring together workers and industry to establish a universal system of portable benefits for the future workforce.

This system would allow New Yorkers to tap into the flexible, income-generating opportunities that gig platforms are providing — even amid a major economic downturn — while ensuring that independent workers have the financial security to thrive.

Under this system, benefits from health care to retirement accounts would move with independent workers from job to job. Freelancers, gig economy workers, and other independent contractors would have the ability to access a wide range of benefits through a regulated exchange, including offerings from established companies, nonprofit organizations, unions, start-ups, and government. As is the case in Oregon and California, employers and platform companies should make substantial financial contributions to at least some of these benefits.

To ensure that lower-wage workers are equally supported, legislators could levy a small surcharge on services rendered through app-based platforms—similar to New York’s current Black Car Fund—with the revenue used to cover any employee contributions to portable benefits for lower-income workers.

New York policymakers are not alone. Recent initiatives in Oregon, Colorado, Washington, and Philadelphia demonstrate growing support for the portable benefits framework—with Oregon’s approach showing particular promise.

Now New York has the opportunity to fit all of these pieces together into a visionary, integrated system: taking decisive action to rebuild a more inclusive economy while gaining a major competitive advantage over other states where the future of independent work is in doubt.

As California’s experience with AB 5 and now Proposition 22 makes clear, the most effective path forward is to create systems that support the financial security of independent workers — not limit their existence.

Winston C. Fisher is co-chair of New York City’s Regional Economic Development Council. Eli Dvorkin is the editorial and policy director for the New York City-based Center for an Urban Future.

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Comprehensive Report on Gig Economy and Sharing Economy Market 2020 | Size, Growth, Demand, Opportunities & Forecast To 2026

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Gig Economy and Sharing Economy Market research report is the new statistical data source added by A2Z Market Research.

“Gig Economy and Sharing Economy Market is growing at a High CAGR during the forecast period 2020-2026. The increasing interest of the individuals in this industry is that the major reason for the expansion of this market”.

Gig Economy and Sharing Economy Market research is an intelligence report with meticulous efforts undertaken to study the right and valuable information. The data which has been looked upon is done considering both, the existing top players and the upcoming competitors. Business strategies of the key players and the new entering market industries are studied in detail. Well explained SWOT analysis, revenue share and contact information are shared in this report analysis.

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Top Key Players Profiled in this report are: 

Couchsurfing, Lyft, Uber, Door Dash, Airbnb, Uber, Postmates, GoGoGrandparent, BlaBlaCar, Airbnb, Upwork, Task Rabbit, Fiverr, Lyft, SilverNest, Zipcar, Rover

The key questions answered in this report:

  1. What will be the Market Size and Growth Rate in the forecast year?
  2. What are the Key Factors driving Gig Economy and Sharing Economy Market?
  3. What are the Risks and Challenges in front of the market?
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  5. What are the Trending Factors influencing the market shares?
  6. What are the Key Outcomes of Porter’s five forces model?
  7. Which are the Global Opportunities for Expanding the Gig Economy and Sharing Economy Market?

Various factors are responsible for the market’s growth trajectory, which are studied at length in the report. In addition, the report lists down the restraints that are posing threat to the global Gig Economy and Sharing Economy market. It also gauges the bargaining power of suppliers and buyers, threat from new entrants and product substitute, and the degree of competition prevailing in the market. The influence of the latest government guidelines is also analyzed in detail in the report. It studies the Gig Economy and Sharing Economy market’s trajectory between forecast periods.

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Global Gig Economy and Sharing Economy Market Segmentation:

Market Segmentation by Type:

Gig Economy
Sharing Economy

Market Segmentation by Application:

Shared private car
Shared private residence
Independent contractor
Freelancers

Regions Covered in the Global Gig Economy and Sharing Economy Market Report 2020:
• The Middle East and Africa (GCC Countries and Egypt)
• North America (the United States, Mexico, and Canada)
• South America (Brazil etc.)
• Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
• Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)

The report provides insights on the following pointers:

  1. Market Penetration: Comprehensive information on the product portfolios of the top players in the Gig Economy and Sharing Economy market.
  2. Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market.
  3. Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market.
  4. Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.
  5. Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Gig Economy and Sharing Economy market.

Table of Contents

Global Gig Economy and Sharing Economy Market Research Report 2020 – 2026

Chapter 1 Gig Economy and Sharing Economy Market Overview

Chapter 2 Global Economic Impact on Industry

Chapter 3 Global Market Competition by Manufacturers

Chapter 4 Global Production, Revenue (Value) by Region

Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions

Chapter 6 Global Production, Revenue (Value), Price Trend by Type

Chapter 7 Global Market Analysis by Application

Chapter 8 Manufacturing Cost Analysis

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders

Chapter 11 Market Effect Factors Analysis

Chapter 12 Global Gig Economy and Sharing Economy Market Forecast

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