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The Invisible but Invaluable Workforce

18 December 2023 / Report

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Trusted Insights for What’s Ahead™

  • The growing trend of contingent workers - such as contractors, gig workers, and independent consultants - presents a cost-effective, flexible solution to companies in filling critical talent gaps and infusing outside-in thinking. Companies must integrate contingent workers intentionally into their talent portfolios and build processes and cultures that will enable them to thrive.
  • Contingent workers in Asia rate flexibility and passionate pursuits as the top two motivators in choosing this model over full-time roles. These factors must be considered in structuring the nature and schedule of roles to which they are assigned.
  • Unreliable income streams, lack of benefits, and difficulty in finding projects are the biggest challenges faced by contingent workers in Asia. Employee referrals and digital gig platforms are smart ways of recruiting contingent workers.
  • Absence of benefits such as paid leave, medical insurance, and social security, is a critical pain point for contingent workers. Regulations in the US, Europe, and Asia are increasingly shifting favorably to address some of their concerns.
  • Companies will need to carefully manage potential downside risks of hiring contingent workers including misclassification, confidentiality, and conflicts of interest.
  • Coaching will be essential to enable managers to address the challenges faced by contingent workers including lack of clarity around organizational policies, role expectations, and performance assessments.
  • Note: The Conference Board of Asia defines Contingent Workers as individuals who undertake contract or project-based work with one or more organizations, either remotely or onsite, on a part-time or full-time basis. They may include independent contractors, gig workers and temporary workers.

Trusted Insights for What’s Ahead™

  • The growing trend of contingent workers - such as contractors, gig workers, and independent consultants - presents a cost-effective, flexible solution to companies in filling critical talent gaps and infusing outside-in thinking. Companies must integrate contingent workers intentionally into their talent portfolios and build processes and cultures that will enable them to thrive.
  • Contingent workers in Asia rate flexibility and passionate pursuits as the top two motivators in choosing this model over full-time roles. These factors must be considered in structuring the nature and schedule of roles to which they are assigned.
  • Unreliable income streams, lack of benefits, and difficulty in finding projects are the biggest challenges faced by contingent workers in Asia. Employee referrals and digital gig platforms are smart ways of recruiting contingent workers.
  • Absence of benefits such as paid leave, medical insurance, and social security, is a critical pain point for contingent workers. Regulations in the US, Europe, and Asia are increasingly shifting favorably to address some of their concerns.
  • Companies will need to carefully manage potential downside risks of hiring contingent workers including misclassification, confidentiality, and conflicts of interest.
  • Coaching will be essential to enable managers to address the challenges faced by contingent workers including lack of clarity around organizational policies, role expectations, and performance assessments.
  • Note: The Conference Board of Asia defines Contingent Workers as individuals who undertake contract or project-based work with one or more organizations, either remotely or onsite, on a part-time or full-time basis. They may include independent contractors, gig workers and temporary workers.

Authors

Sandhya Karpe, PhD

Sandhya Karpe, PhD Sandhya Karpe, PhD

Human Capital Center Leader, Asia and Council Dire…
The Conference Board

Read Bio

Sheila M. Karpe

Sheila M. Karpe Sheila M. Karpe

Research Associate, Asia
The Conference Board

Read Bio

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