How The Great Resignation is fueling Asia-Pacifics gig economy

Driven by challenges in the new normal Filipinos flock to a growing Facebook group called The Freelance Movement The group now numbered around 48000 members is replete with stories of workers leaving their 9-5 office-based job for a work-from-home WFH set-up with multiple clients and significantly better payOther Asia-Pacific countries are seeing similar trends A recent survey by Microsoft shows that 1 in 2 employees in Singapore are exhausted and want a continued flexible remote work arrangement Joanna Lim Modern Work and Security Business Group Lead Microsoft Singapore says that in response they have implemented work-from-home WFH as the default model and encourage other employers to revisit workplace culture and prioritize flexibility The Singaporean workforce also has the unenviable title of being the unhappiest in the world according to another studyFollowing return-to-work and return-to-normal announcements employees around the world have somehow collectively decided that there are far better options than returning to their old desks As such thousands are giving notice and leaving their employers in what is now called The Great ResignationFirst studied by Anthony Klotz of the Texas AM University The Great Resignation or The Great Quit has resulted in employers seriously rethinking their return-to-work plans However despite companies like Apple offering a mandatory hybrid work policy employees are still adamant that they should be able to choose how and from where they want to workTapping into the gig economyMoving into 2022 employers and HR leaders are inclined to provide the greatest flexibility and widest range of choices that wont hurt their companys bottom lines This includes looking at the growing gig economy in Asia and how companies and governments can take advantage of the regions burgeoning and young freelancer populationPayoneer reports that the worlds top 5 fastest growing freelancing countries are the Philippines India Japan Australia and Hong Kong amidst the pandemic Whats common among them is that they are all in Asia-Pacific where gig economy transactions are projected to grow by a 17 CAGR to US455 billion by 2023 around four-fifths of Thailands 2019 GDPThe question is can companies be confident enough in hiring freelancers amidst a rapidly evolving environment for workSome freelancing platforms like Fiverr and Upwork offer business solutions to vet hire and integrate freelancers into existing teams and department structures Other companies have also cut costs by providing short-term contracts and consultancies or renting talent instead of hiring permanent employeesThe Great Resignation in Asia is still in its nascent stages It may only be a drizzle and freelancers may opt to retain their full-time jobs while doing gigs on the side Or it may be a deluge and companies need to shift their gears fastWhats clear is that from now until the end of 2021 HR offices in Asia will have to consider the worst-case scenario and create a workplace physical or virtual that caters to the diverse needs and preferences of todays evolving workforceRelate article The future of work in Singapore is distributed flexible and autonomous