Question.2595 - Discuss the pros and cons of providing benefits and rewards for gig workers. Use at least five quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality academic resources. https://www.dol.gov/general/topic/health-plans
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TALENT VALUE PROPOSITION FOR THE PRESENT AND FUTURE Table of Contents Introduction 3 Background 3 Discussion 4 TVP on creativity, budgets, and workplace changes 4 Employee Benefit from Employers perspective 4 Employee Benefit from Employee Perspective 5 Steps to support the development of the internal "gig economy" and its benefits. 5 Recommendation 6 Needs for contingent workers as non-employee talent rising within the organization. 6 Advantages and disadvantages of rewards for gig workers. 7 Conclusion 7 References 8 Introduction A proposal to offer an overview of the talent value proposition and include information on the US Labor Department, the gig economy, workers, and the program suggested by the employee. These characteristics will determine the credibility and responsibilities of an organization. The analysis of the reward system for contingent workers and its benefits will be further discussed. Including a systematic mapping for establishing and operating a functional gig economy and its benefits for an organization. It will analyze the needs of contingent workers as non-employee workers in the organization. The talent value proposition focuses on a creative outlook, the annual budget, and changes regarding the employees. The verification of employee benefits complying with the federal law with the US Department of Labor by employers and their employees and its importance. The advantages and disadvantages of the reward system for gig workers are in brief. A recommendation on an employee-based suggestion that continually refreshes the total reward system and the development of gig workers in an organization. These points will explain the importance of the gig economy, gig workers, and reward system. The overview of these points will provide a clarified perspective regarding the nature of the gig economy and talent and value proposition. Background Analysis of talent and value proposition regarding their policies and compliance with the law as per the US Department of Labor. Concluding the benefits of reward systems in an organization. The gig economy is a platform that affiliates gig workers for a limited period. With the rise of gig workers in the market specified apps and websites for freelancing were created. These apps and websites provide freelancing workers and gig workers with a list of suitable gigs and projects. There are pros and cons of gig economy. The pros of hiring a gig worker are that their fee is lesser than that of employees and the cost of managing the employees takes up a lot of expenditure. Gig workers do not need a workplace in the organization which saves up spaces that could be used for different purposes (Cook et al., 2019). The cons of the gig economy are that the workers would get any benefits from the organization which usually is given to the employees. Several factors affect gig worker's work that works from home such as loud noises from traffic or children playing outside which can create a lot of disturbance. In addition, the gig worker's performance is not appreciated by the organization. The recognition of gig workers is an important aspect and should not be ignored by organizations. Gig workers also need motivation to complete their work effectively. A reward strategy that consists of benefits for the gig workers will increase gig workers' loyalty to the organization. A project completion bonus should be provided by the organization to the gig worker that will help them to complete the project on time with maximum Discussion TVP on creativity, budgets, and workplace changes Talent value proposition refers to the monetary and non-monetary benefits of an organization in exchange for their skills and experience. The point of the talent value proposition is to optimize the talent and creativity of the organization and development of the employee's skills to improve their performance. It generates a high retention rate and reduces employee turnover if the value proposition is promising. The expenses on talent and value proposition usually depend on the annual budget of the organization determining the investment of the company in the employees. It gives the employees a chance to grow and develop their skills for better performance at work (Meijerink and Keegan, 2019). By creating a positive workplace environment, the employees' engagement rises and deepens the bonds between their colleagues causing them to increase their teamwork and help each other. Employee Benefit from Employers perspective Verification of employee benefits by the Employers complies with all federal laws with the use of the US Department of Labor. Employers should always ensure that their policies are complying with all the laws concerning the US Department of Labor. Employers can verify that their employee benefits comply with all federal laws by making sure there aren't any violations of the rules and regulations regarding the company's policies for the employees. The company should be ensured to provide necessary benefits and incentives which come under the employee's rights. There are some online tools available for employers by the US government to help them understand the US Department of Labor's compliance with federal laws. Employers must vary these laws and be responsible for employees' well-being. Employee Benefit from Employee perspective Any employee working under any private organization or company should be aware of their rights and must review their benefit contract to ensure there isn't any violation of the law. ERISA also known as the Employee Retirement Income Security Act, is responsible for covering the health plans of private organisations. Employee benefits security management is the agency that implements these facilities of ERISA. Employees can also confirm that their employee benefits adhere to all federal laws with the use of the US Department of Labor's website which summarizes the major law of the Department of Labor. There are certain benefits for their employees that companies may not inform them about such as FMLA, COBRA, and others (dol.gov., 2023) Steps to support the development of the internal "gig economy" and its benefits. The exceptional growth of the gig economy is making it more and more influential. This has caused the organizations to develop an internal gig economy that focuses on employing gig workers to work on projects as per their conditions. To develop a gig economy the organization is required to analyze the expertise and skills which are needed for the project and provide a limited timeframe. Next is the recruitment process consists of figuring out the requirements of the gig workers, time management, and feedback. This reduces the overall efforts of management in assigning jobs to suitable employees. Furthermore, creating a platform for managing these steps is the last stage for creating an internal gig economy (Herrera et al., 2019). The platform should be easy to operate and provide all sorts of security. To ensure its reliability keep monitoring and supervising the issues regarding the platform and analyzing the data. After taking the necessary measures to ensure the safety of the users take their feedback and make the required changes. Proper instructions should be given to the user to operate it with no difficulty. This platform will provide a stage for gig workers to apply for projects. Recommendation Based suggestion program to refresh the total rewards and contingent worker development. Rewarding an employee based on their achievements increases their self-esteem. An employee- based suggestion program promotes employees to give helpful feedback which assists the organization to improve their conditions based on suggestions. The implementation of these suggestions may have a positive impact on the employees as well as the development of workplace conditions. The total reward is a mixture of financial and non-financial rewards by the organization that increases the motivation for the job of the employees (Claus et al., 2019). Gig workers, also called contingent workers, have an independent nature in the workplace, so implementing a reward system based on employees' suggestions can have a positive outcome. It will create retention in the field and also provide job security. To attain the rewards the workers will need to complete the given project in time. To establish a systematic layout of reviewing and selecting feedback the organization must develop better communication. After reviewing and prioritizing the feedback, the organization must implement those feedback with necessary adjustments. Needs for contingent workers as non-employee talent rising within the organization. Contingent workers or gig workers are hired to complete a specific project in a limited time frame in a remote location. This creates a suitable opportunity for the employers to utilize the resources which could have been used for them if they worked directly under the organization. Contingent workers help the organization to diversify their knowledge and skills which fills the gap and also provides a better perspective of someone who isn't from the organization on the project which can be beneficial (Yildirmaz et al., 2020). The organization only has to pay for the given task which is a cost-friendly initiative. Hiring a contingent worker is highly cost-efficient and less time-consuming. It also avoids the trouble of training them because the competition in this field is high and requires them to have experience in their particular niche. Advantages and disadvantages of rewards for gig workers. The reward system refers to the monetary and non-monetary incentives given by the organization for the work. Some of the advantages of rewards for gig workers are that they will increase engagement and productivity within the field. It will also determine the quality of the work causing them to improve their work in their next attempt. It will enhance their performance and gain exposure. If satisfied with the rewards it will increase their loyalty to the organization (Cropanzano et al., 2022). There are some disadvantages of rewards for gig workers too. There won't be a fixed amount of income. Health insurance from the company won't be provided. It also costs an organization a large amount of expenditure in terms of providing frequent rewards. These rewards will set expectations too high and the organization will not be able to meet those expectations. Conclusion These points provide an overview of several subjects such as reward system, gig economy, gig workers, talent, and value proposition. The entire analysis of the gig economy was conducted to review the important factors regarding the strategies to develop a sustainable platform for gig workers to find suitable jobs and projects. The idea of this platform was to support individual gig workers. The disadvantages and advantages of the reward system for gig workers will provide a conclusive presentation. The significance of gig workers or contingent workers in an organization as non-employee talent will also be discussed and its importance. The talent and value proposition focuses on changes in current employees, and their creativity, and the annual budgeting analysis will provide a specified representation of these three different aspects. The importance of employees' benefits complied with the federal law of the US labor department and how the employees and employers are aware. References Cook, C., Diamond, R. and Oyer, P., 2019, May. Older workers and the gig economy. In AEA Papers and Proceedings (Vol. 109, pp. 372-76). Meijerink, J. and Keegan, A., 2019. Conceptualizing human resource management in the gig economy: Toward a platform ecosystem perspective. Journal of managerial psychology, 34(4), pp.214-232. Herrera, L., Justie, B., Koonse, T. and Waheed, S., 2020. Worker Ownership, COVID-19, and the Future of the Gig Economy. Kwon, K. and Jang, S., 2022. There is no good war for talent: A critical review of the literature on talent management. Employee Relations: The International Journal, 44(1), pp.94-120. Claus, L., 2019. HR disruption—Time already to reinvent talent management. BRQ Business Research Quarterly, 22(3), pp.207-215. Yildirmaz, A., Goldar, M. and Klein, S., 2020. Illuminating the shadow workforce: Insights into the gig workforce in businesses. Report. ADP Research Institute, Roseland, NJ: ADP, 98 Cropanzano, R., Keplinger, K., Lambert, B.K., Caza, B. and Ashford, S.J., 2022. The organizational psychology of gig work: An integrative conceptual review. Journal of Applied Psychology. dol.gov, (2023), remote work, Available at: https://www.dol.gov/agencies/ofccp/faqs/remote- teleworkMore Articles From Psychology
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