How to hire in this platform economy?
Platform economy is a metaphor used for the new technology platforms accentuated by the innovations in the digital economy for value creation. In the platform economy, geographical boundaries pose no restrictions and the traditional employment strategies give way to a more flexible and adaptable mode of employment. The platform-based business models have become the core of any mid to large size organizations operational strategy as it continues to reach and connect cloud-based applications and services via digital devices like smartphone, etc.
The rise of platform economy has changed the face of hiring and its methodology as physical location constraints have been obliterated and the capabilities of AI and machine learning have automated the so-called “human tasks” to such an extent, that it has led to a germination of a new innovative model in the world of hiring.
Platform economy is a collaborative economy and it provides the luxury of an extensive supply of workforce through online and social media platform, an access to workforce beyond geographical boundaries. With the advent of the platform economy, the rules of engagement and hiring have also changed, the following tips providing an understanding of how to hire in a platform economy.
• In a platform economy, an organization can source multiskilled and multifaceted workforce from different quarters and therefore it’s imperative to leverage the capabilities of technology such as AI or Machine Learning to screen and shortlist from a large pool of candidates. The predefined platform algorithms designed based on the business requirements and needs enhances the probability of hiring the right candidate without any personal prejudices.
• The job requirement should be carefully designed, categorically mentioning the deliverables and benefits in no unambiguous terms. This creates an atmosphere of transparency and trust and lays the foundation of expectations for both the parties involved beforehand.
• The social media profile of a prospective candidate is a good give away to the causes they believe in and their social standing in the society. This could provide a good measuring stick of their social and compatibility skills.
The platform economy has opened an all-new realm of conducting business, in terms of legal consequences and the hiring process in a globalized environment. The hiring process should be in accordance with the platform chosen, for instance, Integration, transaction or innovation platform and the scope of work in line with an organizations business processes.