Critical Success Factors for the Future of Work in Gig Economy: Determinants for Gig Entrepreneurs

The gig economy provides a platform for work in the Fourth Industrial Revolution presenting the highest publicized form of work of the century. Gig economy has become a key enabling the development of future work. The growth of this new form of work in various industries is spontaneous and accelerating at a terrific speed sweeping through industries. Several concerns have emerged across practices such as asserting the benefits and costs as contested in the emerging debates. The critical concern is whether the gig economy can survive the upswing of labour market demands, thus positing the actual determinants of critical success factors. This chapter focuses on conceptualization of just-in-time workforce and the key motivators of entrepreneurial drive to be in this economy. This chapter on critical success factors strengthens emerging labour issues in the perspective of legal imperatives, beyond misclassification of transformation of work in gig economy such as perceptions and attitudes of the future workforce. Recommendations for managing the future workforce as the way forward are considered as a way of retooling talent management practices. In conclusion, the economic environment continues to be disrupted by numerous global megatrends that continue to shape the development of the gig economy. Gig workers and employers need to take these emerging trends into consideration to be resilient.