How to Give Gig Economy Worker Productivity a Boost Using Spend and Expense Management
In their latest article on the gig economy, PYMNTS spoke with PEX CEO Toffer Grant to get his take on how to best manage temporary and freelance staff. Nearly 40 percent of the American workforce now makes a sizeable chunk of their income in gig work. The gig economy is no longer just rideshares, home repairs and people looking for a few extra bucks; it’s a permanent and growing way to manage a career for many.
The growth in both the numbers of businesses who rely on gig workers and the number of workers who prefer working part-time/freelance is creating a need for new ways to manage the modern workforce. It is driving innovation in the way you efficiently hire, train, and deploy gig workers. For many, innovation in the way they enable, authorize and track the way gig workers spend on behalf of the business is mission critical.
This is true in no place more than in the movie and television industries. An explosion in content creation to feed the ever-expanding demand is driving a rise in productions, which rely heavily on temporary workers. Those workers need efficient and manageable ways to spend; on coffee for the crew, on supplies to build a set; on that special brand of water the star performer insists on having. Production Managers are constantly required to be handling cash, sharing credit cards, and cutting checks while Production Accountants are dealing with a growing “pile of receipts or a bunch of chicken scratch on paper.”
The PEX workforce spending platform and prepaid expense cards are practically custom built for this scenario. Gig workers are issued prepaid cards funded by the production, and spending is managed through pre-approved purchase categories and amounts. They submit receipts through a mobile app. The software can be programmed to automatically allocate spending to specific accounts or productions. Reconciliation is easy with numerous integrations into leading accounting software packages.
The solution works just as well for other gig economy workers, such as messengers, delivery staff, plumbers, electricians—any business where temporary workers need to make purchases on behalf of the company. Read more on PYMTS.com or…
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