How the gig economy can help alleviate Singapore's talent crunch

THE growth of homegrown small and medium-sized enterprises (SMEs) and startups is a trend that will only stoke the local economy and ignite the talent pool.

However, those small businesses aren't necessarily growing as quickly as their needs are. As customer demand increases, many SMEs find that they need employees with more specialised skill sets, often relating to IT, data science, digital marketing and design. The problem is that they don't have the capital or headcount to hire those specialists full-time as soon as they are needed.

This is where the gig economy can make a big difference. Though many people think of workers entering the gig economy as taxi drivers, couriers and food deliverers, today's gig market is rife with experienced, talented people who possess upmarket freelance skills and prefer independent work - exactly what idea-rich but cash-poor smaller businesses are looking for.