For most organizations, nearly seventy percent of their operating expenses are workforce related, making it the single largest operating expense. As the economy faces tremendous pressure due to rapid technology change, cutthroat competition, along with efficiency and innovation demands, the uncertainty is driving employers to use on-demand contingent workers more than ever before. This major research project outlines the challenges of the employment industry by thoroughly studying the complete employment lifecycle of independent contractors. It also examines external influences to understand the drivers of change. Furthermore, it leverages ideas, values, and business models to develop new frameworks to resolve challenges and create a collaborative environment that is mutually beneficial for workers, employers, the economy, and society at large.