THE IMPLICATIONS OF GIG WORKERS, COVID 19 PANDEMIC, FINANCIAL BUDGET AND BUDGETARY CONTROL ON DIGITAL TRANSFORMATION IN NIGERIA HIGHER EDUCATION INSTITUTIONS

Abstract

Financial budget and budgetary control do not only help in providing a blue print for businesses to move forward but also checks the performance of operational efficiency of business activities. Accordingly, an organization should be well prepared to meet its long term and short term expenses and goals, thereby enabling the managers to monitor organizational functions. During the coronavirus pandemic of 2020, many organizations adopted the GIG economy and digital transformation. People work remotely in part-time or temporary positions as a staff in an organization, making work cheaper and more efficient services being provided. Justly, a proper coordination of the GIG workers and digital transformation amidst the changing economic situation is necessary for making financial budgets and budgetary control a success. The study investigates the implication of GIG workers and digital transformation on financial budgets and budgetary control. The study collected primary data through a survey research design from institutions in Ogun State, Nigeria. The paper explored finding from accounting officers in the institutions. Purposive sampling technique was used to select 40 well completed questionnaires from the participants in selected institution. The study adopted both descriptive and inferential statistics in analyzing results. The result indicates that a positive significant relationship exists between GIG workers and Covid-19 improves digital transformation in HEI. It is therefore recommended that a GIG worker should be a strategy to budgetary control of financial budget in the case of pandemic or any emergency within the HEI. This doesn’t mean that GIG workers should replace or displace the employee of the institution as assumed by few. When abnormal becomes normal then normal way of life should not be seen as abnormal rather it should be an advantage to leverage of skills acquisition and digital transformation as observed and experienced in this study.