#Gigwork is actually ‘the’ approach to working – not just because of the pandemic but prior to that as well. While initially it may have been used to describe specific jobs, the preponderance of several app-based platforms has widened the usage and scope of #contractwork or #remotework. From ghost writers to digital marketers, freelance experts to consultants, from a handyman to grocery shoppers, cleaning staff to #staffaugmentation for specific projects in companies – all form part of gig workers. Yes, it is a fragmented segment, but companies such as #Gigmos with their platform are connecting gig workers with companies and vice versa. This smart outsourcing platform not only ensures rigorous selection of and onboarding of the best and sharpest gig workers, but also provides #technicalsupport to its customers.
In the Indian scenario, the gig economy is fairly nascent, but is a critical part of the Indian Labor Market, where it is burgeoning. The government is expected to essay the role of a facilitator to ensure that newbies, startups, students and others come together with leading companies and thought leaders/mentors to build work capabilities now and in the future. #Gigmos as a platform enabled by AI is poised to dramatically transform the structure of the Indian and global #gigworkforce.
The Global Scene
Rapid globalization has led to the rise of the gig economy. This economy creates several avenues of working innovatively and flexibly, not just for workers but for companies as well. As customer expectations and attitudes change, companies need to move faster to keep up with the demands. With several top line people moving towards gig work, the economy in this realm has soared into the consciousness of mainstream business – the converse of ‘sticking to a job for life’. There is a lot to celebrate from the #gigworkers perspective – this economy is supported by the accelerated pace of technology and also because customers demand flexibility and speed in the delivery of services and goods. Companies and governments are beginning to depend more heavily on such highly skilled professionals who could support and drive positive change and innovation, in short and long term projects. Such professionals also need work opportunities that are varied, flexible, and pay well. It is here that technology plays the role of key enabler, platforms such as #Gigmos, which facilitate supply and demand to ensure that organizational needs meet top talent. The world of business is being revolutionized as companies scramble to manage costs through a flexible workforce, improve agility, and yet get the best talent available for their projects.
In the Indian Context
In early 2020 ASSOCHAM (The Associated Chambers of Commerce and Industry) predicted that the gig economy would boom at CAGR of about 17% and by 2023 reach $455 billion. Despite the worldwide upheaval caused by the breaking out and fearsome rise of the coronavirus (Covid19, as it was named), the gig economy platforms are proving to be the ‘silver lining’. #Gigwork/economy is placed in a firm leadership position to becoming a core portion of India’s recovery strategy. The great news is that there are no entry barriers, thus allowing skilled and top line professionals and consultants from every realm in India and globally to enter the market.
With the pandemic wreaking havoc on sales and profits, companies are scrambling to cut costs and thus require professionals who can understand their business needs, while also saving compliance and administrative costs. Further, the growing millennial workforce that is tech-savvy and wants to earn as per projects and timelines that suit them best, is adding to the force of #gigwork.
Given the technological empowerment by platforms such as #Gigmos there has been a rise of self-employment – adding to the furtherance of the #gigeconomy. As technical support becomes more accessible and easier people have the power to manage unutilized time and resources, and companies would be better equipped to tap into this ‘market’. As extra earnings rise, economic growth is accelerated, an increasing number of people would leave their full time jobs and become part of the #gigworkforce. This economy has evolved significantly in urban pockets and employs a large number of migrant workers. As per a report, about 56% of blue and white collar jobs are from the gig economy. Even the government has recognized this space, and recently the Parliament passed the Code on Social Security 2020. This Code recognizes gig workers under law as those outside the “traditional employer-employee relationship”.
As organizations respond to technological advancement and innovation and globalization, agility will be the driving force. With low growth and the rise of deft startups, companies must be on the front foot to manage their costs and ensure smooth operation. Contingent workers or #gigworkers are certainly not a passing fad, and with a platform such as #Gigmos, every company has access to some of the best and highly skilled professionals in the market. Companies of all sizes are increasing their use of gig workers, turning the gig economy into a global phenomenon.