The gig workforce is the future of frontline hiring as companies take advantage of technology to get contractual staff on board. Read on to know why!
There's been a lot of global debate recently on the effectiveness of the gig-economy and whether it is just a capitalistic method that does not properly account for career-related risks that workers take and is more focussed on singularly benefiting businesses. On the other hand, gig-workers in India love the freedom it offers, the opportunity to earn a lot more than they previously did but concerns around job security remain - as was brought to the fore by the COVID19 induced crisis.
In the present scenario, the gig economy seems to be the antidote to the venomous effects of a new pandemic-stricken world where businesses need to run keeping potential shutdowns, looming over their future in mind. Looking at the success this type of contractual, commitment-free hiring has delivered, can the gig-economy become the future of frontline hiring?
According to a Deccan Herald report, "Experts predict that by 2025, 10% of the overall Indian workforce would be working as contingent workers through various staffing companies."
Contract staffing, a practice of recruiting employees for short-term employment contracts as opposed to full-time permanent workers has been gaining traction since its inception in India in the early 1990's thanks to the growing complexities of doing business in this consumer-centric market. As it stands today, India has the third largest contract staffing workforce in the world, preceded by China and the United States.
The year 2020 has been a game changer for the global economy. Right from the domesticity of a nuclear household to the business lines of a conglomerate, everything has been impacted by a submicroscopic infectious agent. The change in the buying trends, consumer behaviour, banking processes and so on has brought about more complexities in business operations than ever before. And to cater to these changes, the gig economy has become the preferred choice of several markets such as logistics, retail, e-commerce, BFSI, healthcare, IT and even the service industry.
Looking at the gig-economy purely from an Indian standpoint, it is easy to see why it holds massive potential in the long run: it is more meaningful to both sides of the economy in more ways than just the monetary angle. The greatest advantage of gig work lies in its integration with technology in the country's fast developing digitized ecosystem. The government has also joined the race and is facilitating to democratize tech platforms across sectors to fuel the gig economy.
The whole idea of the gig economy has paved a transformational path for India's work culture: a path that empowers both the employee and the employer with enhanced flexibility and autonomy leading to professional and financial freedom for the frontline workers!
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