Why the GiG Economy is the need and the future of work?

The future of work is going to be more flexible and dynamic. By the end of 2020, more than 60% of the global workforce will consist of ‘millennials’ and Gen Z population, we believe that the concept of full time employment will cease to exist.

More people will follow for a ‘healthy’ work balance and would like to augment their potential earnings and it might not be possible in a 9 to 5 job. The current ecosystem is already giving indicators with global companies such as Uber launching their ‘Uber Work’ to manage freelance deliveries. We have already seen one revolution of the on-demand delivery with Swiggy, Oyo, Amazon and Flipkart with talent which as the lower end is temporary and available on demand. In fact, the co-working environment is also part of the ‘on-demand’ ecosystem.

It is time now for the niche and roles to operate under a similar model and this makes an absolute sense for the organization because their investment into a full time resource shall be considerably reduced in case of a Gig Worker, especially when the role is considered as an ‘overhead’ and where hiring a specialized skill is not a constant requirement throughout the year.

GiG economy aims at building sustainable talent pool of ‘contingent manpower’, commonly known as ‘freelancers’ to securing the future of job & talent market.
Some of the factors that are trending in favor include the following:

– Organization’s focus on cost mitigation factors and challenges associated with talent on boarding, up skilling and retention.

It is time now for the organizations to evolve to the new ways of working and start experimenting.

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