Just a successful outcome or there’s more in store?- Gig economy challenges the traditional workforce
As the interest around the gig economy and gig workforce continues to grow in India and the world, enterprises are exploring more and more benefits related to them to scale sustainably.
The term has been widely adopted to include anyone who contracts for your services or products for a short period. In the business world, technology is enabling enterprises to meet their resource needs in new and flexible ways while also offering gig executives (or executives) new ways to manage and build their careers. It is estimated that by 2030, remote executives could represent around 80% of the global workforce.
According to another study conducted by the McKinsey Global Institute, there are now 162 million people working in the gig economy around the world. As the fad grows around the gig-based model, many industries are fulfilling the need of employers to have more agility and Giggers looking for more flexibility). Together, these objectives are driving a shift towards this kind of flexible workforce- tapping into this growing pool of talent with relevant skills.
Utilising such a large pool (of on-demand executives) allows enterprises to scale up and scale down as per the requirements of their project. To execute this, they do not have to recruit the Giggers directly; they can easily partner with an outsourcing agency or open platform who directly manages the workflows. It has far-reaching effects.
First of all, when the definition of ‘employee’ changes, so does the notion of engagement- the process is no longer about hiring a long-term employee, but rather about ensuring that the person is promoted and assigned one specific project that goes beyond.
Second, Giggers enable an enterprise to improve its workforce planning by simplifying task prioritization and budget management. This short-term commitment also motivates Giggers to continually improve their skills and arouse an employer’s enthusiasm for employing a flexible workforce.
On the other hand, it is also important that employers understand the dynamics of their relationship with the new generation of gig executives. When properly managed, on-demand Giggers can enable enterprises to lower fixed wage costs, become more reliable, and even expand the scope of their services.
The benefits:
1. Cost Saving- A report found that 57% of enterprises are saving costs by using a gig workforce. With this, they can reinvest in their business in addition to reducing infrastructure costs (as generally there is no requirement for working from a physical office).
2. Onboarding made easier- The onboarding process of your staff can be costly and time-consuming. According to a study, half of all corporate onboarding programs last up to a month or more. Moreover, around 26% of enterprises use Giggers to build relationships with talent rather than going through the traditional hiring process of multiple interviews- for this, they can easily outsource the process and give away the pain points related to managing a workforce.
3. Assistance during peak seasons- A large number of enterprises often require seasonal executives to cover and compensate for absenteeism during the peak times of the year. According to an Ernst and Young survey, 42% of fast-growing enterprises say that one of the key benefits of a gig workforce is being able to respond appropriately to the increased seasonal workload. They prefer the flexibility and variety that comes with an already trained pool of professionals.
With an increasing inclination towards remote and part-time work, most professionals belonging to different levels of expertise are rapidly contributing to the gig economy model:
1. Low-Skilled executives: This group includes the members of the working class who perform manual labour and earn on the basis of every task performed. During tough times, it becomes difficult for them to have a full-time job at hand. To curb their financial distress, they often take up short tasks at a low stipend as an immediate measure.
2. Mid-Skilled executives: A large segment in itself, this involves individuals who are educated to perform certain kinds of administrative skills, but are not qualified enough to achieve a professional stature or a high-level managerial position in most organisations. To escalate their overall income, these individuals often take the route of remote working alongside their other work commitments to enable more channels for financial resources.
3. High-Skilled executives: This class involves the most qualified and experienced professionals of the lot. Most of these executives have a full-time job/ project in hand that keeps them engaged while ensuring financial stability. However, in order to stand out from the crowd and build their personal brand based on their specialized skills, they often take up short-term work outside their organization in order to promote themselves as experts in their field.
Studies show that around 39% of mid-skilled executives are mostly working for large enterprises while only 15% work for start-ups. Furthermore, around 93% of these enterprises show a high degree of comfort to leverage flexible talent for strategic work and carve out the roles and responsibilities clearly.
In conclusion-
GigIndia significantly contributes to the gig economy by managing a trained and language proficient gig workforce for Inbound/outbound calling operations. We see immense potential in combined perspectives and talents- and this is something that drives us to create a safe community for people who wish to achieve their goals while not giving in to a conventional way of working. Our partners are consistently leveraging the benefits of our Giggers and scaling at a rapid pace with their growth-related plans. Why don’t you join them?
Visit www.gigindia.in or write to us at sales@gigindia.in
