As the gig economy continues to grow rapidly, businesses are looking for ways to successfully integrate freelancers into their strategies. India’s gig economy is expected to grow threefold in the next four years, producing over 90 million gig workers by 2031. Companies such as Spotify, Amazon, Netflix, and Airbnb are already leveraging the gig economy, and in the US alone, 60 million of the workforce will function on a freelance basis in the next four years.
Benefits of the Gig Economy
Gig working offers freedom, flexibility, and autonomy to employees, making it an attractive career option. The gig economy also allows businesses to cut costs, hire talent on demand, customize the workforce according to projects, and build a highly motivated team. Taskmo, a tech-driven on-demand task fulfillment platform, helps businesses employ gig workers to perform various tasks, providing easy access to gig jobs and helping workers upskill themselves.
Challenges and Opportunities
Despite facing challenges during the pandemic, the gig economy expanded as the demand for delivery workers surged. The gig industry has phenomenal growth opportunities, with the gig workforce expected to expand to 2.35 crore by 2029-30. However, social protection approaches are being looked into by companies, governments, and gig discovery platforms to provide security for gig workers. Gig platforms are working towards the social security and rights of gig workers, such as assured and instant payment and insurance facilities.
Integrating Freelancers into Business Strategy
To successfully integrate freelancers into your business strategy, employers need to think beyond full-time employees and tap into the Open Talent Economy. A host of online freelancer marketplaces have come up, connecting independent professionals with companies. HR will need to let go of bureaucratic procedures and provide flexibility to their workforce. Companies are increasingly embracing the concept of the gig economy, where skill is hired purely on the basis of demand.
Board Priorities and the Gig Economy
Boards across Europe, the Middle East, India, and Africa (EMEIA) are rethinking their role, composition, and structure to effectively serve as strategic advisors and provide appropriate levels of oversight. It is important for boards to be composed of a diverse range of people with a wide range of experiences, skills, and backgrounds. The gig economy or Flex Economy is on the rise in India, with more workers opting for a flexible style of work. As the gig economy continues to grow, boards should consider how to best integrate freelancers into their business strategies to remain competitive and adapt to the changing workforce landscape.