Over the past few years, the ‘Gig Economy’ has gained prominence in India and around the world, offering temporary, part-time, or project-based employment opportunities. With India’s gig sector expected to increase to USD 455 billion at a CAGR of 17 percent by 2024, more people are looking to enter the gig workforce to gain flexibility and tap into opportunities that didn’t exist before.
Enterprises Embracing the Gig Workforce
Enterprises are engaging with gig partners for core business functions, viewing the gig workforce as an efficient and speedy go-to-market solution. The agility offered by a gig workforce allows enterprises to easily scale up or down to meet business requirements. This shift in the workforce landscape has led to millions of people worldwide relying on the gig economy as their primary source of income.
Attracting Talent in the Gig Economy
Employers can take effective steps to maximize their attractiveness to desirable job candidates by having a clear view of the specific skills and profiles they need. Segmenting requirements into personas with distinctive needs, differentiated employer value propositions, and customized recruitment journeys can help employers better target potential gig workers. Recommendations from friends or acquaintances can also be a key element in building trust.
Challenges Faced by Gig Workers
Despite the flexibility and independence offered by the gig economy, many gig workers face challenges such as lack of access to health insurance and a social safety net. A study by Legal & General Group found that nearly half of U.S. gig workers are negatively impacted by the lack of health insurance access, leading to stress and frustration. This calls for companies to tackle the divide and develop solutions that make both social and fiscal sense.
Thriving in the Gig Economy
To thrive in the gig economy, workers must continually develop and acquire new skills, making them more adaptable and valuable to organizations. Skills-based learning and development, performance management, and compensation can help workers navigate non-traditional career paths and succeed in the ever-changing world of work. By embracing the gig economy and addressing its challenges, both workers and employers can benefit from this new era of employment opportunities.
