Gig Economy and the Future of Work

Gig Economy and the Future of Work
The entire globe & corporate hubs have been going through a massive shift in redefining work, workplace & culture. There is a sudden need &shift to accelerate diverse thinking in adopting towards gig economy.

Since the onset of COVID-19 pandemic, there has been an all-around impact on the way businesses were being done.  The entire globe & corporate hubs have been going through a massive shift in redefining work, workplace & culture. There is a sudden need & shift to accelerate diverse thinking in adopting towards gig economy.

In this journey of the “new normal”; Technology & Digital has steadily transformed every aspect of human life. The rapid adoption of technology has also been shifting the way people view and accomplish work in workplace. With Gen Z (also known as digital natives) slowly making their mark on their career journey, there is indeed a representational shift expected across Industry level work culture.

This new set of workers does not want to get stuck with a time circumscribed job/s. They want flexibility and control; a work schedule that is intended to suit their needs, not one that is rooted in the conventional 9 to 6 jobs. And the world of work is actively & welcomingly adapting to these needs. This workgroup indeed is the one that is playing an important role in building and growing the “gig economy”.

No doubt, amidst the environment of Great resignation, offer drops, elongated notice periods, and demand-supply gaps, several organizations are putting in serious strategies to create a “Gig Work Model” as part of their people strategy to bridge their ongoing talent gap.

Let us understand what the word “gig economy” is.

The gig economy is a new “ecosystem” where Companies engage with independent workers for seasonal/short-term & temporary work assignments. It’s a smart way for Companies willing to test the waters through this “independent work economy” and hire temporary workers with no geographical limitations. It’s a win-win for both ends.

Employers tend to save overhead costs while the gig workers get to choose their own work hours, maintain a work/life balance and improve their productivity. This new model is expected to flourish owing to the substantiated facts during Covid times that working from anywhere, anytime, and for anyone is possible under all scenarios!

Industries across the globe, including India, is now witnessing a sudden spur of Tech platforms, Applications, and AI tool being built to ensure that a mutually beneficial ecosystem is created where employers’ & job seekers’ needs/expectations are aptly met. Tech platforms are also shortening the distance between employers & freelancers and making all-round efforts to foster supportive & purpose-driven tools to establish this new “work model”.

It is also possible that soon, many of the seasonal/specific skill assignments will get routed through these AI-based platforms, with corporations becoming a part of this ecosystem. Freelancers will get enrolled on these platforms & will be paid based on the task assigned/completed fittingly by them! And maybe that’s why it’s believed to be the idyllic choice for many employers during this spell of uncertainty.

While the Gig Economy momentum continues, it’s important for this new working population to continue to build a variety of skills including digital which are relevant in all different industries. This will ensure that they remain employable & relevant in this new environment.

With fast-paced digitisation & Artificial Intelligence, many jobs are expected to move to machines & the world is expected to change faster than ever! Therefore, to remain competitive, the gig workforce will have to continue to hone their skills & remain updated on what’s happening in the environment.

To sum it up, gig business revolution is a great alternative to ensure sustained growth, greater productivity, and increased revenue but it’s hard to make predictions about the future at this stage. Possibly it’s an exciting step in reshaping the economy and is likely to continue to flourish but might not grow to dominate all kinds of economies. Many companies would still need some stability in their workforce.  

A large base of workforce/Companies still see value in having the same people show up every day, who know each other, know the company, and how to perform their work. Many employees still value the stability of a regular & full-time job, social security benefits, etc which in the “gig” model does not exist.

Contrarily, we also need to be aware that today we are dealing with a multi-generation workforce who have different needs & drivers. Therefore, it’s a wait & watch situation on how this new model evolves. 

Notwithstanding whether we are for it or against it, it is amply clear that the gig economy is here to stay & will pose challenges to the conventional/contemporary “world of work” around us!


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