Create YoureCommerce WebsiteYou’re the Boss. Create aProfessional Website or OnlineStore With Weebly Today. Ad closed by Report this ad Why this ad? Ad covered contentAd was inappropriateNot interested in this adSeen this ad multiple timesThanks. Feedback improves Google adsAd closed by Time-bound contracts are the answer also for smaller firms and startups that may not be able to afford regular employees or professionals with specialised skills. By Dilipkumar Khandelwal Corporate roles and structures, industries, and even economies are experiencing what I view as creative destruction. One of the major reasons for this is the introduction of new technologies that allow talented professionals to farm out their skills to several companies instead of being attached to only one. This phenomenon is what we know as the ‘gig economy’ (freelance economy). I have read that there is a significant rise in the number of ‘gig workers’ in India, aided by technology that has made remote working common. One indicator of this is the mushrooming of co-working spaces in urban centres. Here, professionals and businesses can connect to forge mutually beneficial bonds. Win-Win Model Given its growing popularity, I wouldn’t be surprised if the gig economy becomes all-pervasive. That would be a boon for India, given that four million people enter our workforce every year. With businesses cautious about adding to their rolls, the gig approach could result in gainful employment for many. Companies benefit too because they can, based on client requirements, take on merely a temporary workforce – saving big on administrative and overhead costs. Time-bound contracts are the answer also for smaller firms and startups that may not be able to afford regular employees or professionals with specialised skills. The professionals benefit by getting to choose from a wider array of part-time employers and varied projects. This is a win-win model. Let’s not forget this is an experience-driven generation that doesn’t want to be tied down to fixed corporate structures and norms. In return for professional freedom and a wider choice, it is willing to take a certain level of risks when it comes to earnings. In a study this year by NobleHouse, a platform that connects companies with talent, 73 per cent of respondents said they would prefer freelance work to a full-time job. A study two years ago by Ernst & Yong on the ‘Future of Jobs in India’ claimed 24 per cent of the world’s gig workers are in India. Also read: Not only Amazon, Flipkart, banks, brands too part of ‘unholy’ nexus of discounting, CAIT to Piyush Goyal Why Gig Economy? What this tells me is that there is an entire value chain being built – from platforms that connect gig workers to businesses, to those that manage workflow and payments. It also tells me that the old models of employment are changing. As an extension of this argument, remote teams connected by technology will be the dominant trend of the future. Here are some characteristics of the gig economy: The biggest advantage for a […]
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