{"id":2201,"date":"2020-09-10T17:16:29","date_gmt":"2020-09-10T12:16:29","guid":{"rendered":"https:\/\/sightsinplus.com\/?p=18244"},"modified":"2022-01-06T20:01:04","modified_gmt":"2022-01-06T14:31:04","slug":"thriving-in-the-gig-economy-the-next-normal","status":"publish","type":"post","link":"https:\/\/www.postaresume.co.in\/blog\/hr-news-and-updates\/thriving-in-the-gig-economy-the-next-normal","title":{"rendered":"Thriving in the Gig Economy \u2013 The Next Normal"},"content":{"rendered":"
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\"Thriving<\/a>
Remote working whether it is working from home (WFH) or working from anywhere (WFA) has become necessary and acceptable across industries, even in sectors where it was not earlier considered a possibility.<\/figcaption><\/figure>\n<\/div>\n

Thriving in the Gig Economy \u2013 The Next Normal<\/em><\/strong><\/h3>\n

On March 11, 2020, the World Health Organization declared\u00a0the novel coronavirus\u00a0(COVID-19) a global pandemic. Across the world, this has resulted in ushering a \u2018new normal\u2019 \u2013 in the way we work and interact.
\nRemote working whether it is working from home (WFH) or working from anywhere (WFA) has become necessary and acceptable across industries, even in sectors where it was not earlier considered a possibility. Industries ranging from IT, e-commerce, and automotive are reimagining how this would affect their long-term people strategies.
\nAnother area that has come to the forefront during the current economic times is the gig economy. The gig economy is a labor market characterized by temporary, flexible, and short-term jobs for which organizations hire independent workers on an on-demand basis.\u00a0The terms \u2018gig economy\u2019 and \u2018future of work\u2019 are inextricably linked.\u00a0Similar to how Japanese companies famously transformed supply chains with \u2018just-in-time\u2019 manufacturing and the dot \u2013 com revolution revolutionized the modern marketplace with e-commerce, the world of work is changing with the \u2018just in time\u2019 employment offered by a spectrum of non-traditional employment models, most notable of which is the gig economy.<\/p>\n

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Gig workers include self-employed, freelancers, independent contributors, and part-time workers. This project-based gig economy allows the service adopter to cut overhead costs, and the gig worker to get paid for a specific task performed instead of receiving a fixed salary. Thus, a shift from a full time 9-to-5 job to an on-demand, freelance, and task-based economy can be termed as the gig economy.<\/p>\n

\u201cGig economy appears to provide a win-win to employers and employees. From an employer perspective, the gig economy allows organizations to better optimize work and manpower requirements. By mobilizing a larger workforce, organizations can also mitigate the anticipated talent crunch.\u201d<\/strong><\/h3>\n

For employees, gig economy allows task ownership, convenience, variety, and flexibility. Based on tastes and preferences, you can determine the number and type of projects you work on, the quantum of your earnings, and thus, the work-life balance. The below table illustrates the top 5 motivators for gig workers, notably better work-life balance ranks ahead of increased compensation.
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Although a large proportion of jobs in the ambit of the gig economy earlier came from ride-hailing and task-oriented services (allowing organizations to rapidly resolve large, voluminous, and tedious tasks by breaking it and crowdsourcing it to the gig economy), as per a recent report[1] by Mckinsey, knowledge-intensive and creative occupations are the fastest-growing segments in the world of independent work.
\nAn examination of the gig economy in India presents itself as a microcosm of the above trend. In India, around 1.3 million people joined the gig economy in the second half of 2018-19and recorded 30% growth in the first half of the year. According to an Invest Indiareport [3]<\/sup>, India has emerged as the 5th largest country for Flexi-staffing after US, China, Brazil and Japan. Haryana, Madhya Pradesh, Andhra Pradesh, Gujarat, and Telangana have most opportunities in terms of growth for the Flexi-workers. While the gig economy is popular amongst the blue-collar workers in India (particularly for companies\u00a0such as Uber, Ola, Swiggy, Dunzo, etc.) there is now huge potential for the white-collar workers as well,\u00a0due to increasing demand in industries \u2013 project-specific consultants, logo\/content design, web design, instructional design etc.<\/p>\n

Thriving in the Gig Economy<\/h3>\n

While gig workers enjoy a fair amount of flexibility, they also find themselves under the constant pressure to produce or perish in a continuous evaluation environment \u2013 wherein they must present a unique value proposition through their previous work in order to secure their next gig.
\nAs per a study published in Harvard Business Review [2]<\/sup>the most successful independent workers create the following four connections to manage the unpredictability and subsequent emotional upheavals of their nature of work while simultaneously drawing from the independence and autonomy that they get from such work:<\/p>\n