If you’ve ever ordered food from Swiggy or Zomato, used Ola or Uber for transportation or even rented a room in Airbnb, you have contributed to the growth of the gig economy in India along with millions of other Indians. We have been a part of the Gig Economy for a long time.
Gig economy (also known as shared or on-demand economy) have made our lives easier, it has also improved the employment in India. Gig Economy is powered by an interconnected technology that allows individuals to work as entrepreneurs. It gives an opportunity to work as per individuals skills, strength and availability.
Before we start analyzing the present landscape of the gig economy in India, let us form an insight into the underlying concept of the term and its significance. The term “gig economy” refers to a temporary contractual, short-term/part-time contract or freelancing work that a person is willing to subscribe to on a project-to-project basis. Unlike the conventional jobs where payment is postponed until the end of the month, in the gig economy, the employee receives his dues right after the assignment is completed. This is the reason why the gig economy is also popularly known as the “mobile economy” owing to its flexibility and distinguishing characters that aim at breaking the stereotypes of the 9 to 5 jobs in the cubicles.
Considering the ever-swelling pace of advancement, the millennials are always racing against time and in such a scenario, the work-for-myself and work-from-anywhere culture are allowing them to streamline their multi-faceted life and function independently while getting employed. Additionally, a gig economy accommodates all the sectors of the economy that relies upon independent contractors and workforce such as marketing and communications, social media marketing, content creation, food, and beverage design and creative fields such as art and design.
The good news is, India contributes about 40% of the total workforce in the freelance jobs offered across the global platform. There are around 15 million skilled professionals from India who are complying with the surging demand for contract-based jobs in the freelance industry. Currently, the gig economy is on its way to playing a major role in enhancing India’s Inc. strategy and justifiably so. In the last few years, 72% of all the gig projects were funded by or were in association with large corporate and personal services firms. This configuration has been delineated from the statistics ensued between 2018 and 2019 and shows a clear escalation from the 52% recorded two years back. Furthermore, the size of almost all of these gig economy divisions has multiplied doubly in two years which qualifies as a silver lining in this fluctuating economic status of the country.
The primary reason that has driven India to readily implement the norms of the gig economy is its search for a balance between the rising demands of the workforce with flexibility and income of the employees’ part. People are always on the lookout for better work opportunities, a healthier work culture that plays a major role in enhancing the efficiency of the workers, more challenging roles in the company and new prospects of learning which gig economy is indeed being able to provide in the recent times.
Workers who have taken up varied roles in the gig economy are mostly spread across the metro cities of India with Delhi NCR standing tall as the most influential and powerful hub with 43% of workers followed by 19% in Mumbai, 18% in Bangalore and the other 19% distributed all around the country. The justification supporting this allocation is quite simple: the new-age marketplaces and technology have reached these cities faster than the rest and with the improvement of information propagation, we can hope to see a more even spread of the gig workers even in the smallest cities of the nation.
The gig economy has opened a fresh door in the corporate work culture of India that had been lying dormant for so long and that is gender equality. The database confirms that there are 56% of HR consultants are men and 44% are women working at par with one another. With time we can only look forward to the further narrowing of this gap that would eventually make way for an absolute equilibrium. The most interesting part of this data lays in the fact that in the case of gender information on HR assignments, the numbers show a reversed picture. Here, 55% of the assignments rolled out on the Noble House Platform have been claimed by women while the remaining 45% lies with the men.
The gig economy in India is surely offering abundant opportunities for employers as well as workers. With the technological advancements and proven rise in the on-demand economy, we can say the gig economy is the future of work and it is here to stay for a very long time.
Sed non elit aliquam, tempor nisl vitae, euismod quam. Nulla et lacus lectus. Nunc sed tincidunt arcu. Nam maximus luctus nunc, in ullamcorper turpis luctus ac. Morbi a leo ut metus mollis facilisis. Integer feugiat dictum dolor id egestas. Interdum et malesuada fames ac ante ipsum primis in faucibus.