In a gig economy, the job market is characterized by the employment of employees who work for a limited period. The jobs in the gig economy are not permanent jobs with a regular salary, but rather short-term jobs and employees get paid accordingly. In the Western countries, the concept is already been very popular, whereas in the Asian countries, it is at its infancy stage. But, India is taking the lead in opting for gig economy, according to recent surveys. The country is seeing the growing trend of organizations, specially the start-ups, opting for high-end skills in marketing, human resources, finance, etc. for freelancing or contractual positions. In the last 5-6 years, India’s gig economy is going strong with freelancing on the rise, as per the latest PayPal report.
Why is the Gig economy concept growing steadily in India?
The reasons are many for this are many:
- Most Indian companies, especially the software and IT services companies are slowing down the hiring process.
- There has been a slowdown in growth of both regional and global companies, reducing the hiring process.
- Emergence of many start-ups who are in the experimental phase and are not opting for permanent recruitment but rather recruiting for start-term basis for cost cutting
- The growing concept of “being my own boss”, the flexibility of working hours, freedom to choose work has made any young people opting more and more for the gig economy culture.
- For many professionals, especially the women professionals, the gig economy helps in maintaining a balanced work-life.
- The digital economy, Internet, software development, splurge of electronic devices and from laptops to notepads and ipads to facilities like as video conferencing, skype and other such technological advancements have brought the world closer. As such, a person staying in India can work for a US-based company without moving out of his home country. Geographical boundaries are no longer an issue. Thus, digitalization is another cause for the growth of gig economy in India.
- Also, the possibility of earning more is making gig economy an attractive option. Freelancers earn an average of Rs. 20 lakh annually, says PayPal study.
Thus, for many, opting for multiple works at flexible timings and working from home are far better than a fixed salaried job with a linear career graph. The concept of mobile workforce is slowly picking up in India and hence, the gig economy is sure to grow in India.
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