When we talk about the Indian job market, there has been a gradual shift in the age group of professionals. Today, the average age of the workforce is 29 years, which means that the millennials are comprising the majority of the workforce. Very soon, India will have the largest, youngest populations all across the globe promoting a vast, young and emerging economy with a positive growth rate.
Face of work and workforce in the future
According to HR perspectives, some interesting trends that can be seen in the future of work are as follows:
- Focus on artificial intelligence (AI)
- More adoption and encouragement of diversity & inclusion (D&I)
- Emerging of new business models
- More acceptance of gig economy
- Renewed emphasis on work diversity and gender equality
- Employer branding
- More opportunities for different populations of workers
More emphasis on gig economy work culture
In the near future, we will see a vast change in the labour market with employers giving emphasis on short-term contracts or freelance work opportunities as opposed to permanent jobs. This is going to significantly impact the working of the HR.
Payment of a gig worker is made on the basis of the task or the project assigned. As a gig worker, you have the advantage of getting associated with three-four companies at a given time and the jobs could be something you enjoy doing, may be similar or very different in nature.
What are the key factors driving these labour market changes?
According to experts, these are mainly due to the following:
- The unemployment index affected by the 2008 economic crisis, which in turn led to the growth in contingent work
- There has been tremendous changes and advancements in technology, giving rise to new platform-based business models & customer expectations
- More and more talent competitions due to demand from all sides across industries
- The growing need for work-life balance for the young professionals.
The growing concept of gig economy will, therefore, definitely have a great impact on the mode of employment of traditional employers. It is time for employers to proactively shape and engage with “gig workers” and flexible work models to have a competitive talent advantage.
VUCA: Today’s talent environment
Today’s talent environment is based on the concept of VUCA, which stands for volatility, uncertainty, complexity and ambiguity. On this note, a clear employee value proposition is very important. So, employers have to think on the terms of competitive compensation package with meaningful rewards, flexible perks, better performance management and clear goal statements that strengthens this highly curated culture.
New methodologies for recruitment
When it comes to gig economy jobs globally, which are predominantly IT and technology jobs, these are no longer limited to the prominent names like Google or Microsoft. IT hubs are no longer associated with places like San Francisco and Seattle. India (with places like Bengaluru, Gurgaon, Noida, Hyderabad) has become a hub of big tech talent.
When it comes to recruiting tech talent, employers need to think on new terms on factors like as:
- Salary and benefits
- Office environments
- Workplace perks
- Hiring skilled candidates on the basis skill assessment techniques
- Creating more flexible or freelancing work options
- Engaging and leading talent in an evolving work ecosystem in the midst of automation of work process.
It’s time for companies to focus on retention with so many employers hiring for the same positions. This will help organizations to stay competitive. It’s time for employers to create work environments where employees are attracted to stay than to leave. Workers will prefer to work in those companies where their work is noticed and appreciated, where they add meaning to the company, can take pride in their work, and in return, they receive sustainable benefits and money. Thus, the future of the job market is dependent on employer branding, career-development opportunities and transparency. Along with providing flexible work opportunities, it’s time for employers to concentrate on what will have the greatest impact and not to be bounded by fixing everything all at once.
Thus, the end result is that, the impact of gig economy or flexible work models cannot be ignored by traditional companies.
GharSeNaukri.com and Gig Economy
With the growing importance of gig economy, here is a job portal designed on the similar lines of providing lucrative work from home, part time, flexible and remote job opportunities. It’s the largest career and community platform solely designed for women, with home to a million registered members for a prospective career by working from home. GharSeNaukri.com is also working on inclusion and diversity at Workplace, providing effective HR solutions and strategies for various organizations. For further assistance, contact us at 09266660121 or else visit our website gharsenaukri.com
With Inputs from Ascent, The Times of India dated 27th February 2019