June 20, 2018, New Delhi: TimesJobs, recently, conducted a survey to study the emergence of the gig economy in India. The survey analysed responses from 2,100 HR professionals across diverse industry verticals. These findings reveal a tectonic shift in the way businesses operate.
According to the survey finding, 23% of respondents think that freelance jobs will capture 40% of the Indian job market in future. Organisations fuelling this gig economy are witnessing benefits not only in terms of cost savings but also gaining competitive advantages in the process.
There is no denying the fact that the gig economy is finding favour among organisations, large or small. The increased dependency on a fluid workforce is disrupting the traditional model of permanent jobs. India is becoming one of the largest hubs for freelancers in the world. Embracing the open-talent economy is helping organisations blend full-time employees with short-term consultants, making them productive and efficient.
Largest employers in this gig economy
The resulting report, 'Gig economy: The rise of mobile workforce', reveals that 41% of HR professionals think IT and tech sectors will emerge as the largest employers of freelancers. Whereas, 21% of HR professionals think media and communication industry will be the second largest employer of a freelance workforce. However, 14% of respondents believe that the events sector could also be the largest employer of freelancers.
A consistent rise in freelancing jobs reveals that the demand for a fluid workforce is expected to grow by 30-40% in the future according to 25% of respondents. Whereas 29% of respondents believe that market size of freelancing jobs will only grow by 20-30%. However, what's interesting is that around 23% of HR personnel think that freelancing is going to capture more than 40% of the market, thereby replacing permanent jobs.
Job profiles in demand
More than 25% of HR professionals think that the demand for content writers and bloggers will continue to remain high among organisations at present, whereas 18% of HR professionals think that demand for social media and SEO experts will also rise in future. Approximately 22% of HR leaders think that companies will hire freelancers for Deep Learning and Blockchain technology in the next five years. Whereas 16% of HR professionals think that demand for social media and SEO experts will also grow in the next five years.
Reasons for the rise of gig economy
TimesJobs survey findings show that 41% of HR professionals think flexibility of work is one of the dominant factors in the rise of freelancing. 28% of HR professionals believe easy access to technology, followed by mobility and variety of work are some of the key factors contributing to the rise of the gig economy.
Challenges for HR
More than 31% of respondents think talent management will be one of the biggest challenges for HR managers in a gig economy. However, 29% of respondents think quality of work will be another big challenge for HR managers in the future.
The rise of freelancers provides a wealth of opportunities for organisations and workers alike. Organisations want to cut costs and improve their agility to meet constantly changing consumer demands. Whereas, today's employees crave flexibility and control of work in their hands. Collaborating on ways to overcome the potential risks, organisations and freelancers can work towards economic prosperity and improved performance in the future.
Download the complete report at:https://bit.ly/2ydqVCX