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How The Gig Wave Is Democratizing Workspace In India
The future of gig economy in India is bright and can expect an upward swing as India is among the top 10 countries for freelancers
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The work landscape in India is evolving rapidly. Digitalization, internet penetration and advancement in information technology have transformed the overall market dynamic across the globe. The digital disruption and booming start-up culture have propelled the evolution of the gig economy across the world. A Global Contingent Workforce Study by EY revealed that 20 percent of organizations globally with more than 1,000 employees have a workforce that is made up of 30 per cent or more contingent workers. Currently, freelancing is the hottest trend in India. According to a PayPal report, 1 in every four freelancers is from India. It also states that India accounts for 50% of the global freelancers, a majority of them are under the age of 40.
Over the years, India has witnessed a massive increase in the number of workers contributing to the gig economy culture. Several factors which are contributing to this recent shift are – the rise of freelancing platforms (Designhill, Upwork, 99Designs, Freelancer.com etc. to name a few), the unconventional work approach of the millennials, the emergence of start-up culture, MNCs hiring contractual employees, recent demands of block-chain based payments etc. Today millennials in India are getting more inclined towards job satisfaction rather than any other parameter while choosing a perfect job for themselves. Career mobility, hyper-connectivity, flexible work dynamics are playing a vital role further contributing to the growth of the gig economy.
A recent report from Bank of America on 2018 Better Money Habits Millennial Report reveals that, among millennials, 69 per cent wish they had chosen a job with better work/life balance, and 44 per cent wish they had chosen a job they enjoyed more. Another research study by 2018 APAC workforce insights reveals that 61 per cent of Gen Z professionals in APAC countries agree that job seekers are seeking flexible and contract-based roles. There is a 12 percent point gap between men and women in traditional full-time jobs but a five-point difference between men and women working in the gig economy. The emergence of crowdsourcing and freelancing platforms is revolutionising the work landscape in India and overseas to a large extent. Today in this era of competitive workspace, millennials are unable to maintain a work-life balance. Excessive work pressure and a lack of flexibility in working hours are among the top reasons making young professionals switch to freelancing.
The gig wave is democratizing the workspace in India at a momentum pace. The rise of the concept of co-working spaces, increase in crowdsourcing platforms, efficient block-chain based payments, steady flow of work opportunities in the market are some of the driving factors contributing towards this transformation. Hence, the future of gig economy in India is bright and can expect an upward swing as India is among the top 10 countries for freelancers.
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