The Right Spotlight On Gig Economy

Imagine a world where people had the freedom to choose their projects, dictate their schedules, and work from wherever they want. Had this been the reality, this world would not be limited to the standard routine of nine-to-five office work. Quite the utopia, right?

It does exist and is now on a record-breaking journey of onboarding new employees!

Welcome to the growing land of the gig industry! In this booming market, freelancing, temporary jobs, contract jobs, and more opportunities have become accessible. Employees are in charge of their destinies and provide their special services to customers and businesses as they see fit. 

Accelerated by the rise of technology and the prevalence of on-demand services, the gig economy has become a popular way of working in India. Thanks to the emergence of newer start-ups that are revolutionizing the job market. 

Let’s explore how the gig economy has changed how we work and unleashed a wave of flexibility, and limitless possibility. 

Understanding the Gig Economy in India

The simplest definition of the gig economy is a labor market where people work on a project or task basis, rather than having traditional long-term employment. Independent from traditional workspaces, the Indian gig economy has grown tremendously, mainly driven by smartphones, better internet access, and a fast-paced and tech-savvy generation. 

“We are seeing a convergence of cost reduction initiatives and the need for employers to have more agility, with workers looking for more flexibility. Together, these objectives are driving a shift toward a contingent workforce.”

• Tony Steadman, Americas Total Talent Supply Chain Advisory Leader, EY

Why the Gig Economy is Popular

According to a report by Boston Consulting Group and Michael & Susan Dell Foundation, the transaction value of the volume of work completed by gig workers could be worth more than $250 billion, and the whole gig economy could add around 1.25 percent to India’s GDP.

• Flexibility: The gig economy offers flexibility, allowing individuals to choose when and where they work. People can select projects that match their skills and work from anywhere, even from home.

• Income Opportunities: Gig work provides an additional source of income or an alternative to traditional employment. It’s particularly beneficial for those looking to supplement their primary income or find jobs in a competitive market.

• Technology: Digital platforms and mobile apps have made it easier for people to find gig work, connect with clients, and receive timely payments for their services.

Related Read: The Next Big Thing To Seize Freelance Job Market

Start-ups Driving the Gig Economy in India

Indian entrepreneurs are recognized for consistently raising the bar with new inventions. By incorporating business strategies that now reflect the market, startups are choosing to make use of the expertise provided by freelance and gig workers at lower costs rather than incurring significant fixed expenditures by hiring full-time employees. 

As a result, businesses with limited money and resources can outsource tasks to specific individuals.

Start-ups are playing a defining role in shaping and contributing to the gig economy in India. According to a report by ASSOCHAM, India’s gig economy is predicted to reach $455 billion at a CAGR of 17% by 2024, with the potential to expand by a factor of roughly two times the pre-pandemic projections.

Related Read: How Has The Pandemic Changed The Future Of Work?

These innovative companies have recognized the potential of this market and built platforms to connect gig workers with businesses and customers. Start-ups like Upwork, Freelancer, and Fiverr have created online marketplaces where individuals can offer their skills and services to clients worldwide. These platforms allow gig workers to showcase their expertise, find projects, and negotiate rates.

Ola, Uber, Zomato, Dunzo, UrbanCompany, Amazon, Flipkart, and Swiggy revolutionized transportation and food and service delivery in India tremendously, by providing gig work opportunities. 

Access to digitized traditional home services like plumbing, electrical work, and salon services became 10x easier and this accessibility also paved the way for UPI-driven payments. As per the government’s pre-Budget Economic Survey, UPI accounted for 52% of all 8,840 crore financial digital transactions in FY22, with a total value of Rs 126 lakh crore. The Economic Survey noted that UPI only accounted for roughly 17% of the nation’s 3,100 crore digital transactions in FY19 (2018-19).

These platforms connect skilled service providers with customers, making it easy for gig workers to find work and earn money on a project basis.

The Benefits and Challenges of the Gig Economy 

The gig economy has benefits for both employees and companies. Employees can benefit from flexibility, improved work-life balance, and the opportunity to apply their expertise to a variety of projects. Businesses gain from having affordable access to a wide range of talent and the flexibility to scale operations as necessary.

But there are also difficulties in the gig economy.

Due to a lack of labor laws, gig workers may experience inconsistent pay, a lack of benefits like healthcare and insurance, and possible exploitation. Additionally, those who work in the gig economy may have few possibilities for employment security and professional advancement.

In India, the gig economy has grown to be a significant force that is revolutionizing how individuals work and make a living.

Start-ups have played a significant role in shaping and contributing to this market by providing innovative platforms and opportunities for gig workers. While the gig economy offers flexibility and income prospects, it also comes with challenges that need to be addressed to ensure a fair and sustainable working environment for all.

How to get a job as a Gig Worker?

Leverage specific keywords or titles when searching for jobs online

There are filters on many online job search engines, like OTU that let you look for remote work. When searching, be sure to use precise key terms to enhance your search like “remote jobs India”, “online jobs for women”, “work from home jobs”, “gig work near me” and more.

You can also include occupations, business sectors, and certain qualifications or degrees you possess in addition to these keywords. For instance, “Remote Telecalling jobs,” “Remote Marketing Manager,” and “Remote Nursing Jobs.”

Add high-paying job-related keywords like “senior,” “executive,” “manager,” “director,” and “leader” as well. such as “Remote Senior Software Engineer” or “Remote Marketing Director”. Including these precise keywords in your job search process can aid in locating appropriate positions.

End Note

According to a report by Niti Aayog, the gig workforce is set to expand by 2.35 crore (23.5 million) by 2029-30. The report also highlights that because this job relationship is not “traditional,” the employees are treated like consultants or independent contractors. 

Comparatively, freelancers, exercise higher levels of freedom and security while having flexible work schedules. Whereas gig workers are subject to various strict standards, ranging from time constraints, and unfair work conditions to dress codes. 

Even though the number of working days solely depends on the gig workers, the undisputed fact remains that they only partially enjoy having their schedules because compensation is strongly incentive-driven. The highly competitive rise of first come first serve has made the industry fairly performance-based.

Browse through jobs at OTU’s Job Section and get your dream job today!