In this era of digitization, the gig economy has gained eminence. The gig economy is playing a major role in transforming the HR tech space. It sounds like a perfect business model: lesser labor costs, flexible staffing that can surge as needed and a workforce that’s keen about scheduling options that fit individual lifestyles. It’s a bit like artificial intelligence or machine learning.
To elaborate on this emerging industry, the HR domain has grown in many unexpected ways. Enlarged globalization, harder competition, new organizational pyramids, new ways of assigning work are some of the pressures on today’s organizations. To be in HR, one has to be highly updated about the continuously changing environment. These days, there are so many trends are coming up in this sector to recruit people for the companies but the key highlight is “Gig Economy”
Nowadays, the gig economy is one of those new trends that has quickly become a reality in the HR domain. Workers who leverage the freelance economy to earn or supplement their incomes often cite flexibility as the biggest appeal. Additionally, it boosts the economy at large by making it possible to deliver goods and services faster and more efficiently. With digitization and automation threatening some traditional jobs, the freelance economy can provide job security, but not in the traditional sense.
Here are a few ways in which the gig world is transforming the way people work. The gig economy is characterized by the labor market where there is the dominance of short-term contractual jobs instead of conventional job set-up. In this scenario, work is done on a project basis and payments are done for those tasks. Talking about global front, the concept has been extensively accepted. However, in the Indian context, it is still in a budding stage.
People who work in a gig economy have the independence to pick the hour of work, holidays, organizations and holidays. Due to this dynamic work environment, it has become difficult for the organization to retain their talents.
In this setting, let’s focus on the ways to retain talent in the gig economy:
In a temporary set-up, workers have flexibility in their regime. This means they are able to select the timing and contour of the work as per their agenda. This helps them in balancing personal and professional work. Organizations should understand that every employee needs flexibility in their work and try to provide the same to them.
The full-time job provides job security and additional benefits such as health insurance and child care allowances. Buying the health premiums and benefits, otherwise, becomes expensive. Organizations should emphasize more on employee benefit schemes. Additional benefits should be given, which will certainly stop employees from shifting jobs.
Training and developments
Employees understand the importance of training and upskilling for employability. Organizations should focus more on training their employees. This will create a constructive environment and hone the skills of the staff. A solid workforce will be produced. Employees will surely like to stay with an organization that works for their progress.
Positive work ambience
Employees should be given a strong sense of purpose at work in order to augment productivity. The work associations should be fostered. This will ensure positivity in the work environment, thereby increasing the chances of retaining talent within the company. Anybody will like to stay with an organization that allows them to do significant work.
Employees should be given more challenges and opportunities, instead of keeping them attached to the humdrum task. New opportunities help them in coming out of their comfort zone and analyzing their abilities. This gives them the skyline to grow.
The gig workers are in huge demand as they are more flexible, easily adaptable, cost-effective and skilled. Thus, we can say that such workforce will cover nearly 80 to 90 percent of the industry in the near future. Businesses need to change with the constantly-changing environment and trends to stay in the market for a longer period of time.
Author’s Bio: The dynamic Ms Yogita Tulsiani is armed with a Master’s in Business Administration from ISB, Hyderabad. The versatile businessperson has more than a decade of experience in Business Development and Consultancy across various industries in the UK, USA, Europe and APAC. Her repertoire includes an illustrious clientele in the Financial Services, Telecom, Retail, Information Technology and Learning industries like Genpact Headstrong and HP.
The current role of Director in IXCEED has been a culmination of various roles in her career. Global expansions and exponential revenue growth have been the trajectory that Ms Tulsiani has followed. She has been instrumental in starting new lines of business. The stint at IXCEED has already proven her mettle in initiating growth patterns.
Ms Yogita spotted a massive gap in the talent market that was riddled with inefficiencies. The Indian business scenario in the UK market was grappling with issues in respect to recruiting effective fits in tech talent. The pain point was efficiently addressed by the intervention of IXCEED with Ms Tulsiani at the helm. The exercise has helped the top ten Indian technology businesses to improve their footprint in European markets.