Adding a new dimension to employment patterns, “gig economy” that involves hiring of temporary, freelance workers, often for online interactions, instead of full-time staff, is on the upswing in an increasingly digitalised world. It is gaining popularity among Gen Z workers (those born between 1997 and 2012) due to the added perks of flexi-work hours and a free hand to manage work-life balance. Contractual or freelance teaching staff, content managers, investment advisers, accountants and so on are all part of the growing gig economy, and can hope to make huge headway as people remain apprehensive of any physical contact on account of the Covid-19 pandemic.

US-based business consulting firm Intuit mentioned in a study that by 2020 nearly 40 percent of American workers would be independent contractors, as a direct fallout of digitalisation. In a study on the future of jobs, FICCI, EY and NASSCOM stated that with a 24 percent share, India is already leading in terms of the online labour market globally. Another study, by KellyOCG titled “Workforce Agility Barometer”, reveals that for 56 percent of the Indian firms, the proportion of temporary workers is over 20 percent. With over 400 million millennials (as per a report by Morgan Stanley), the future belongs to India, as mentioned by Prime Minister Modi in his recent address to the nation.

Please browse through the May 15 Tatsat Communique to find out about more such opportunities and trends.

Sumi Gupta, Director, Tatsat Foundation