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The ‘Gig Economy’ & the future of Contract Staffing.
In the consulting/knowledge working context, the gig economy is often referred to as the open talent economy, a term largely attributed to Deloitte Consulting. It’s a way to work or conduct business in a borderless and technology-enabled market where businesses and professionals seek each other out to collaborate on a particular project.
In a gig economy, the job market is characterized by the dominance of limited-period contracts rather than permanent jobs. So, instead of a regular wage, workers get paid for “gigs”. In Asia, the concept of the open-talent or gig economy is in its infancy, though it has definitely become part of a changing cultural and business environment. There is a distinct shift in tenor and tone, and we are seeing the emergence of a new segment which looks at people with high-end skills in marketing, human resources, finance, etc.
Owning its growth to a host of reasons, gig economy is slowly transforming the nature of work in urban spaces. A recent Indeed report on the job markets of India points to this shift. The report mentions how employees are increasingly willing to sacrifice the additional benefits that come with a permanent job, such as gratuity or health insurance, in exchange for a greater amount of flexibility that allows them a healthy work-life balance and the opportunity to simultaneously pursue multiple interests. Indeed data shows an increasing preference by the employers for flexible work arrangements, especially in larger cities, where daily transport might be difficult and cumbersome.
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