A ‘Gig’, typically stands for an act performed for short, quick period of time, and this is where the name comes from for the ‘Gig’ or ‘shared’ economy, which off-late has become a global phenomenon. This economy is defined by independent workers who enter into on-demand contracts and are paid by the hour or day contract, or by the complexity of the task. Why it appeals to the Gen Y? The very basis of this economy is the upcoming generation for whom earning income is a whole different ball game. They live life on the go and would rather do jobs that appeal to them instead of those that are ideal. And hence, the ‘Gig’ model of work appeals to them. In here, small ticket jobs are the norm. It encompasses everything between household jobs like plumbing and cleaning to IT jobs like web development. Gig economy is gaining popularity for the sheer reason of talent crunch - it makes it easy for startups to hire the best brains from anywhere in the world. According to the global freelancing and crowdsourcing marketplace ‘Freelancer.com’, more than 3.5 out of over 4 million registered Indian users on its website are freelancers. The rest are businesses and employers that have posted freelance jobs on a marketplace. The near future for ‘Gig Economy’ Looking at its paced acceptance and the ease with which it’s blending in with millennials, the Gig Economy model is influencing a new style of work across global organisations. Companies are becoming accommodative of employees working from home, letting them choose projects that interest them and re-looking at their rewards and engagement plans to better integrate them into the organisation. The Gig Economy is influencing not only the way people work, but also the relationships at work. Tearing through archaic hierarchy, this model is set to bridge the gap between superiors and subordinates, almost viewing them in the same light - as partners. With further inclusion, mid-level employees will have to trust new hires based on their skill, experience and goodwill. In summary, change is in the offing. The Gig Economy is poised to redefine ‘employment’ and companies will have to tweak and revisit their ways of working to stay abreast with it.
HR @ INDC First Bank