84% Indian Organisations Considering Gig Models In Workforce Strategies: Report
A new report on Monday revealed that an overwhelming number of organisations in India are interested in gig models as part of their workforce strategies.
A recent nasscom-Indeed survey, involving responses from 185 employers and over 2,500 individuals across current and future workforces, has unveiled that 84 per cent of organisations are either actively exploring or are receptive to incorporating gig models into their workforce strategies.
Particularly noteworthy is the prominence of startups and the Business Process Management (BPM) sector, which are at the forefront of embracing gig workers, signifying a notable shift in the hiring practices of these industries.
The primary drivers for Gen Zs and Millennials, who constitute around 90 per cent of the tech workforce in India, are opting for gig roles which are flexible job locations and a focus on specialised skills. Organisations are capitalising on gig workers in areas such as software development, data annotation and business analytics, tapping into the benefits of on-demand talent and specialised expertise.
Allure Of Technology Industry
The allure of the technology industry in India remains strong for Gen Z students, as evidenced by a substantial 77 per cent expressing keen interest in this sector, according to the survey.
When selecting an organisation, both Millennials and Gen Z are prioritising key factors such as Learning and Growth, and Culture and Ethics. Looking ahead, the criteria for the future workforce in choosing an organisation remain consistent with the current workforce. However, there is a noteworthy shift in emphasis, with career progression, compensation and benefits and learning opportunities emerging as the primary factors influencing their decision to continue with an organisation.
In a statement, Sangeeta Gupta, Senior Vice President and Chief Strategy Officer, nasscom, said, “Over the past five years, there has been a noticeable shift from traditional office settings to an exploration of remote work, followed by a recent trend of returning to office spaces.”
Tier 2/3 Cities Talent Hunt
Companies are strategically directing their efforts towards geographical expansion, aiming to tap into new talent markets and establish strategic partnerships to secure a competitive edge and gain access to fresh markets. This concerted focus on new market access is propelled by the imperative for diversification and the strategic exploration of untapped consumer bases, noted the report.
The spotlight is increasingly turning towards the expansion into Tier 2/3 cities in India, gaining significance for both service-based organizations and Global Capability Centres (GCCs).
While smaller organisations, with revenues below Rs 25 crore, are primarily motivated by talent availability and cost savings in their expansion endeavours, a distinctive shift is observed for larger tech firms with revenues surpassing Rs 250 Cr. For these industry giants, the key driving forces are the availability of diverse skill sets and the recognition of untapped talent reservoirs present in these burgeoning technology hubs.
“The future of work will be defined by the dynamic balance between efficiency improvements from automation and the expansive potential of creativity unleashed by continuous innovation. Organisations are dedicating substantial efforts to understand their workforce needs and investing in various programs to create an attractive proposition for returning to work,” Gupta added.
