Gig Economy Is Creating 56% Employment In India

India is the country of the most unemployed population in the world and the unemployment rate is increasing from 17.7 million last year to 17.8 million in 2017 and 18 million in 2018 as per UN Labour Report.

More than eight million jobs are required every year for India to keep its employment rate constant, as its unemployed number is increasing by 1.3 million every month, according to a World Bank report, 'Jobless Growth', published on 15th April, 2018.

In a radical situation of unemployment, Gig Economy Profession is emerging as a promising employment solution for unemployed students, experienced professionals, less educated workforce, retired, and women who quit the jobs for family responsibilities.

As per an estimate, the gig economy is generating 56 percent employment in India and going to grow 25-30 percent per annum. HR Professionals are also trying to revise their manpower planning which will include gig professionals not only for jobs at the junior level, they need to carve out an assignment which is at the mid-senior level also.

The slowdown in both regional and global economies, organizational downsizing and cost-cutting have contributed to the rise of professionals opting for Gig Economy Jobs.

Dr G P Rao, HR Expert, Founder, GPR HR Consulting informs, observing the potential of Gig Economy Profession said, “The government has extended the facility of hiring workers on fixed-term employment to all sectors for improving the ease of doing business for players intending to hire people for completing specified projects, tasks and orders.  Earlier it was allowed only for apparel manufacturing sector as per the Industrial Establishment 1946, however, very soon a new law for Fixed Term Employment is expected to be announced.”

Over a period of time, there will be more & more full-time Gig Professionals and organisations will also have 30-40 percent of their jobs assigned to them, informs Ajay Sharma. Founder, Flexiorg & Get Me Expert.

Above all Gig Economy gives an employee what they need, flexibility, choice, work-life balance and good remuneration thus Gig Economy Profession is better than a stressful job.

As per gig jobs study, some of the top paying gig jobs in India, Content Writing, Translations, Creative works, Recruitment, Sales, Digital Marketing, Branding, SW development, Architecture, BIM, Accounting, Data Analytics, Consulting, Counselling are typical Gig jobs.

Rajguru Tandon

BW Reporters The author is a correspondent with BW Businessworld with keen interest in HR and employee welfare.