Imagine a world where the traditional 9-5 job is a distant memory, and people have the freedom to work multiple contracts at their convenience. Sounds like a pipe dream? Not for long. By 2030, I foresee India embracing the gig economy in a way that will fundamentally transform our workforce.
LinkedIn founder Reid Hoffman, known for his spot-on predictions about social media and AI, recently forecasted the global end of the 9-5 work model and the rise of the gig economy by 2034. However, I believe this transformation will arrive in India even sooner, by 2030.
This shift isn't just about the rise of artificial intelligence; it's also fuelled by the persistent issues within the conventional workplace and the increasing job insecurity.
Challenges in the Traditional Workplace
One of the main reasons behind this incoming shift is the lack of job security among Indian workers.
The current corporate environment often treats workers as mere tools to fulfill immediate needs, disposing of them once the task is completed. This approach breeds an atmosphere of fear and uncertainty among workers, fostering a mindset focused on survival rather than loyalty or innovation.
Throughout my career, I have witnessed many employees being fired without proper notice or a valid reason, often because of the unpredictable and rash decisions of management.
These sudden terminations can be very stressful for workers, leaving them unable to meet their financial needs. I remember times when employees had to choose between resigning or being fired on the spot, a shocking breach of decency and professionalism.
Cost-Cutting and Frequent Terminations
Another cause behind frequent terminations is cost-cutting measures. Companies often do not hesitate to lay off long-tenured employees to reduce expenses.
While this can cut expenses in the short term, it also means losing experienced professionals who understand the business and help it grow.
Frequent leadership changes can make things worse, as new managers might see existing loyalties and connections as liabilities. When a new manager arrives, they might fire employees based on perceived loyalty rather than their actual performance or contribution to the company's goals.
Unfortunately, even vulnerable employees, including those recovering from illness or maternity leave, are often dismissed under the guise of performance issues.
Additionally, employees who speak out against workplace harassment or discrimination are frequently fired as well. The Prevention of Sexual Harassment (POSH) Act hasn’t created real consequences for wrongdoers. Instead, it has made complainants feel isolated and powerless.
The Future of Work: Embracing the Gig Economy
To thrive, not just survive, in today’s uncertain job market, I advise employees to rethink their career plans and explore the gig economy.
In this ever-changing landscape, it's essential to adopt a growth mindset and develop versatile skills that are useful across various sectors.
Building a strong network can also help open doors to freelance opportunities. Connecting with industry professionals can lead to projects that boost your professional profile.
To maintain financial security, which can often be jeopardised by sudden terminations, I would encourage workers to take on side projects during weekends or after hours to earn extra income. This can provide a financial cushion and help with skill development. Freelancing platforms offer a wide range of gig opportunities and can help secure meaningful work without the limitations of traditional jobs.
Navigating the gig economy can be stressful, so I advise workers to prioritise their mental and emotional well-being. Make sure to seek support from peers, mentors, or mental health professionals during tough times.
As this change approaches, both employees and employers need to adjust their expectations and practices. Companies must treat their employees more ethically, creating an environment where people feel valued and secure.
At the same time, workers should prepare themselves for the gig economy transformation and embrace its opportunities. The future of work is on the horizon-let’s make sure we thrive in it.
