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GIGECONOMYThe future of workGig Economy and how corporates need to embrace Gig WorkGopal A IyerSr. Talent LeaderFortune 500 companySr. Global Mobility Manager2015 - 2017TARGETIt's a known fact that the world we live in is a VUCAWorld, a world that is Volatile, Uncertain, Complex, andAmbiguous. The Future of Work is already here. The waywe live and work, today is very different from how it was10 years ago. Workforce too has evolved dramatically; theimpact of COVID has changed the definition of work itself.These disruptive changes have given rise to severalworkforce models for organizations that include VirtualTalent, Agile workforce, Hybrid Talent, and Talent Clouds;And newer models of working for people include Remoteworking, gig working, and solopreneurship.According to the EY Contingent workforce study, nearly 50%of the organizations have seen a rise in the contingentworkforce in the last five years. This number will onlycontinue to grow as the companies have shifted fromexperience-based hiring to skill-based hiring practices.The future of work has already changed with digitalizationand technologies growing at an unprecedented rate. There isan acute pressure on companies to deliver best in classservices, and therefore, the adoption of technology is almosta non-negotiable. There has been a rise in technology jobslast year in India, and projected to reach 7 million by 2023.Secondly, COVID-19 has been an accelerantin digitization and a contributor to many new digitalbusinesses. Be it technologies that allow touch-freeexperience or technology that predicts and prevents any formof pandemics like these. The urge to keep our businesses andourselves safe will only continue to grow. This pandemic haschanged the way we look at things that include even the waywe work now. With every bit of digital innovation coming ourway, the digitization will only reshape the future of work.COVID-19 also caught a lot of industries and industrialists offguard.Globally, most countries resorted to Locking downtheir countries, which was the first response to control thevirus's spread. However, it came with a huge economic price.Demand and supply of goods and services became erraticduring the lockdown and even post lockdowns. Consumptionpatterns today are impacted due to the economic impact ofthe COVID-19. Most businesses aren't able to build apredictability model beyond 18 - 24 months—most of theindustries under tremendous pressure to develop operationsworkforce models that are agile and include a hybrid modelthat will consist of Gig workers, workers, and passion economyworkers.Power Talk l Digitalising Future
People have already started to upskill and focus on takingup gigs while in lockdown. Additionally, accepting that thisis the "Next Normal."Although COVID-19 has fuelled gig work, there are otherreasons why individuals are opting for gig work.❑ Flexibility is one of the biggest enablers of gig work.Individuals find it more productive to travel less andwork from home at their convenience today. COVID-19 has formalized "Remote Working.“❑ Work-life balance: One of the growing concerns inrecent times has led to increased gig work is the lackof work-life balance. Especially for mothers who areunable to balance work and family. Even mothersreturning from maternity leave find it easier to work agig than a full-time job.Hybrid workforce models also mean organizations can derivebenefits from finding high-performing talent, cost-savings,reducing infrastructure cost, and higher productivity.Hybrid workforce models are more inclusive and create a newcollaborative culture between full-timers, gig workers, freelancers,virtual/remote workers, and independent consultants.However, organizations should have a strong strategy andvision to be more open culturally to gig workers than merelyresorting to this model as a knee-jerk reaction to the currentCOVID-19 crisis.Be it for a highly skilled professional or a mother who wants toreturn to the workforce. Be it an independent freelancer whowishes to pick up a new gig or be it differently-abled people whowant to kick start their careers, Gig Economy is open for all.Gig Workers – The growing tribe of freelancers:Contracting/Subcontracting or Gig Working isn't new. However,the recent popularity of Gig workers is due to the rise of the'Platform Economy,' one that allows a triangular relationshipbetween three parties; The platform, the Gig Worker, and TheClient.The platform, designed to deliver a best in class experience, worksto connect people with demand (the customer) to people thatprovide supply (the worker). Artificial Intelligence (AI) andMachine Learning (ML) powered platforms strive to make theentire process completely digitized, compliant to all the laws ofthe land, and provide the users a seamless experience.COVID-19 - the biggest disruptor in recent times, has also enabledor, in some cases, even pushed people to 'Reimagine their careers.'Switching to a more fluid way of working and fall back on multiplegigs/work options than relying on one job seems to be the newmantra.❑ Well-Being: Focus on Mental & Physical Well-beinghas become a top priority for many people duringCOVID-19. One of the studies suggested that almost77% of the global workforce is experiencing stressthat affects their physical health, and 48% of peoplehave trouble sleeping because of stress. Due to theflexible nature of the job, people can focus more ontheir physical wellbeing.❑ Work experience and higher exposure: Gig workallows people access to best-in-class experience andexposure. Platform-based projects enable people towork on projects from clients across the world. GlobalProjects enrich one's knowledge and help peopledevelop skills like Trans-disciplinary thinking, crossculturalempathy, and better EQ. More gigs only meana growing portfolio of experience. It will furtherdiversify skill sets.❑ Better Rates: The level-playing-field on platformbasedeconomy allows people with niche-skills andbetter credibility or star ratings to demand a higherpay rate per hour vs. a traditional professional.SummaryGig economy is transforming the way we work. Forbusinesses, digital imperative is pushing for new and moreflexible ways to create and meet demand.For the workforce, the gig economy is creating a new setof expectations and attitudes to work.However, both businesses and people have to shift theirmindsets to adapt to the "Next Normal" where GigEconomy would continue to grow to create moreopportunities for people with increased flexibility, choice,and more significant opportunity for tomorrow'sworkforce.www.powertalkwitharchanna.com 49
Page 1: 15 ROLE MODELSGLOBAL WOMEN in TECH4
Page 4 and 5: CONTENT03EditorialArchanna Gaarg44E
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