The world of hiring and jobs is changing faster than you think. In this ever-changing dynamic hiring scenario it is becoming a changed mindset in adopting new technologies and new hiring models which were not earlier conducive to the previous work forces.
The typical 9-5 jobs with the annual appraisals, the leaves, the compensation and the bonuses, this scenario is all going to take a major change and all for the better. Hiring and the work trends are shifting faster than one imagines, as companies are focusing on cutting the costs and being in sync with the new and emerging technologies.
Soon Permanent jobs and the traditional 3-5 year contracts are soon going to be a thing of the past.
What is this exactly called?
Welcome to the GIG Economy.
As technology continues to march forward so will the rise in the new ventures which will grow over the time and make way for contracts and contingent workers.
In India this trend is seeing an increasing phenomenon and only going to increase in the coming years.
What is a GIG Economy?
It is a setting where permanent positions are going to get increasingly replaced with the temporary ones and independent workers are going to be increased in the workforce. And technology is only to help give a boost to this trend.
Why has the gig Economy risen and what are its advantages?
Hiring temporary workers eliminates the hiring costs and at the same time, these contractor and freelancers can proclaim greater independence during the work.
There are three main reasons to hire contract workers–
It reduces the operating costs
They are a great solution for under-staffing problems
You can find a dedicated worker which can focus on short-term projects.
The concept of the GIG economy came into force from the recession and the changes in the labour market scenario. A freelancer boom is soon going to erupt and is going to change the face of hiring models and job scenario eventually and is going to have a great transformer effect.
Some facts about the GIG economy
It is soon going to be a 50+ economy.
In the US already 44 % of the adults are participating in the gig economy and are working either as freelancers or temporary workers.
Who exactly comprises of the GIG economy model?
Freelancers, temporary staff, service providers, alumni, staff and other online talent communities typically comprise of the GIG economy model.
As mentioned above, the recession was the main reason for the birth of GIG economies. Companies eventually started finding that this model works the best and is also suitable.
However, it’s not just the work trends that are changing. The hiring trends are also undergoing a drastic change and many companies now rely less on search firms and are building their own in-house recruitment channels.
When companies find it difficult to re-equip their employees with the desired skills they shift to the gig workers which are easier to hire and get the work done.
This scene is soon going to change drastically and make way for GIG economy. It will soon pave the way for millennial’s preferring the new age trends bringing more freedom.