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Decoding “Gig Economy”: Emergent Industry Shift Towards A Blended Work Model

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COVID-19 has led to work, workforce, workplace, and work culture shifts that will, invariably, last and establish a next normal in the Future of Work. One of these fast-emerging trends in the “Gig Economy”.  While, the Gig Economy is not a 21st century phenomena, technology and the changing work models, have brought it to the fore as a potential work model in addition to the existing ones. Aon, with support from NASSCOM, initiated an early stage study into the trends in Gig Economy in Indian industry, findings from which are presented in this study.
 

Key Findings

Gig Economy is a future-of-work trend to observe
  • Gig Economy is a free and global market where companies and contractors (independent workers) set short-term and on-demand professional relationships, or “gigs” that are flexible and skill-based tasks or projects
  • Companies are evaluating several practices in hiring, compensation & rewards, and engagement models for Gig workers
Overall Indian industry adoption is promising, and rising
  • 50% of Indian companies (pan-industry) hire Gig workers today
  • Gig headcount relative to total headcount is still low, majorly in single digits, but companies are indicating outlook for more hiring in the next 2-5 years
  • Standardized backend operational roles most preferred to be gigged
Tech industry is the largest Gig employer today, of all industries
  • 60% Tech companies, and further, ~75% of the IT Services firms in India have Gig workers on roll today
  • Next 2-5 years will witness BPM subsector rise more prominently
  • Tech companies stand out in that they are showing preference for longer-term engagement, by providing end-to-end job roles to Gig workers

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