Sanjay Sahay Daily Post 1202

GIG ECONOMY

With disruption ruling the roost, emerging technologies moving ahead in the exponential mode, automation with learning machines tipped to become co-workers, the utility of the white collar workers depends how soon he can reinvent himself for the skills needed for the day. Undeniably, the old moves in to the new, but this time it is a paradigm shift beyond imagination. The employment paradigm is thus bound to change in a transformative manner.

Though we might not feel it’s creation, its already reaching conspicuous levels. This is the Gig Economy. It is the economy of the automated age, where technologies and skills will keep changing on the fly. The term ”gig economy” refers to a general workforce environment in which short-term engagements, temporary contracts and independent contracting is commonplace. The attitude of the workforce has to change from inward looking to outward facing. You have to invest in yourself to be relevant.

It’s not that always you will decide to change, the circumstances force you. As per a recent survey India Inc is getting to like the gig model of collar-collar workforce. Independent talent workforce as per the projections is likely to reach 15% of the workforce in the next five years. The nature of hiring is in a state of complete churning. The quality of this workforce seems to be the biggest attraction. You are not wedded for eternity.

The break up in very interesting. 39% of the freelancers work for large multinational companies while 15% work for start ups. In an experience starved economy 79% have more than 10 years of experience, 33% have over 21 years of experience. 90% of the projects the freelancers worked were on strategic priority. Winds of change are right here. Professionals and companies can afford to miss out only on their own peril.

GIG ECONOMY IS THE ECONOMY OF THE EXPONENTIAL AGE.

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