The gig economy provides a lifeline for enterprises grappling with mounting costs and the need for workforce flexibility.
Amid the backdrop of cost-cutting and layoffs, Awign Expert – a division of work-as-a-service platform, Awign, shared that it has witnessed a 78% rise in participation of high-skilled workers in the gig economy for contract-based jobs. This surge in high-skilled gig workers is complemented by a thriving 157% growth in demand from the IT sectors during the first two quarters of 2023, it added.
Awign highlighted that as companies face the brunt of cost optimisation, the gig economy has emerged as a vital solution to variabilize their fixed costs while working with a highly-skilled workforce on a project or milestone basis. Startling data from Layoffs.fyi reveals that in 2022 alone, 1,64,709 employees were laid off by 1058 tech companies, with more than 2 lakh employees globally facing the same fate in 800 tech companies, it added.
According to the platform, the majority of the demand is required for mid-level and senior positions for high-skill professionals in tech roles with 2 to 7 years of experience.
Tech roles such as Java, Python, React, Vue, Angular, Data Science, and Full-stack development along with such as Go lang, ML, Microservices, C, C Sharp, PHP, Dot net, and Laravel have been highly sought after by the IT sector.
Annanya Sarthak, co-founder and CEO, Awign, said, “In the current landscape of cost-cutting, business optimisation, and layoffs, we are witnessing a surge in high-skilled gig workers’ participation in the gig economy. Enterprises recognise the advantages of tapping into this talent pool for highly-skilled professionals on-demand, leading to cost savings and operational efficiency. Our platform enables businesses to leverage high-skilled gig workers across industries, transforming work dynamics and providing meaningful opportunities in these challenging times.”
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The surge of high-skill gig workers has been distributed across India, with almost 50% of participation coming from Tier 1 cities such as Bengaluru, Mumbai and Hyderabad. While 35% of these professionals hail from Tier 2 cities like Coimbatore, Nashik and Mysore, the remaining 15% come from Tier 3 cities including Raipur and Vijaywada.
With unstable global economic conditions, Awign Expert is also witnessing participation of high-skill gig workers from countries such as the US, Canada, UAE, and SEA, the platform said.
The gig economy provides a lifeline for enterprises grappling with mounting costs and the need for workforce flexibility. By tapping into gig workers, businesses can effectively manage their expenses by avoiding fixed costs associated with full-time employees.
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Simultaneously, gig workers facing layoffs can find new work opportunities in the gig economy. They can leverage their skills and expertise to secure gig-based projects, maintaining their income and professional growth.
