As the gig economy transforms traditional job roles and organizational structures, leading to more diverse skills and increased resource allocation agility, Indian startups are keenly exploring the gig model for hiring.
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According to a survey of 185 employers and over 2,500 individuals by IT industry body Nasscom and job portal Indeed, 84 per cent of organizations are exploring or open to gig models, with startups and the Business Process Management (BPM) sector leading in gig worker hiring.
96 per cent of startups have explored gig economy or freelance opportunities to access specialized talent or fill specific project needs, followed by BPM (75 per cent), and IT Services and Product organizations (over 60 per cent).
The primary drivers for Gen Zs and millennials opting for gig roles are flexible job locations and a focus on specialized skills. The survey said the organizations are capitalizing on gig workers in areas such as software development, data annotation, and business analytics, tapping into the benefits of on-demand talent and specialized expertise.
While smaller size organizations actively engage in the gig economy, more than one-third of large organizations are not open to gig models, citing data security concerns, client preferences, etc.
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Sangeeta Gupta, Senior Vice President and Chief Strategy Officer, Nasscom, said, “The tech industry in India is experiencing a significant transformation, reflecting the evolving dynamics of the contemporary workspace. Over the past five years, there has been a noticeable shift from traditional office settings to an exploration of remote work, followed by a recent trend of returning to office spaces. The future of work will be defined by the dynamic balance between efficiency improvements from automation and the expansive potential of creativity unleashed by continuous innovation.”
Moreover, organizations are focusing on geographical expansion to explore new markets for talent, and strategic partnerships to gain competitive advantage and new market access. This focus on new market access is in-turn driven by the need for diversification and tapping into untapped consumer bases, the survey said.
It noted that expansion across Tier II/III cities in India is also gaining prominence as service-based organizations as well as GCCs (global capability centres) are looking to harness the untapped innovation potential found in diverse talent pools concentrated in these emerging technology hubs.
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While talent availability and cost savings are primary drivers for smaller organizations with revenue less than Rs 25 crore, for larger tech firms with revenue over Rs 250 crore, the key drivers are the availability of diverse skill sets and untapped talent in these technology hubs.
