India Inc makes a gig shift in hiring
India as companies in sectors such as technology, professional services and consulting, fast-moving consumer goods (FMCG), healthcare and pharmaceuticals, banking, financial services and insurance (BFSI), and manufacturing are increasingly appointing gig workers to meet talent needs. This comes at a time when the traditional or full-time white collar job market has plateaued or shrunk in some sectors amid macroeconomic headwinds. The number of freelance projects on gig platform Flexing It rose 25% in the January-June period from a year earlier.
The data was shared exclusively by Flexing It with ET. A separate survey done exclusively for ET by executive search firm Ciel HR Services at 400 large, medium and small companies across sectors showed that the adoption of gig workers rose to 55% of organisations in the June quarter from 30% in the same period a year ago. A combination of factors is driving greater adoption of gig employment.
These include getting access to specialised skills and the need for new expertise. Signing on a consultant takes less time than hiring a full-time employee. Companies also have the advantage of keeping costs variable, especially during uncertainty or when entering new business areas.
«New skill areas can sometimes be difficult and time consuming to build internally, and skilled freelancers and expert consultants can help bridge this gap,» said Chandrika Pasricha, founder and CEO of Flexing It. «Gig also enables companies to quickly respond to market situations, since it is faster to hire consultants than bring in full-time hires.» Ciel HR CEO Aditya Narayan Mishra also cited these and other key reasons. «Some of the factors leading to this greater inclusion of gig workers include societal
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