Millennials to Drive Gig Economy in Future
The corporate world has seen an unprecedented year in 2020 which was filled with a lot of uncertainty and a lot of volatility in the recruitment sector. A lot of organizations have tried to cop up with this pressure by re strategizing their hiring and opted for downsizing on a large scale. This has resulted in lakhs of job losses and changed the employment dynamics completely. Organizations have understood the need of a lean hierarchy structure and the need for an agile workforce and hence resulted the acceptance of gig work force. This is duly supported in a report by ASSOCHEM which predicted that gig economy in India will be approx. USD 455 billion by the end of 2023
On the flip side the lack of stable work opportunity has forced Gen Z or the new millennial to think out of the box. The rise of technology has fuelled this in a big way as millennial are more prone to accepting the technology and are more flexible to adapt than compared to the veterans. With a lot of freelancing websites such as Upwork and Freelancer.com already offering short term / project based employment opportunities in foreign setups to Indian youth, the wind was already blowing in positive direction. Gen Z was prepared to take on this crisis head on by not getting bogged down from difficult times. There were few positive impact that gig economy has offered to millennial such as,
When perceived from the millennial’s point of view, flexibility was the first thing they mentioned. Gig economy provides them flexibility that has influenced their work behavior. They like the freedom of working when they want where they want. Millennial are all about freedom and the gig economy just gave them that. The hours are flexible. The location is flexible. Everything is amendable so you adjust work as per your needs.
- Better control
We know how much millennial like to dominate the world. They always feel the desperate need to have power and more control over things. Gig economy has just made that easy for them. Now they have more control over how they work, what they work, and when they work. This gives them the freedom of choosing the type of work they are into. Moreover, they have more control over wages of their labor. They can negotiate and set the wages according to their value of work.
- Simultaneous Work Experience
Gig work is a great way of earning your desired work experience. Those young lads that meant to start their career but pandemic got in their way, they can get their experience by doing gig work. Not just that, they can get different types of work experience by doing different types of work. As the gig economy does not bound you to a specific job for a long time, you can always hop between jobs to get different work experiences.
- Alternative Incomes
A great impact gig economy has on millennial is that it opened a different source of income for them. They can work on different gigs while earning from each one of the gigs. Alternative sources of income have made a positive impact on the millennial. They love working for different organizations as far as they are getting paid enough.
Another great impact that the gig economy left on the millennial is that it taught them how to work on their own. Before the pandemic when going to the workplace was still a trend, employees and workers were too dependent on the management. They were always seeking guidelines and that did not help in making them independent. Now that they are working without any supervision, they have mastered the art of working on their own.
The Government of India has also been very active in terms of embracing this change by strongly promoting the ‘Skill India” initiative by our Honorable Prime Minister. As per government findings this initiative will create a skill focused ecosystem and empower nearly 40 Cr youth by the end of 2022.
Looking at all this it is safe to assume that the next decade in the Indian economy will be dominated by the youth and entrepreneurs. With companies being more open to accepting the gig work force set up and encouraging the policies to include millennial into their management setup, Indian economy is definitely going to witness an exciting era of rapid growth and disruptions across all the industries.