Flexing in the Gig Economy Ripple Effect

Abstract

The entire gig ecosystem is pioneering the evolution of a workforce based on a simplistic business model of Flexing; of flexible talent or freelancers. Talent and valued skills are made available on free will by the service provider for a task specified by the service seeker. The sentiment of ‘being your own boss’ plays a crucial role in such an economy. The advent of digital technology has not only multiplied its outreach potential but also carved a way for the emergence of growth opportunities across businesses. However, ensuring the sustainability and security of employment is a challenge. The dexterity of gig workers is to be channelised for a secure future for the informal workforce, which is occurring on an incremental basis with small steps in all major industries, shaping the future trends of workforce formalisation. The recomposition of the workforce is underway with government interventions to provide social security. In this article, we aim to furnish insights on the need for formalisation and its impact on India Inc. We focus on areas like employment of women in the formal sector, the role of new-age start-ups, the implications of newly formed labour codes, the point of view of unions and others that are part of this ecosystem. We explore the potential upgrades on policy changes and industry-specific insights on the gig world covering all the major industries. We propose that it is imperative to deliberate the policies required for ensuring the sustainability of this ecosystem.