In the last two years, workforce around the world has been forced to reconsider their ways of working and reconsider what constitutes a fulfilling work life. Employees now realise that work has to be wholesome to be sustainable. There has been, what can be called an awakening in terms of how one’s job is meant to serve them instead of the other way around. Employees around the world today hope to extract a meaningful experience out of their work life instead of simply climbing the ladder to no end.
As a consequence, quiet quitting and the Great Resignation have emerged as a post-pandemic phenomenon where the workforce is passively withdrawing while continuing with their jobs. They are questioning the potential for professional growth and learning opportunities. Many feel a lack of recognition of their efforts, while others are in pursuit of fair compensation. Rampant mental fatigue and burnout are also major reasons for the workforce to disconnect from their jobs. While employees seek a way out of undefined working hours and reclaiming their weekends, the aspect of financial security is holding them back. Hence the detachment at work, and the subsequent drop in productivity. The World Economic Forum estimates that ⅕ of the workforce will quit their jobs in 2022 in pursuit of alternatives that are better aligned with their long-term goals.
What makes the workforce happy?
They are now seeking work-life balance, more time flexibility, upskilling opportunities, and the ability to enhance their income potential. While Gen Z is leading the conversation with their radical outlook on life, the rest are not far behind in voicing the need for a way out; towards a work environment that offers them a scope of growth.
The gig economy that rose as a survival mechanism for many has now become a promise of expansion, optimizing one’s potential, and achieving financial freedom.
Let’s dive into the potential of the gig economy in improving the current scenario.
PwC has very aptly identified four drivers of talent in the economy:
Specialisation, Scarcity, Rivalry and Humanity
At Awign, we believe the gig economy has the potential to nurture, acknowledge, and reward each of these attributes with respect to every individual. Here’s how:
- Professionals with varied skills and substantial experience are aware of increasing demand and are willing to test their fate in search of new market prospects. They are looking forward to mixing and matching their capabilities with work that is new and challenges them. This is reflected in the fact that the gig headcount is shooting up, and could constitute 70% of the total workforce in sectors like construction, manufacturing, retail, and transportation & logistics in the next 5 years. The platform economy is enabling employees to take up project-based opportunities in varied fields and expansive gig categories.
- With the rise of the gig economy, professionals now have access to meaningful employment opportunities without the structure, time commitments or challenges of traditional employment. This advent of the gig economy provides professionals the flexibility to pursue their own passions or interests along with contractual work.
- According to a PwC report, about 40% of traditional employers invest in upskilling, and only 26% implement automation through technology to take work to the next level. Close to 39% of employees worldwide expressed concern over inadequate digital training to accelerate their careers. With Awign’s training and upskilling programs, we not only make our gig partners project-ready but also help them tap into the dynamic nature of the gig economy. Extending the offer to incorporate technological advancements, we encourage a future-ready workforce that is constantly upgrading.
- Employees aged 18-24 look forward to a healthy balance between professional growth and personal development. Nothing ties up the two as seamlessly as the gig route. Working with us, gig partners have the opportunity to climb the ladder of success, while enjoying their freedom and flexibility. They are not rooted to an office location, or a 9-5 work schedule, allowing them to take time for themselves. Our own gig workforce is spread across 500 cities and caters to demand all over India while living an uncompromised life.
- The gig economy is a vehicle of change toward boosting social equality. It gives women, especially new mothers with a career gap the opportunity to start afresh, from wherever they left off, whenever they want.
The changing times are more welcoming to project-based work, especially through the advent of the platform economy. With outcome-based payments, no one has to justify the ask for an appraisal anymore! The workforce can now achieve their desired compensation by upskilling, reskilling, or even exploring a brand new career option. The gig economy is helping millions realise that the sky’s the limit, and one can be their own boss!
This is what an empowered work culture should look like, wouldn’t you agree?