E-BOOK The Dynamics Of The Gig Economy

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E-BOOKThe Dynamics ofthe Gig EconomyOPERATING FROM THE FRONT

What is a Gig Economy?A gig economy is a free-marketsystem in which temporarypositions are common andorganizations hire independentworkers for short-termcommitments.The most common examplesof gig employees include: FreelancersIndependent contractorsProject-based workersTemporary/part-time hires

The Future of Work EraRapid technological advancement around the world hasushered in the era of ‘the future of work,’ also known as ‘industry4.0,’ which has caused an increase in the number of gigeconomy workers. The rise of gig economy work is attributed toits flexible work hours and independence. The gig economy ischaracterized by the prevalence of short-term contracts orfreelance work as opposed to permanent positions. Around 1.3 million people joined the gig economy in thesecond half of 2018-19 which recorded a 30% growth in thefirst half of the year. India is the fifth largest country for flexi-workers, trailing onlythe U.S., China, Brazil, and Japan.INDIA is in theTOP 7destinations in theworld for gig workers.Payoneer’s Global Economy Index, 2019

Evolving Work CultureThe gig economy generated a global gross volume ofapproximately 204 billion from customers in 2018.States like Haryana, Madhya Pradesh (MP), Gujarat, and Telanganahave the most opportunities in terms of the growth of the flexi-staff. Byabolishing the concept of middlemen, digital platforms have made iteven easier for the job seekers and employers alike.The McKinsey Global Institute mentions that by 2025, digital platformsworkforce could increase the United States’ GDP by 2.3% as well as itsfull-time employment by 2.7%. Due to the technological revolution andwork-from-home model that have occurred as a result of the COVID-19pandemic, the transaction cost for outsourcing non-core activities hasbeen reduced, thereby facilitating an increase in the number of tasksthat can be performed by each employee.The gig economyis projected to grow17%and generate agross volume ofapproximately 455billionBy 2023.

Evolving Work CultureAs firms are shrinking in size, the market is witnessing a suddeninflux of start-ups. These organizations are outsourcing severalactivities, such as payrolling, digital marketing, transportation, andlogistics, to expert service providers on a contractual basis.In India, the gig economy is popular among blue-collar workers,including Uber/Ola cab drivers. There is a huge opportunity forwhite-collar workforces, as well.In what was once dominated by less skilled workers, the gigeconomy has expanded to include a wide range of specialists (forexample – Guru in India and Upwork in the United States).Booming PositionsDigital MarketersWebsite DesignersData EngineersContent/LogoDesigners

Renowned Companies in Gig Economy

FreelancingFreelance is a term commonly used for a person whois self-employed and is not necessarily committed to aparticular employer long-term. Freelance workers aresometimes represented by a company or a temporaryagency that resells freelance labor to clients, whileothers work independently or use professionalassociations/websites to find work.Fortune 500 firms and multinational enterprises areadopting platform sourcing to source work directlyfrom freelancers on an on-demand basis as part oftheir business models. These organizations use onlineplatforms to access freelancers on demand.Freelance PlatformsOnline digital freelancing platforms serve as intermediaries tomatch or connect services buyers with workers who take upshort term or piecemeal jobs. These platforms are effective inmatching supply to demand.

Gig Economy vs.FreelancingGig Workers Gig workers have an employmentcontract with their employers.Gig workers are protected by laborlaws and employer policies.The concepts of the gig economy and freelancing havesome overlap in definition and workforce. The gig economyis an overarching term that differs from freelancing in itswork arrangements.Freelancers Freelancers are essentially “own-accountworkers” and are considered selfemployed. Flexible workers have longbeen a feature of the labor market. The growth of the gig economy in whichdigital technology rapidly matches shortterm employment needs with willing laboris reshaping the employment landscape.

Top Job Categories in FreelancingContent Writing, Proof Reading,and BloggingWeb Development, SoftwareDevelopment, and Software ServicesData Science and Machine LearningTechnical Support and IT/NetworkingGraphic DesignData EntrySales and Business DevelopmentHR and RecruitmentVideo Production

Gig Economy – U.S. vs. IndiaDeveloped nations like the United States were one ofthe early adopters of the gig economy due to its highrate of digitization, economic development, anddisposable income. These growth factors led to theformation of the leading global firms in the U.S. incompanies like Uber, Airbnb, and Upwork.Furthermore, India iswitnessing a rise in the needof the supplemental incomedue to the increasing rate ofcost of living among the urbanyouth and growing aspirationsof fresh graduates.On the contrary, developing nations like India havegreat potential to implement the gig economy due toexpanding supply of freelancers. With the technologicalintervention and drastic improvement in the talent pool,emerging economies in these countries are bound togrow on a global gig economy scale at an acceleratedrate.This fact is supported by thegrowth and development ofthe gig platforms such asFrapp, Internshala, and Awign.Because of India’s reputation for producing anexceptional talent pool of technology and engineeringgraduates, a large number of workers are seekingopportunities to make use of their skills in empoweringthe Indian gig economy towards a need for higher workindependence.

Gig Has Great Potential in India1.38 billion461 million121 millionPEOPLE in IndiaWORKERS EMPLOYEDor seeking employment(51.8% of working population)In the URBAN GIGWORKFORCE (25%)890 million483 million24.2 millionAt WORKFORCE AGE(66.8% are 15-65 years-old)In the URBAN POPULATION(35% of the country)CONTINGENT WORKERS(20% of the urban gigworkforce)

Gig Has Great Potential in India Further dividing the contingent workers into different income groups – lower,middle, and higher – the gross value of the market can be estimated atapproximately 34 billion. To determine the portion of this market, which can be considered as the Indiangig economy market size, the gross value based on e-commerce readiness index(10%) is captured. This considers digital penetration in the market along with theincome levels.Total addressable Indian Gig Market is worth 3.4 billion.

Emerging Business Modelsin the Gig EconomyThe gig economy has three broad classificationswhen it comes to its business ce ListingPlatforms

Digital Marketplaces Demand-driven service providers Skilled in niche domains – electricians, fitness, plumbing, automobilemechanics, carpenters, etc. Offer the services to consumers as per requirements App-based systems, directly allows consumers to interact with the endusers Tech-based platforms (apps) can be used to hire the gig workers Tech-based platforms also provide value-added services such ascustomers services, after sale services, and guarantees/warrantees Retention of the service providers and quality assurance arethe major hindrance in this business model Examples: UrbanClap, Helpr, Care.com, and HouseJoy

Asset/Service Sharing The asset sharing business model engages the gig workforce to offerspecific services – transportation, accommodation, and logistics It builds a shared economy for assets and services This business model allows cost-efficient asset sharing instead of owningthe asset However, the major risk in this model is of disloyalty between the serviceproviders and gig workers Example – Uber drivers will feel discontented for not getting enough ridesor perks for completing certain number of rides and may switch to thecompany’s main competitor, Ola

Service Listing Platforms Offers a platform for various professional services, which can then bematched with the services being offered Platform convening the demand and supply of services in potential gigeconomy market The terms and conditions in this business model are well established toenable the fair use of the gig workers but no additional support services(such as after sale service, guarantee, etc.) are provided This platform allows the service users in trading a wide variety ofmainstream and niche skills by removing the intermediaries Examples: Guru, Truelancer, Elance, Awign, and 99designs

Online Digital Platforms in Gig EconomyLarge organizations utilize outsourcing platforms to find the highest quality freelancers or gigworkers on an on-demand basis. These workers are employed to complete well-establishedcategories of projects, which have defined deliverables, skill requirements, and, with respect to thetasks, are easy to modularize and evaluate.Classification of the Online Freelancing PlatformsCrowd Sourcing PlatformsTopcoder, Innocentive, 99DesignsOutsourcing PlatformsMicrowork Platforms &Online Free Platforms

MICROWORKPLATFORMSONLINE FREELANCINGPLATFORMSMicrowork platforms focus on the speed and lowmanagerial overhead of the matching process.They are best suited for relatively simple,repetitive tasks that require little training andcoordination. Examples of microwork platformsare Amazon Mechanical Turk, CloudFactory, andCrowdFlower. Workers can usually self-selectinto tasks, provided they meet the requirementsset by the client.Upwork, Freelancer, and PeoplePerHour focuson more specialized and knowledge-intensiveprojects in categories such as softwaredevelopment, creative and design, and writingand translation. But in principle, clients cansource any type of work that can be deliveredonline. Freelancing platforms place emphasisthe quality of the matches and the coordination andevaluation of the work. Some of the platforms alsoprovide premium enterprise services to assist insourcing, worker classification compliance, andcontracting.

Types of Engagement on theFreelancing PlatformsOrganizationspost projects forfreelancers to bid onOrganizations workwith platform’s programmanagement layerprojects to help findfreelancers and setup contractsOrganizations useplatforms’ services andtechnologies to contractand work with their ownfreelancers

7 Tips for Vetting FreelancersProvide Clear JobDescriptionConduct Skill SetsUtilize CredibleFreelancing PlatformsScrutinize CandidatesProper BackgroundVerificationOffer Trial ProjectsMakeanOffer!

Onboarding Gig WorkersOnboardingDocumentVision, Mission,and GoalsWelcome kit and teamvideo conference usinginternal platformBrand Statement andOrganizational Guidelinesto align with organization’sexpectationsSending out the processdocument clear goals,plans and clear, expecteddeadlinesDemo ofTechnology/SoftwareConstantCommunicationTop it up with a quicktraining session, ifnecessaryEstablish checkpoints andmilestones to ensure theproject is on trackEmpoweringand ReviewingPerformanceOnboardingProvide support andfeedback and frequentset intervals

Productivity ToolsCollaborative ToolsThe technology market is well equippedwith the suite of tools for communications,collaborations, file transfer, productivitytracking, project management, and evenshared development environments.Most Freelancing Tools are cloud basedplatforms, which enable storage, hosting,sharing, processing and collaborativedevelopment for the freelancing teams.Proposal ToolsSocial Media Management Tools

Collaborative ToolsProject Management ToolsCloud Storage ToolsCommunication Tools

Partnership With A Staffing CompanyStaffing and recruitment firms can partner with gig workers in numerous ways. With theintervention of digitalization and the creative digital economy, staffing companies can leveragefreelancers or the gig economy workforce in supporting both their creative and productive natureof work from IT recruiters and tools administrators to MSP project managers and candidatesourcing. This partnership can be effectively coupled with technologies which enablecollaboration, automation, and integration depending upon the nature of work, magnitude ofproject, and partnership.Engage and collaborate with platform-based freelancersThis is a streamlined method which is platform-dominant that matches supply and demand.From hiring to delivery, the entire lifecycle is governed by the platform resources and embeddedtechnologies. The organization can leverage their technological platforms, while the gig workersmay also rely on their expert skills and tools. For example, these tools can include projectmanagement software and development, storage, and communication tools.

Potential Risks in ImplementationWhile the gig economy offers flexibility and ownership over one’s projects, clients, andschedules, it has its risks and uncertainties.Job Security: The salary derived by gig workers is predictable since the focus is on on-demand projects.However, in conventional jobs, contributions are made toward employee benefits such as the Employees’Provident Fund (EPF), health insurance, medical insurance, pension and gratuity, and paid leaves. Thesefactors lead to the job security of the employees. On the contrary, gig workers have no such safeguards.Gig Worker Retention: On a digital gig platform, independent workers can perform tasks on a projectbasis. Hence, the gig employees may attach a certain degree of casualisation regarding their ongoingprojects or schedules due to the absence of traditional employer-employee relations. This can be avoidedby striking a balance between flexibility and security. The government can implement certain employeerights to the gig workforce that dictates their future. The promotion of digital platforms are in the market tooffer such benefits to gig workers. (Example – MBO Partners)

Potential RisksThe comprehensive model of the gig economy is disruptive to connectsellers and buyers for vast range of skills and services. The size of the gigeconomy may seem marginal when compared to the conventionaleconomy, yet it is recognized for its vast potential. In particular, millennialsare enticed by the gig economy’s flexible work schedules and the rise inon-demand consumer services.In INDIAIn the Indian market, almost 70% of corporations have leveraged the gig70%workforce for at least one of their projects during 2018. But due to the lackof stability in this open working environment, gig workers need to constantlyupgrade their skillsets to remain relevant in the economy. With atechnological revolution and the emergence of artificial intelligence, gigworkers are forced to adapt and innovate along with the gig economy’sbusiness models to become significant components of the Indian economy.of corporationsleveraged the gigworkforce in 2018

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Examples: Guru, Truelancer, Elance, Awign, and 99designs Service Listing Platforms. Online Digital Platforms in Gig Economy. Large organizations utilize outsourcing platforms to find the highest quality freelancers

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