A McKinsey study estimates that 20–30% of the workforce in developed countries already engages in some form of independent work. A report by ICRIER states that there are 15 million Indian freelancers that contribute to about 40% of total freelance jobs offered worldwide. Adding to this, India is home to the second-largest market of freelance professionals (about 15 million), standing next only to the US (nearly 53 million). The majority of them are employed full time but also work side-hustles which they earn from.
The gig model offers organizations with more flexibility, reduced fixed costs, and the ability to adapt to market changes faster. Also, this allows organizations to tap into a fresh talent pool.
From the employee standpoint, the gig model offers relatively more flexible work hours, a superior life balance, and more self-governance.
Changing business and societal norms, a change in perspectives and changes in career goals coupled with a shift in generational work ethics have combined to make work a part of a lifestyle as opposed to a distraction from it. The gig economy is on the brink of changing it all.
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