From Conventional to Contemporary: The Impact of the Gig Economy on Indian Employment

How the gig economy may affect employment in India

Fair pay, security, and employee rights in India are some of the factors that the employee took into consideration before starting work somewhere.

When we discuss employment in India, we are talking about a lot of work, a significant time and financial commitment, millions of institutions, colleges, universities, and many degrees, certificates, and educational businesses, along with a difficult competitive process. After completing all of these steps, an individual can obtain employment.

Therefore, it's clear that when someone invests a large sum of money to obtain employment, they're looking for stability and a solid return on their investment.

There are two employment sectors in India: the public sector and the private sector. 

Over 22 crore people have applied for government jobs since 2014, and over 7.22 lakh of those applicants have been given permanent positions in the central government, according to a report by the Department of Personnel and Training.

as the high demand for government jobs in India, where employees receive excellent pay scales, security and stability, flexible work schedules, and many other benefits.

In contrast, private jobs have minimal pay, high work pressure, and limited paid holidays. In summary, receiving high compensation in a private job implies dedicating your entire attention and day to your work.

Gig Economy

An employee in this labor market works independently using their personal contacts, digital platforms, and apps and is primarily in favor of freelance work, short-term contracts, and flexible hours rather than full-time traditional employment.

Favorable impact on employers

Employers can benefit from the gig economy in certain ways.

i. Short-term hiring of skilled workers will lower overhead costs

ii. It will be simple to replace workers if they don't perform up to par

iii. Budget usage in accordance with paying skilled workers

Favorable impact on employees

Employees can benefit from the gig economy in certain ways.

i. Employees can choose flexible work schedules

ii. They can also choose to maximize their income so they can work independently on multiple projects

iii. Employees are their own bosses in it.

Difficulties employers face in the gig economy

A few difficulties that employers encounter in the gig economy

i. Insufficient oversight and control over employees

ii. Difficult employee communications

iii. Lack of stability and skill mismatch

Difficulties employees face in the gig economy

There are some obstacles that workers in the gig economy must overcome.

i. Lack of income stability and job insecurity

ii. Absence of any legal employee rights benefits

iii. Imbalance between work and life

Due to the gig economy, a few factors affect employment in India, including lack of benefits and legal rights as well as stable income. 

Given that India is a labor-intensive nation, the gig economy may be reevaluating the country's employment market.