The pandemic wreaked havoc in the lives and livelihoods of billions of people across the world. However, things appear to have turned a corner in many countries, including India. The decision-makers at organizations are now looking at how they can make the most of the situation. One of the top on their agenda is finding out better ways to attract, hire, develop, and retain the top talent available in the market today. In other words, they are interested in strengthening the employee value proposition (EVP).
The leaders at organizations are working closely with recruiters to find out the reasons that led to the Great Resignation during the pandemic and find a solution to overcome this challenge. Every organization is after top talent. But while it is good to focus on EVP, organizations need to realize that they can’t completely forget about gig value propositions or GVP. One of the many changes brought to the workplace by the pandemic is how organizations find, hire, and work with gig workers. And in the time to come, organizations are likely to experience more reliance on gig workers. This shift will see them hiring a significantly higher percentage of gig workers than they are used to before the pandemic. So, the demand for contract workers and freelancers is expected to skyrocket in the coming years.
There is enough data available to add weight to these projections. The Economic Survey of India 2020-21 revealed that India is now one of the biggest markets in terms of flexible staffing options in the entire world. And this rise can be put down to a significant increase in the popularity of e-commerce and online retailing over the years. Another survey that supports the advancement of the gig economy in India was done by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). According to this survey, the gig economy in India is expected to grow at a rate of 17% every year, which will turn its total valuation to $455 billion by 2023.
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In a report published by Michael & Susan Dell Foundation and Boston Consulting Group (BCG), the next few years will be advantageous for gig workers in terms of the increase in the number of opportunities. It is mentioned in the report that jobs for gig workers will multiply three-folds and reach 24 million in the coming years. And in the next 10 years, there will be as many as 90 million jobs available to gig workers, and the gig economy will then have a 1.25% contribution to the GDP.
However, it won’t be easy for organizations to make the most of what the gig economy has in store in the coming years. They will have to develop a comprehensive gig value proposition to stand any chance of reaping the rewards that the gig economy is likely to offer in the future. Modifying their employee value proposition won’t do them any good. They need to understand that the value proposition they offer to full-time employees won’t work with gig workers.
The benefits offered to gig workers should be customized according to their work environment, deliverables, and time restrictions. For instance, full-time employees usually focus on offsite perks, training and development programs, and other benefits when choosing one company. However, organizations shouldn’t expect gig workers to find these too appealing. So, it is apparent that these things need to be reconsidered from the perspective of gig workers. Gig workers are not offered many benefits, such as HRA, LTA, health insurance, and PF, which are usually offered to full-time employees. And other initiatives, such as CSR activities, hold more significance for full-time employees while they matter very little to those who are hired for a project that will last only a few months.
Social media is an excellent way to present an organization with gig workers. Organizations can communicate what they stand for and provide a favourable working environment for gig workers on social media platforms. However, before they do that, organizations must first understand what the gig economy is all about and how they can lure gig workers. So, what should the gig value proposition exactly include to appeal to gig workers? To begin with, it must not be rigid. It should have enough room for improvement and evolvement based on future requirements.
The ideal gig value proposition will focus on work-life integration for gig workers. The shift to work from home and work from anywhere models has put more burden on the shoulders of employees in many instances. Many employees are working extra hours daily. And a few of them even have to work on the weekend. On the other hand, gig workers are supposed to have more freedom than full-time employees and have more time left with them to spend with their families and do whatever interests them. So, organizations need to ensure that their GVP doesn’t intrude into this independence of gig workers. No one is asking them to compromise on performance and productivity. They need to consider flexible hours, sufficient break times when designing their value proposition for gig workers. The focus should not be on the hours worked but on efficiency. During the pandemic, the micro-management of employees reached an altogether different level. Many managers used to ask their employees to report what they were doing at other points of time during the day and speak to them a few times. But, if this issue is not addressed in an organization’s GVP, it won’t likely appeal to gig workers.
Reference: View: India Inc should start investing in Gig Value Proposition | Economic Times | Avik Chanda | Nov 24, 2021
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