On November 29, 2023, leaders from diverse industries came together for an insightful panel discussion on 'Employment Formats & Total Rewards For The Future,' shedding light on the path ahead for work.
Among the voices shaping the conversation, Ruchira Choudhary, Head for Asia Pacific at Flexing It, shared her insights on the evolving work structures and rewards programs. The discussion was moderated by Balaji Sreenivasan, EVP - HR at Colgate Palmolive (I) Ltd, with panelists Roma Bindroo, CHRO at Zepto, and Anandorup Ghose, Partner at Deloitte India, also contributing their perspectives to this dynamic discussion.
The panel centered on the evolving strategies of organizations in approaching gig talent. There's a distinct shift, as more companies are embracing gig talent for over 60% of their projects, with a significant portion of these projects maintaining a remote or hybrid setup. This is driven by the need for specialized skills on demand, a preference for agility, and the desire for cost flexibility.
The forces behind this change include the need for specialized skills on demand, a desire for agility, and a preference for variable costs.
The COVID-19 pandemic accelerated the trend toward remote work and hybrid teams. Collaboration tools and partnerships with online platforms have played a significant role in facilitating this transition.
Projections indicate a 20% compound annual growth rate (CAGR) in the Global Gig Economy over the next few years, with faster growth in countries like India.
Platforms like Flexing It have experienced a 40-50% growth in demand over the past couple of years, with a consistent increase in freelance consultant registrations, particularly post-pandemic, with a 200% rise over the last six quarters.
While exploring challenges organizations face in tapping into gig talent, the discussion addressed various issues and broader challenges facing the HR ecosystem.
There is uncertainty about the reliability and quality of outcomes from flexible talent, and data protection can become a potential concern.
To embrace freelance talent effectively, a mindset shift within organizations is crucial.
Ruchira emphasized the need for HR to be more active, highlighting that most freelancers reported little interaction throughout their project experience.
The recommendation is for HR professionals to lead in crafting effective systems, processes, and value propositions for freelancers.
Insights from fellow panelists, contribute to the ongoing dialogue about the dynamic nature of work. The discussion underscores the importance of flexibility, adaptability, and strategic utilization of gig talent as organizations navigate changes in the digital age. HR professionals, in particular, can find valuable insights to refine their talent strategies.
Flexing It's role in matching the right talent with the right organizations:
Founded in 2014, Flexing It has been a key player in providing flexible talent solutions. With a deep understanding of corporate needs, a robust technology backbone, a dedicated account management team, and intelligent matching algorithms, Flexing It has collaborated with over 3,000 global clients across diverse sectors and regions. The platform's FeeBee benchmarking tool, with 700,000+ data points, assists in pricing freelance projects by offering flexibility in duration, capacity, and nature of work.