Gig Employment is becoming more Popular in Difficult Layoff Times: Know More

Tough times necessitate better planning - as the global economic downturn prompted businesses to be more conservative with their budgets and save money, companies varied their frontline workforce costs. While gig jobs have grown in popularity, (permanent) frontline jobs have yet to. The end of FY22 and the beginning of FY23 showed positive growth in demand. Still, employers gradually reduced vacancies due to business slowdown, business losses, over-hiring, hiring costs, etc. Most businesses want to diversify their personnel costs by shifting to a gig workforce management model.

The number of new frontline positions declined by 17.5% to 6.6 million in FY23 from 8 million in FY22. "In FY22, e-commerce was the largest contributor to frontline worker employment, but this has decreased significantly in FY23." According to the research, "the e-commerce sector's dominance has been replaced by the logistics and mobility, IFM (integrated facility management), and IT sectors, which account for more than 61% of new job creation." However, e-commerce has continued to employ more women in frontline positions.

Expanding gig employment has enabled more women to participate

However, the expanding gig economy has enabled more women to participate. This trend can be attributed to the inherent advantages of flexibility that gig work offers, allowing individuals to adapt to changing circumstances and financial needs. In times of economic uncertainty and job insecurity, gig opportunities serve as a vital lifeline, enabling people to generate income when traditional employment options dwindle. 

The gig economy's versatility is a key strength, encompassing various industries and roles, making it accessible to individuals with diverse skill sets and backgrounds. As technology continues to evolve, facilitating seamless gig work platforms and remote opportunities, the gig economy is poised to maintain its upward trajectory, offering a viable and adaptable solution for workers navigating uncertain economic waters.

• Gig work offers individuals the flexibility to choose when and where they work. This flexibility is especially appealing when traditional full-time jobs may need to be more secure during challenging economic conditions. People can take on gig work to supplement their income or as their primary source of income.
• Economic downturns and crises often lead to job losses and uncertainty in the job market. In such circumstances, people may turn to gig work to make ends meet, as it generates income when traditional job opportunities are scarce.
• Gig work encompasses various industries and roles, from rideshare driving and food delivery to freelance writing, graphic design, and software development.