NEW APPROACHES IN HRM

22 The independent economy is growing multiple times quicker than the general US workforce. Why should you be a part of Gig Economy? There are numerous explanations behind the move to gig and freelance work. For some, low middle salaries and expanded living and lodging expenses requires an auxiliary salary. More seasoned specialists are utilizing independent and gig income to enhance their reserve funds and annuity plans, with just 14% tried out retirement investment funds designs through a business. In spite of the fact that joblessness is low, computerization is likewise a danger to numerous occupations. An Oxford University study proposes that about portion of American occupations will be undermined via mechanization throughout the following two decades. This is profoundly felt in the workforce as well, with 54% of the US workforce saying they were not certain their activity would in any case exist in 20 years. EMERGING TRENDS IN INDIA’S GIG ECONOMY Need for skill According to the National Skill Development Corporation, around 70 million are expected to enter the country’s labour force by 2023, including 59 million youth below 30 years. For large socio-economic segments in the country, it is more important to invest in polytechnics and in learning new skills. But for the millions already in the workforce, the State as well as private sector organizations need to drive up skilling and re-skilling programs to prepare them for the future of work. Social security As part of the new ‘Code on Social Security’ draft, the government has recently announced plans to bring India’s Gig economy workers under a social security scheme. Such schemes would likely be related to life and disability cover, health and maternity benefits, old age protection, etc. Fo r the millions of India’s skilled labour and contract workers with little job security and few benefits, this will be a big boon. THE FUTURE OF WORK The future of India’s start -ups and its gig economy lies in digital innovations and a mature digitized ecosystem. The government too has been making efforts to democratize digital platforms across sectors. For the next wave of home-grown start-ups to function effectively, we need newer ways of harnessing and analyzing the flow of data.