NEW APPROACHES IN HRM

25 GIG ECONOMY Gig economy jobs have become a two- edged sword in today’s COVID-19 world. But despite the uncertainty of the economy, working for yourself, having flexible working hours, and not being restricted by office walls is still a driving factor the popularity of today’s gig economy jobs. A recent study reveals that 36% of the U.S. workforce are freelancers, which represents 57.3 million people, who contribute nearly $1.4 trillion to the economy on an annual basis.63% of them also shared that they have decided on this work pattern by choice and not out of necessity. This situation, where temporary and flexible gig economy jobs are more preferred, and companies would rather higher a freelancer or independent contractor than employ someone on a permanent position forms the so- called gig economy. The term is coined after the word “gig” used mainly by Millennials to denote part-time job options, side jobs or hustles. The growing popularity of gig economy jobs allows young and educated people to engage in a job that is both flexible and high- paying and they enjoy doing. Waves of changes Business world today is enjoying a transition phase and India is also not let unaffected by these waves of changes as men is getting replace by machine, brick and motor companies are replaced by e- commerce firms, generation 'Y' is entering into the workplace, old skills are being replaced by new skills and how can one forgot about digitalization. Similarly sparing your entire work life with the same employer is the thing of past. A latest trend in the employment is working on your terms. distancing norms means lower production and increased costs to follow it. To maintain their viability they would need to produce to their capacity by hiring additional human resources that they cannot afford to pay. This is where the government can step in. It can make these ‘additional” human resource remuneration payments through public social protection programs. While not regarded as such, India has experimented with gig ecosystem for social protection in the last decade and a half under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) by providing intermittent or short-duration work available on demand. The government can extend MGNREGS to cover additional human resource payments, especially if work is provided to those enrolled with technology platforms. The government may further ensure that those obtaining work through these platforms are guaranteed minimum income and days of employment. This may not only create employment at a massive scale but also contribute to economic recovery during these difficult times of the pandemic.