NEW APPROACHES IN HRM

27 The Gig economy has a disruptive model to connect sellers and buyers for almost all kinds of skills and services. While the size of the gig economy may seem marginal when compared to the traditional economy, it is recognized for its enormous potential with the desire of workers, especially Millennials to have a flexible work schedule and the rise in the on-demand consumer services. In India, almost 70% corporates have already used gig workers for at least one task in 2018. However, due to the inherent lack of stability in this open work environment, people need to constantly update their knowledge and skill set to remain relevant in their businesses. With the developments in technology and the emergence of artificial intelligence in work environments, the gig work models will continue to adapt, innovate and expand beyond asset sharing, service sharing, digital listing, and managed marketplaces and will become a significant component of the future of work. So whether you hate it or adore it, you can’t afford to i gnore it. Gig economy is truly upon us and here to stay. While some embrace gig worker out of necessity, some others embrace it as a form of liberation from their stifled jobs and careers. Many corporations are making use of contingent workers many times because they need a generic or specialized skill for short duration, while in some cases they rely on contingent workers because the specific expert is not available for a full-time work assignment. Economics Historian Louis Hyman, in his book „ Temp: How Americans Work, American Business and the American dream became temporary ” says that we were taught that how technological innovation in the industrial revolution and the current digital revolution drove social change and radically reshaped the world of work. However, he argues that the history of labour indicates that social change is typically driven by our decisions to organize our world. Only later does technology swoop in, accelerating and consolidating those changes. We should all take a leaf from his teachings when he says „ Gig economy was created by choice, not by accident. The moral question we face now is how capitalism can create a working world where we have flexibility and economic security .” efficiently identify, evaluate and hire freelance talent it needs for specific projects and it gives independent workers transparency and direct access to PWC’s internal project teams.