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Over the last decade and still now, there have been immense job opportunities opening up for the gig economy and millennials are continuing to take a bigger piece of it. Even the companies have started to attract this kind of workers to get jobs done in a more flexible, cheaper and efficient manner. To support this, a recent 2017 study reports that overall self-employment is likely to triple to 42 million workers by 2020, with Millennials leading the way.
A research by Deloitte has also used data collected over the years of millennials entering and exiting the gig economy which provides us with notable trends of the same that every leader who plans to hire this kind of workforce should keep in mind.
Imagine a day when there are no online applications or software and you have to opt for the traditional methods of doing things. Well, you probably can’t or can already think of it as being the worst day possible. A decade back, it wouldn’t have been such a big deal that it is now. Technological innovations and the way technology has infused with our lives over the years for performing our daily tasks have made our lives simpler and easier but has made us dependent on it. People have started to book cabs, buy groceries, rent furniture, order food and what not using applications online while sitting in their houses and still getting the best deals in the market.
Earlier in India, every one wished to get a permanent job with a fixed salary, timing, and some specified work but with changing times, the way people work has also changed. The gig economy is on the rise which is clearly backed by an estimate from the BusinessWorld that it is creating almost 56% of the employment opportunities in India and would even be increasing 25-30% annually.
What is the Gig Economy?
Gig economy is a temporary work system based on a short-term relationship between workers and companies. Workers perform “gigs,” in which they are employed for a specific task or time. This is done to achieve the advantage of cost, quality, and flexibility. Once the task is complete, the worker is free to move on.
Bon empowers self-employed and gig-economy workers in India with easier access to working capital
PUNE, India. September 12, 2018: Bon, the FinTech platform that facilitates digital credit for flexible workers, today announced that it has raised₹7.8 crore ($1.1 million) in a Seed Round led by Omidyar Network, the Silicon Valley-based impact investing firm established by Pierre Omidyar, the founder of eBay. Bon facilitates credit to the so-called “gig-economy” workers, such as taxi and ride-share drivers, goods delivery, and other contractors in India, many of whom are first-time borrowers of formal credit. Other funders in this round include early-stage investment firm Axilor Ventures and Better Capital’s AngelList India Syndicate.
“Access to working capital is a real pain point for the growing gig workforce—one that can literally make or break a business of one. In India, where credit cards are not pervasive, this issue is even more prominent, as people don’t really have a safety net to rely on when they don’t have cash on hand,” said Bhasker “Bosky” Kode, founder and CEO of Bon. “Bon’s mission is to empower these new flexible workers to thrive by providing them an easy money management tool coupled with a credit offering that allows them to keep their business moving no matter what.”
With the ongoing rise of most services becoming door to door and especially the wars happening between the online food delivery companies for taking a larger portion of the market, the requirement of delivery personnel has significantly grown.
Food giants like Swiggy, Zomato and Foodpanda have approximately a fleet of 60,000 riders each, and now plan to almost double this number to meet the market needs. With this demand, the salaries and incentives of the delivery personnel have also improved from what we saw earlier.
FinTech remains for Financial Technologies, and in its broadest definition, that is precisely what it is: technologies used and applied in the financial services sector, predominantly utilized by money-related organizations themselves on the back end of their businesses. Yet, to an ever increasing extent, FinTech is coming to speak of advances that are upsetting customary monetary administrations, including mobile payments, money transfers, loans, fundraising, and resource administration.