Often called the “Fourth Industrial Revolution”, the current business environment is one that has reshaped how people interact with companies. Technology today is replacing older modes of work at an increasing rate and with an ever-growing search for profitability in an increasingly competitive world, businesses today have welcomed the benefits of newer technology with open arms. And as it is with any system of interconnected entities, aspects such as labor markets have greatly evolved too in the wake of these changes.
The gig economy is one such result. The recent spree of changes that modern-day economies are undergoing due to the adoption of newer technology, today, has loosened a previously structured and often regulated access to formal work opportunities. The rapid adoption of technologies, in addition to changing candidate preferences, today means that workers are able to procure multiple pieces of work or ‘gigs’ while companies have an option of reaching out to candidates with requisite skills.
With such shifts within the labor markets, it remains important to note how pervasive has the impact of a growing gig economy been for an economy like India.
Modern problems require modern solutions
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