Top highlights about the Gig Economy in India:2022

The gig economy refers to the trend of people working freelance or Part-time/contract-based/short-term jobs, often through digital platforms such as Uber or Taskrabbit. This type of work has been growing in popularity in recent years, with many people finding it to be a flexible and convenient way to make money. However, there has also been a lot of debate about the gig economy, its impact on workers' rights, job security, and freelancing while working as a permanent employee. Here are some top updates about the gig economy in India, in the year 2022.

• ‘IT companies like Wipro, HCL Technologies, and others, did not approve of moonlighting. Rishad Premji, Wipro Chairman, revealed that around 300 employees were fired as the IT company had no place for any employee who chose to work directly with rivals while being on Wipro payrolls. HCL Technologies has weighed into the issue of moonlighting and has said it does not approve of dual employment, although it hastened to add that the issue is not a major one within the company.’

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Business Standard  

Economic Times

• Companies have been using more flexible arrangements such as sub-contractors, consultants, and gig workers which means there are fewer stable jobs and no stable careers. As for white-collar workers, many of us have re-examined our priorities post-Covid and seek better work-life balance, and a greater sense of purpose.

Read more about embracing a ‘portfolio life’: https://timesofindia.indiatimes.com/blogs/mindset-matters/get-out-of-the-job-rut-and-embrace-a-portfolio-life/ 

• The rise of co-employment and attraction towards side-gigs are unplanned 

by-products of the pandemic. Extended WFH and full-time remote working clubbed with a buoyant market, was conducive for talent to test the waters with multiple employers simultaneously. Co-employment also became a safe trial for employees assessing a switch to full-time freelancing. For many with niche/hot skills, co-employment was a convenient pilot to build their pipeline of new opportunities and gigs. 

Read more: https://timesofindia.indiatimes.com/business/india-business/cos-may-soon-lose-rights-over-your-non-work-hours/articleshow/96552698.cms 

• India’s start-ups are resorting to steep hiring cutbacks as the changing dynamics of the start-up ecosystem have led to a churn in the last 12 months, according to a report by RazorpayX, fintech firm Razorpay’s business banking platform. With many startups facing the chills of a funding winter, most of them are cutting back on hiring, said the Annual Insights Report by RazorpayX Payroll. “The data from RazorpayX Payroll indicates that start-ups have been optimizing their workforce by building leaner yet stronger teams, keeping in mind the macro-forces,” said Shashank Mehta, vice president, and head, of Razorpay.

Read more: https://www.business-standard.com/article/companies/indian-start-ups-see-steep-hiring-cutbacks-razorpayx-payroll-report-122103101310_1.html