India is the second-largest populated country in the world, with a population of 1.39 billion. We have added over 1 billion people since independence. Our GDP has grown from INR 2.7 lakh crores at the time to nearly INR 150 lakh crores in 2018.
Unemployment rate and the gaping issues
According to the World Bank's report "Jobless Growth" published in 2018, even though the economic growth has enabled India to add 4 million jobs every year, we have also been adding a population of 8 million people seeking employment. This leaves us with a gap of 4 million jobs every year. With the pandemic, this number has increased considerably. According to Linkedin, May 2021 alone saw job losses of over one crore.
Pandemic Catalysed Changing Work Dynamics
We, at GigVistas, looked at this yawning gap and decided to do something about it.
An emerging trend over the years has been for companies to look for part-time or flexible Gig professionals for specific roles and needs. The pandemic-driven downturn has further catalyzed this shift and has forced everyone to think differently, and many employers today do not want to hire all full-time employees. For many jobs, they are increasingly looking at hiring talent on a Just-FOR-Time basis or for specific time-bound projects
Also, several segments of society accelerated their transition from being full-time employees to becoming Gig employees during the pandemic. Gigs became an excellent opportunity for homemakers, senior and retired professionals, millennials, and Gen Z, to either earn a supplemental income or generate an income in an otherwise economically depressed environment.
However, this shift in the working paradigm has its challenges. There is no reliable and efficient way for employers to access curated professionals on-demand and work with them safely and collaboratively. Likewise, Gig professionals do not have a mechanism to access an ongoing stream of Gig work that can support their lifestyle.
GigVistas aims to solve this problem!
This led us to create GigVistas - an intelligent matching platform that would provide an ongoing stream of curated gig talent for employers to choose from and allow the Gig talent to pick from a steady supply of Gig work.
While the matching platform is at the core of GigVistas, we felt this would not be enough. We have set out to create an entire ecosystem that enables gig talent and employers to operate seamlessly - a platform where you can find all enablers for the Gig economy, such as health insurance, financing options, and upskilling avenues. Effectively, all that a professional would seek from a corporate job but on their terms.
This is what GigVistas is all about – a Gig enabling ecosystem that will make a difference in peoples' lives and livelihood.