The recent outbreak of coronavirus has brought the entire world to a sudden halt; this is severely impacting the global economy. According to recent news updates, almost one-third to half of the global population is now under lockdown. Trade has stopped as borders are being closed and people are increasingly seeking isolation to restrict social contact. However, with most of the industries and employers trying to survive the isolation period, there’s an increase in demand for everything related to remote work. With every passing day, the need for a large fleet of gig economy workers is increasing.
For online food delivery firms like Zomato or ride-hailing companies like Uber, there stands an unforeseen challenge during the lockdown period. On the other hand, despite the global health crisis, the ‘freelance economy’ is continuing to do well as many companies become short-staffed. With many digital freelance platforms like Obuhi, businesses can expect growth by relying on support from these remote freelancers. While contract workers are now getting stranded, work-from-home has got a massive shot globally with many big tech firms asking their employees to work remotely.
As per a Forrester survey, employees will choose remote working as an option even after the pandemic is over.
This means that big corporates will let go of the mental restrictions of managing the remote workforce and start experimenting with 70/30 formula of 70% employees and 30% freelance workforce. And the abundance of skilled freelance force from Asia and the Indian subcontinent means that companies can manage the bottom line whilst keeping the quality of work intact.
Now that majority of the workers & employers are scrambling to work-from-home, the gigonomy can offer financial stability, flexible hours along with a safer environment. It favours the gig economy companies that benefit from businesses looking for a remote workforce. Once when things are clear and back to normal, there is a high possibility that companies may start reconsidering & exploring their options of choosing their staff. According to Chris Dwyer, Vice President, Research at Ardent Partners, “Some businesses will require freelance talent to survive, just as they did 12 years ago during the last economic downturn. Longer-term, most businesses may be in a situation that will necessitate alternative workforce strategies until the market conditions are more favourable, and most importantly, back to normal.”
Remote working is here to stay. Are you ready to embrace the gig economy?
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