Flexing It, a platform for flexible management talent in South & South East Asia, released a report revealing the key trends on how the freelance economy has been shaping in India.
The report, ‘Indian companies say ‘I do’ to the freelance economy’ leverages Flexing It’s proprietary data borne out of the short-term, project based and consulting assignments posted on the platform over the period of six months from April 2016 to September 2016. Flexing It analyses how organisations in India are starting to look at work differently, with increased focus on skills and delivery rather than simply employment contracts.
The report shows that flexible and independent working goes beyond working remotely as 46% of the projects posted have an onsite component. While MNCs and large corporates prefer onsite work, start-ups are more agile and flexible creating more remote assignments. It also notes that 61% of the demand for freelancers involves less than 3 months of commitment, indicating that firms are hiring high quality talent and expertise for a short burst and specific purpose to fulfill key initiatives.
Chandrika Pasricha, Founder & CEO, Flexing It said, “As technology, culture, demographics and what professionals want from their jobs today, undergo a rapid transformation, Indian companies are evolving their HR policies to embrace the freelance economy. Organisations are bringing independent professionals on board to drive projects and new initiatives, access quality capacity during peak periods, retain flexibility, and of course source very specific skills and expertise”.
As per the report, the trend which began with start-ups and SMEs is being adopted by larger enterprises and consulting firms that are co-opting independent professionals to drive projects and new initiatives, access quality capacity during peak periods, retain flexibility, and source very specific skills and expertise. It also highlights how project-based and freelance arrangements have become an integral part of business strategy to match evolving business needs with the best talent and at the right budget. Other key findings from the report include:
New work models that involve flexibility
- Majority of demand for freelancers (61%) involves less than 3 months of commitment indicating that firms are hiring high quality talent for a short burst and specific purpose.
Start-ups and SMEs lead the way
- Start-ups and SMEs are the largest segment(about 50%) engaging with freelancers and business consultants in the field of marketing (21%), creative & design services (17%) and sales (17%).
Disruptive undercurrents in large companies
- MNCs & large corporates and consulting biggies are realising the value of adopting non-traditional approaches of sourcing talent on-demand.
Stalwarts of consulting exploring new models
- In the last six months, consulting firms have also become very active users (33%) in addition to start-ups in driving the demand for independent professionals .
Cities leading the way
- Delhi NCR, Mumbai and Bangalore mark 2/3rd of the market demand for business freelancers and independent consultants.
For more information, the report can be accessed here.