80% people feel gig workers will overshadow traditional workforce: Report

With a steady growth in demand for freelancing jobs in the country, a report on Wednesday said that 83 per cent of respondents believe that going forward, the gig workforce will overshadow the traditional workforce.

The report by staffing solutions and HR services provider Genius Consultants is based on an online survey among 1,310 employees across sectors such as banking and finance, education, FMCG, hospitality, HR solutions, IT, ITES, and manufacturing.

An overwhelming 83 per cent of respondents believe that the gig workforce will eventually overshadow the traditional workforce, indicating a paradigm shift in the employment landscape, the report said.

The report further said that 79 per cent of those interviewed view the gig workforce structure as more cost-effective and economical compared to traditional, permanent, and contractual talent, revealing potential benefits for businesses adopting gig models.

Meanwhile, the report found that 64 per cent of employees anticipate an increase in hiring expenses with the rising demand for gig workers, suggesting potential competition among organisations in pay structures.

A total of 61 per cent expressed a preference for employing a gig workforce over hiring permanent talent for project openings.

Another 28 per cent of employees thought it is subject to factors such as concerns about stability, long-term commitment, or specific job requirements that might be better suited for traditional permanent talent, it noted.

Over 81 per cent of respondents believe that proper labour laws and government policies should be introduced to structure the gig workforce work model, the report added.

"The overwhelming support for gig models and the anticipation of a shift from traditional structures underscore the evolving needs and expectations of the workforce," Genius Consultants Chairman and Managing Director R P Yadav said.