Flexible work arrangements are becoming more commonplace in India and companies are resorting to contingent workforce -- freelancers, temporary or contract staff -- to fill in immediate talent shortage, says a survey.
According to talent management solutions provider KellyOCG's Workforce Agility Barometer Report, project-based assignments are gaining popularity in developing countries and 71 per cent of C-suite leaders expect to maintain or increase their percentage of contingent workers in next two years.
"In today's challenging business environment, some leaders are already working towards ensuring that they have a nimble workforce. To adapt during times of uncertainty, they are becoming increasingly dependent on contingent workers," said Francis Padamadan, Country Director, KellyOCG.
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The study was conducted amongst 210 C-suite level executives across India, Singapore, Australia, and Malaysia from industries such as banking and financial services, life sciences, healthcare and medical services, and manufacturing.
Close to 52 per cent of C-suite leaders in India cited the 'lack of available talent' as the most difficult issue faced when it came to attracting talent.
However, Indian firms have a plan in place to overcome this talent shortage by building contingency plans for a short term (between 1 to 3 years) when compared to the rest of the markets, the report noted.
Meanwhile, 68 per cent of top executives recognised that the contingent workforce gave them 'access to specialist skills and expertise that lie outside of the organisation'.
According to the report, over the past few years, businesses in the region have expanded their use of the contingent workforce and have leveraged this talent pool more strategically.
"Many companies are now looking beyond filling immediate talent shortages and have started to recognise the contingent workforce as an integral part of a more holistic workforce structure," it added.
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