The global workforce has been witnessing a sea of cultural shift in the past few years, especially with the rise in demand for professionals with specialised skills. Many organizations today are opting for flexi hiring or flexi-staffing to meet project specific workforce demand and shrink the bench strength.
UK and Australia are leading the race with 3.9% and 3.7% (respectively) of their total workforce forming flexi employees. India, although a laggard, is slowly waking up to the call with currently 0.5% of its workforce under the flexi staffing category.
According to a recent Indian Staffing Federation (ISF) report, the Indian flexi hiring market which is currently worth $3.04 billion is expected to grow 14-16% annually and is poised to be a $5.3 billion industry by 2021.
Add to this, a global move towards a gig economy environment in which temporary positions are common and organizations contract with independent workers for short-term engagements. A study by Intuit has in fact predicted that by 2020, 40 percent of American workers would be independent contractors.
Flexi hiring or contractual hiring, can be a new direction for both corporates to do more sustainable business and individuals to benefit from specialised roles. Let us see how:
Why are corporates adopting flexi hiring strategies?
For corporates, flexi hiring will always make more sense as they can run a leaner workforce with greater business impact. Here are a few reasons why more and more corporates are turning towards a flexi hiring strategy:
Flexi hiring proves to be more cost efficient for organizations where they can hire people with specific skill sets on contract for particular projects.
It shrinks the bench strength, which often is a huge financial burden for organizations.
The recruitment process is much faster and thus resource allocation by HR is put to better use.
More organizations are opting for a flexi staffing culture owing to margin squeeze and a global environment where increasing protectionism can lead to increase in cost of doing business.
With the implementation of stringent and exhaustive labour laws and the implementation of GST by the Government, flexi hiring will lead to a more systematic and organized recruitment process, as organizations will now recruit through proper channel partners who abide by the tax and labour laws.
Why is flexi hiring becoming popular among the current day workforce?
While organizations look at flexi hiring as one of the easiest ways to counter cost and skilled labour issues, professionals or job seekers can utilize the opportunity to make the best and most timely use of their skills. Here are a few reasons why flexi hiring, or flexi jobs are becoming a popular trend amongst the current workforce:
A time when pink slips have become nightmares for professionals, especially in the IT/ITes industry, flexi hiring can be a secure option for individuals specializing in a particular skill set.
While it is true that flexi hiring doesn’t lead to full-time employment, job seekers have been showing increasing interest as they get selected for projects, which match their skill set and are able to negotiate a better compensation as well without having the constant fear of being laid off.
Individuals also get a much broader exposure by working with various organisations, thereby adding more weightage to their work experience section in resumes.
Individuals also have the option to refine their existing skills and acquire new ones if they feel they need a skill upgrade for a certain project.
Flexi workers can enjoy the independence to choose to work on their own and within their comfort, and not necessarily depend on organizations to take a call for him/her, as is the case with permanent employees.
Finally, today’s millennial workforce abhors boredom and loves the freedom do things at their own pace and place.
Like every disruptive practice, flexi hiring too is becoming the new hiring story for many corporates and individuals. It is expected to grow rapidly in the coming years allowing more power and freedom for both employers and employees.
From India, Noida
2UK and Australia are leading the race with 3.9% and 3.7% (respectively) of their total workforce forming flexi employees. India, although a laggard, is slowly waking up to the call with currently 0.5% of its workforce under the flexi staffing category.
According to a recent Indian Staffing Federation (ISF) report, the Indian flexi hiring market which is currently worth $3.04 billion is expected to grow 14-16% annually and is poised to be a $5.3 billion industry by 2021.
Add to this, a global move towards a gig economy environment in which temporary positions are common and organizations contract with independent workers for short-term engagements. A study by Intuit has in fact predicted that by 2020, 40 percent of American workers would be independent contractors.
Flexi hiring or contractual hiring, can be a new direction for both corporates to do more sustainable business and individuals to benefit from specialised roles. Let us see how:
Why are corporates adopting flexi hiring strategies?
For corporates, flexi hiring will always make more sense as they can run a leaner workforce with greater business impact. Here are a few reasons why more and more corporates are turning towards a flexi hiring strategy:
Flexi hiring proves to be more cost efficient for organizations where they can hire people with specific skill sets on contract for particular projects.
It shrinks the bench strength, which often is a huge financial burden for organizations.
The recruitment process is much faster and thus resource allocation by HR is put to better use.
More organizations are opting for a flexi staffing culture owing to margin squeeze and a global environment where increasing protectionism can lead to increase in cost of doing business.
With the implementation of stringent and exhaustive labour laws and the implementation of GST by the Government, flexi hiring will lead to a more systematic and organized recruitment process, as organizations will now recruit through proper channel partners who abide by the tax and labour laws.
Why is flexi hiring becoming popular among the current day workforce?
While organizations look at flexi hiring as one of the easiest ways to counter cost and skilled labour issues, professionals or job seekers can utilize the opportunity to make the best and most timely use of their skills. Here are a few reasons why flexi hiring, or flexi jobs are becoming a popular trend amongst the current workforce:
A time when pink slips have become nightmares for professionals, especially in the IT/ITes industry, flexi hiring can be a secure option for individuals specializing in a particular skill set.
While it is true that flexi hiring doesn’t lead to full-time employment, job seekers have been showing increasing interest as they get selected for projects, which match their skill set and are able to negotiate a better compensation as well without having the constant fear of being laid off.
Individuals also get a much broader exposure by working with various organisations, thereby adding more weightage to their work experience section in resumes.
Individuals also have the option to refine their existing skills and acquire new ones if they feel they need a skill upgrade for a certain project.
Flexi workers can enjoy the independence to choose to work on their own and within their comfort, and not necessarily depend on organizations to take a call for him/her, as is the case with permanent employees.
Finally, today’s millennial workforce abhors boredom and loves the freedom do things at their own pace and place.
Like every disruptive practice, flexi hiring too is becoming the new hiring story for many corporates and individuals. It is expected to grow rapidly in the coming years allowing more power and freedom for both employers and employees.
From India, Noida
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Flexi Benefits Plan.doc