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Top companies tap freelancers to overcome attrition, talent shortage


Mumbai: Demand for freelance professionals has reached a brand new excessive within the nation as corporations throughout sectors, from expertise and banking to client and consultancy, are more and more counting on gig expertise amid rising attrition charges and restricted provide of expert expertise.

A number of corporations, together with Hindustan Unilever, EY India, Tech Mahindra, Axis Financial institution, and Simplilearn, are dipping into the gig expertise pool with larger consolation than ever earlier than, due to new methods of working because the Covid-19 outbreak.

Entry to a wider expertise pool and the necessity for flexibility and particular abilities are among the many key elements driving this development, business insiders mentioned.

Information shared completely with ET by Flexing It, a gig platform for freelance work, exhibits that the common month-to-month tasks/freelance openings on the platform within the first 10 months of this fiscal have been practically 50% increased than these throughout April-January FY21.

“We’re seeing very robust demand for skilled gig expertise,” mentioned Chandrika Pasricha, founder and CEO of Flexing It. “The elevated consolation with distant work and a robust acceptance of the advantages of versatile expertise is main many organisations to plan long-term round distributed groups,” she informed ET.

Technique, expertise, advertising and marketing, and HR are the highest 4 abilities in demand, accounting for 62% of the openings to date this fiscal, as per Flexing It information.

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The highest use circumstances embody assessing new enterprise fashions, investing in information science, doubling down on ecommerce, or direct to client (DTC), and added assist for hiring.

Hindustan Unilever, the nation’s largest fast-paced client items firm, has launched a gig employment mannequin, Open2U, that permits professional freelance expertise to work with the corporate as consultants on fixed-duration tasks.

“This permits us to create a brand new expertise pool and develop our capability on demand,” a HUL spokesperson mentioned.

Hiring freelancers not solely offers corporations entry to a various set of abilities throughout worth chains and geographies, but additionally allows them to retain flexibility on prices in an unsure enterprise panorama.

“Expertise provide is restricted, and demand may be very excessive. For area of interest abilities, whichever method an individual is prepared for work I’m prepared to interact,” mentioned Krishna Kumar, founder and CEO of edtech startup Simplilearn. “There aren’t any mounted prices concerned, and, therefore, it (hiring gig expertise) is best worth for cash.”

If corporations are searching for flexibility, so are many professionals.

Flexing It information displays a soar within the variety of professionals exploring versatile work choices. New gig expertise registrations on the platform elevated 35% on a median monthly throughout April-January FY22 in contrast with the year-ago interval.

“Numerous extremely expert folks need to have mastery of their very own time,” mentioned Rajkamal Vempati, president and head HR at Axis Financial institution. “Organisations need to faucet from this pool (of freelance professionals) to harness numerous expertise, entry particular skillsets, and meet dynamic market wants in a sustainable method.”

The personal financial institution targets as much as 15% of incremental hiring in alternate work fashions by its ‘Gig-a-opportunities’ initiative.

Tech Mahindra, which hires gig employees for area of interest abilities, has even constructed an exterior market known as BeGig that permits different employers to rent freelance workforce, its international chief folks officer Harshvendra Soin mentioned.

Hiring freelancers is a quick and agile solution to meet expertise hole, mentioned SV Nathan, associate and chief expertise officer at skilled providers Deloitte India. “In case you are working in a market with shifting abilities, it’s higher to faucet right into a pool of expert sources the place you need to use and re-use as needed,” he mentioned.

Sandeep Kohli, associate and expertise chief at EY India, mentioned, “We’ve seen a steep rise in freelance roles, particularly with the tech improvements coming in…There are roles throughout companies whereby we welcome gig/freelance expertise together with expertise, acquisition, model advertising and marketing, communications, and so on.”

Freelancers in India are additionally getting extra worldwide work. The common hourly price for worldwide assignments has elevated to $26 in 2022 from $21 in 2020, in response to a survey by Payoneer, an American digital funds providers firm.

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