5 Gig Economy Predictions for 2023: What to Expect

Co-founders, PickMyWork

This content is authored by Mr. Vidyarthi Baddireddy, Co-Founder and CEO of PickMyWork, a gig platform that helps digital companies acquire end customers including shops for their products through a Pay-per-task model at a very low CAC.

Emerging trends are mostly a bone of debate, and the gig economy is one of them. At the start of the recent COVID-19 pandemic, unemployment was at an all-time high, but the gig economy came to the rescue for millions of individuals with novel ways to stay afloat. Even in conquering the social strata prevalent in Indian society, the gig economy has contributed to women’s empowerment. It is noteworthy that, in the absence of any entry barriers, an increasing number of people have stepped forward to participate in gig work to augment their other source of income.

As the gig economy is ballooning day by day, here are 5 predictions for 2023 and what to expect:

Rise of Gig Jobs

Although gig work is not yet widespread across all sectors of the economy, it has the scope to do so in the years ahead. The gig economy will include both established jobs that have adapted to gig platforms and fresh jobs being established in the industry.

As per a Boston Consulting Group (BCG) study, India has 8 million gig economy jobs. This could sprout into 90 million new jobs in the non-farm economy in six to eight years, with USD 250 billion in transactions at 1.25% of India’s GDP (BCG and Michael & Susan Dell Foundation, 2021).

Moreover, over the next two to three years, nearly 24 million jobs could be overtaken by technology-based gig work.

Gig Workers to Have More Control

Gig workers appear to deviate from the traditional workforce by virtue of certain individual characteristics that provide them more control and freedom. In the coming months, we shall witness a significant increase in the individual choice of work. Since there are no defined eight-hour obligations in gig work, many students will pick up gig jobs in addition to their studies. Similarly, as gig work is more gender inclusive, it will allow women to pick up gig work without jeopardizing their other duties.

Rise of Platform-based Gig Work

Platform workers and non-platform workers are the two broad categories of gig workers. Non-platform gig workers are typically casual wage and own-account employees in traditional industries, working part or full-time. While platform workers conduct their jobs using online computer applications or digital platforms. Since location-based platform enables in-person work at specific locations while also allowing workers to perform online tasks for clients across the globe.

The number of platform-based gig work, therefore, is rapidly increasing, and this growth is projected to continue in the upcoming calendar year as well.

Rise of Upskilling Opportunities

The gig economy has undoubtedly resulted in the formation of collaborative learning, which is driven by the variety of tasks that gig workers carry out. This encompasses peer group bonding and, at times, an exchange of opportunities and skill sets, which leads to organic knowledge transfer. The knowledge and drive behind such upskilling develop adaptable and practical training, which is endorsed by digital platforms. The trend is expected to continue, as such skilling services are also essential for enabling the future of jobs or newer forms of labour job types.

Assured Rewards

Another distinction between platform-mediated employment and those in the broader unorganized economy is reflected in the model of the job itself. In platform-mediated gig work, the payout is displayed to the gig worker upfront. As the payment is guaranteed and assured within the expected time, it also enhances the effectiveness of time utilization in comparison to the traditional economy. The assured rewards will further contribute to the professionalization of many positions in the platform economy. One important thing to notice is that there is no limit to earning money while working on gigs through digital platforms. Given the expansion of India’s services sector across the skill spectrum, this is a desirable trend.

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