Investigate how HR practices are adapting to the rise of the gig economy

Submitted to Prof. Neha Tripathi

Submitted by: Saladi Geetanjali, Siginam Darahaas

Human resource management is one of the most important parts of an organisation and managing workforce which involves hiring and firing of employees is a key part of it which is time-consuming and demands a lot of parameters put into consideration. Leaders needs to know a lot about the industry, organization goals and targets, skills required for each task. The next huge task for recruiters includes tapping the tight talent pool for finding employees, designing parameters for selection, interview and recruitment process and onboarding. This takes a lot of time and effort and experience frequent challenges of geographical constraints and economic constraints. Later the onboarding process which deals with acquainting the new hires to the role, organisation goals and culture must be strategically designed. The projects and tasks are dynamic in this era which requires a different skill set and the duration of projects are getting shortened due to the advancements in technology. This requires a frequent changing of employees from one team to another, continuously assessing their skill set and matching the right employee to the right task. In case of skill gaps, the organization has to conduct training and integration sessions to bridge this gap. This also incurs a lot of human resource costs to the organization. In a rapidly evolving world of business with unpredictable economic situations, it is important to bring in time and cost efficiency to get a competitive advantage over others. These gaps in the existing traditional approach of hiring are creating a surge in the demand for the adoption of the Gig economy. In this study, we look closely at the gig economy. The world is changing, and now, with the help of online tools, work is more about being flexible. As this new form of employment gains traction, it prompts a re-evaluation of conventional workforce management and organizational practices, especially within human resources and its departments. Our investigation aims to uncover the dynamics at play in this evolving landscape, focusing on the integration of innovative technologies and HR strategies designed to manage and support a dispersed and flexible workforce. This study is timely and essential given the growing number of individuals seeking work-life balance through flexible work arrangements and organizations’ increasing reliance on agile, project-specific talent pools to stay competitive in a fast-paced market environment.