The Amazing Workplaces team had a chance to speak to Vineet Arya, Founder, COHIRE to understand the growing demand of gig workers and it’s role and impact on the global economy. Vineet also shared his insights on the increasing demand C-suite in the gig economy and how companies are leveraging on this expansive talent pool.
What is the current status of Gig economy in India?
Due to the forced remote work culture, many organizations have modified their operations as per business continuity plan and prefer to hire Gig talent under the given market scenario. However, the gig economy has been prevalent in Blue collar space but still at an emerging stage at a C level in India and marred by several challenges. Industry bodies have been conducting several studies and has predicted India’s gig economy to grow at a compounded annual growth rate of 17 per cent to touch $455 billion in the next three years. The present Covid-19 scenario would push more of the conventional workforces towards the gig economy in India.
How has the pandemic impacted the rise of Gig economy on a global scale?
Participation in the gig economy has grown rapidly over the past few years and expanded exponentially since the onset of the coronavirus pandemic. The crisis has flipped the traditional 9-5 working world and caused many White-collar employees to pursue gig work for additional or even primary income during these unprecedented times.
Although demand for gig workers has accelerated since the start of the pandemic, competition for gig jobs at CXO level or Gig CXO has seen an upside in past one year
The biggest shift can be seen in the shape of the workforce with a rise in gigs and solopreneurship, with organizations enthusiastically embracing the gig economy, both globally and in India. The influx of technology and the internet of things have shifted the once unorganized sector of contract or freelance working into a digital and highly connected gig community. People are realizing, more so now with all the changes this pandemic has brought about, that gig working might offer them the mix of skill, work experience, flexibility and recognition that they have been looking for. This movement will continue to grow as companies shift from experience to skill-based hiring practices. It won’t be long before 50% of a team could well be gig professionals specially at senior level or CXO level
How efficient is the system of supporting hiring of gig workers in India, especially C-suite level hiring? What role does COHIRE play in this industry?
Accessing the gig economy allows companies to hire experts on a project-by-project basis. That makes it easier than ever to expand to new locations, take on new initiatives, and supplement a team’s capabilities with specialized expertise. The gig culture has been a part of our workforce since ages, but the Pandemic has given it a boost. Besides, what most business leaders are not aware of yet is the rising trend of the gig economy in the C-Suite.
COHIRE not only help companies but other startups, SMB and large organisations to on board C-level business leaders to drive key functions like marketing, sales, technology, finance, products and many more at a fraction of their CTCs.
We help companies’ onboard professionals with 20+ years of leadership experience, give startups their best chance of succeeding in highly complex, dynamic and disruptive market-places especially during a pandemic but even post pandemic as well. We make this possible, more than ever by making such leaders accessible and affordable.
What are the advantages of hiring C-suite gig workers? Which industries benefit most from this?
Today leadership executives are wearing multiple hats serving different roles across companies as consultants and board advisors. A CXO can free up Senior Executive/Promoter time, which is better used planning and driving the bigger picture. With powerful strategic leadership and experience CXOs can open whole new business opportunities to help companies unlock the full value of business and grow at unbelievable speeds. Besides, CXOs can turn out be a valuable and empowering resource for companies with or without in-house teams across business functions.
The cost of hiring a proven C-level executive inside any company is definitely not easy as it may be a pain staking experience & expensive too. Most companies, especially start-ups and firms aiming to be technology-forward may not find it feasible not only cost wise but logistically as well.
COHIRE makes this possible by enabling companies to hire C-level executives on a shared basis or flexi basis at an affordable price with the same work engagement experience of in-house senior team member
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Which industries benefit most from this?
This concept is industry agnostic. It will be beneficial for every industry/ company that want to scale their business.
However our past experience shows that companies who want to scale fast or companies with specific business problems looking for a niche C Level skills are most benefited with this Gig CXO concept pioneered by COHIRE
What changes should be introduced to make Gig economy a preferred option in the future?
Since the Gig CXO concept is in a nascent stage specially in India so we as a pioneer in this space have made lot of pivots in the past to make is more industry friendly leading to high acceptability as a concept
In the past year we have added more specialized skills (which are not easily available otherwise) in our panel These can be in field of Data Analytics , ML , AI , investment banking, WCAG , Digital Marketing etc.. We have professional who have done Phd or have patents in these fields & are readily available to contribute to the growth of the companies
Apart from the same we have also introduced a long term CoHire option for companies looking for C level managers for a period of one year or more thus bringing much deeper cost advantage as otherwise available. The USP of this module is easy entry &equally easy exit for companies when it comes to C Level hiring
Another change that we have brought is PnP model where in the companies can Re CoHire the same professional after giving the break of few months in case of downtime in the business. Needless to say, the introduction of Cash + ESOP model for companies indicating our skin in the game with the companies who have CoHiredus
All these measures have been introduced keeping in mind the fast changing business environment & also to make Gig CXO a mainstream concept in near future
About Vineet Arya
Vineet Arya is the founder and director at COHIRE with a corporate experience spread across over 2 decades. With COHIRE, he has successfully helped various start-ups in the manufacturing, e-commerce, edtech, and service industries. He himself takes charge as a virtual CMO for multiple start-ups at a time and helps whole start-up ecosystem by optimizing the marketing budgets in the shortest span of time and scale up faster.
COHIRE was established as a by- product of the pandemic and its spillover to the economy. COHIRE enables startups to easily on- board C- level managers to manage key functions like technology, marketing, etc at a divided cost. This model enables them to co-hire experienced, high knowledge professionals at leadership levels quickly on a shared basis yielding significant cost savings and a slew of other benefits.