With a 78% increase in high-skilled gig workers participating in contract-based jobs, the gig economy has emerged as a critical alternative as businesses struggle with cost-cutting and layoffs. During the first two quarters of 2023, the demand for gig workers in particular in the IT sector grew by a booming 157%.

Businesses are turning to the gig economy as a way to vary fixed expenses while interacting with a highly-skilled workforce on a project or milestone basis in response to issues with cost optimisation. Startling statistics from Layoffs.fyi shows that in 2022, 1058 IT companies laid off over 1,64,000 workers, with over 2 lakh workers globally suffering the same fate.

High Demand For Technical Roles

According to Awign Expert, a subsidiary that specialises in high-skill gig workers, the demand for gig workers, particularly for mid-level and senior jobs, is being driven by the IT sector.

Tech workers with two to seven years of experience and high skill levels are in high demand. High-demand positions include those in Java, Python, React, Vue, Angular, Data Science, Full-Stack Development, Go, Machine Learning, Microservices, C, C Sharp, PHP, Dot Net, and Laravel.

Gig Work Is On The Rise All Over The World

In India, the rise of high-skill gig workers has spread throughout the entire nation rather than being concentrated in any one area. 35% of participants are from Tier 2 cities like Coimbatore, Nashik, and Mysore, while 50% come from Tier 1 cities like Bengaluru, Mumbai, and Hyderabad.

15% of gig workers are still located in Tier 3 locations like Raipur and Vijayawada. It’s interesting to note that Awign Expert is also seeing high-skill gig workers participate in nations like the US, Canada, UAE, and SEA, demonstrating the gig economy’s influence across the globe.

Beneficial Situation

Because of the gig economy, both companies and employees benefit. Businesses can control costs more effectively by eliminating the fixed costs of full-time employees, and gig workers who are laid off can find new jobs in the gig economy.