THE IMPLICATIONS OF THE GIG ECONOMY ON HRM PRACTICES IN INDIA AND ITS IMPACT ON BIG INDUSTRIES

Abstract

The gig economy, which is characterised by flexible and transitory labour arrangements, has acquired considerable traction recently and is revolutionising conventional employment structures. The ramifications of Indias gig economy on HRM practices and its effects on big industries are examined in this research paper. Technology improvements, shifting work choices, and the emergence of digital platforms, among other things, have all contributed to the significant growth of the gig economy in India. The key implications of the gig economy on HRM practices in India are talent acquisition and recruitment, workforce planning and management, legal and compliance considerations, flexibility and cost optimisation, innovation and specialised expertise, and workforce diversity and inclusion. As a result, HRM practices have had to adapt in order to effectively manage the workforce in this new paradigm. In order to embrace the gig economy, HR departments must modify their recruitment tactics, put flexible workforce management practices into place, and deal with significant legal issues. While large enterprises can benefit from the gig economy in terms of cost reduction, innovation, and worker diversity, they must also overcome the difficulties brought on by this changing labour market KEYWORDS: Gig Economy, HRM Practices, Big Industries, Workforce, Performance Management.