Gig Economy: 'GenZ keen on flexibility, but eyes job stability too'

Mumbai: When it comes to gig work the youngest employees are attracted with the flexibility and the independence it represents but at the same time the lack of stability and unpredictable pay deters them, according to a report.

Even as 53 per cent Gen Z respondents said flexible work schedules and greater independence was the most appealing aspects of the gig economy, in a reality less than half (46 per cent) are active contributors to the gig economy today, revealed Workforce Institute at Kronos Incorporated survey on Generation Z.

The gig economy is temporary positions and organisations contract with independent workers for short-term engagements.

Youngest employees and the workers of tomorrow are interested in the flexibility and independence of gig work, yet hesitant to join the gig economy due to lack of stability and unpredictable pay, it added.

The Workforce Institute and Future Workplace surveyed 3,400 newest generation across India, Australia, Belgium, Canada, China, France, Germany, Mexico, the Netherlands, New Zealand, the UK and the US.

The survey revealed that Gen Zers would hesitate to go all-in with the gig economy because of unwillingness to give up the stability (47 per cent), predictable pay (46 per cent), workplace structure (26 per cent), health benefits (26 per cent), predictable schedules (22 per cent), mentorship opportunities (17 per cent) and manager support (16 per cent) that a traditional job may offer.

"With the gig economy disrupting the workforce expectations, it is interesting to observe its impact on the Gen Z employees. While the hardworking Gen Z prefers independence and flexible work models, they also desire benefits that are primarily associated with traditional roles like paid vacation and sick leaves," Kronos Incorporated head of sales, India, Sumeet Doshi told PTI here.

This generation craves the inherent independence and the fast pace of the gig economy, although gig work may not offer much in the way of job stability or guarantee the consistent pay check they desire, the Workforce Institute at Kronos executive director Joyce Maroney said.

"Like Millennial before them, Gen Zers are not looking to stick with their first full-time employer long term yet pay, flexible and creative scheduling, and strong managers who help define their career path might retain younger workers from jumping ship to gig work for freedom and disposable income," he added.

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