Originally published in The Times of India

The success of work-from-home in 2020 following lockdown due to Covid-19 will boost the gig economy and hybrid workforce this year, according to a study.

"In 2020, job losses across the experience level and the influx of fresh entrants (graduates) in the job market boosted the gig economy. This will promote diversity, inclusion and business pressure for cost optimisation and will give gig economy a major push, even though external hiring will be limited this year," according to the 2021 Talent Technology Outlook study by job site SCIKEY.

Gig economy is a free market system in which temporary positions are common and organisations hire independent workers for short-term commitments. Tailoring one's own working hours will also lure more women in the industry and it might even see more women in the leadership roles in the future, it added.

The study is an analysis of inputs from 100 plus C-suite and human capital leaders representing over 100 organisations through surveys, social media inputs, interviews and panel discussions.

As per the survey, 20 per cent leaders said the recruitment will be done through external vendors and HR consultants and agencies, while 80 per cent said they will consider internal hiring to be their first choice of hiring, it noted.

Hence, the focus on learning and development of core skills and behavioural and leadership competencies will be a de?ning factor in future, say 87 per cent of the surveyed leaders.

According to the SCIKEY study, the workforce of future will be expected to be adaptable and possess business acumen skills.

The study showed that 67 per cent of the leaders feel that diversity in workforce is critical, both while hiring and when retaining talent.

Around 87 per cent leaders feel that critical thinking is one of the key elements they expect from their people, while 93 per cent feel that business acumen is a must-have skill of future, it added.

The remote access to this vast talent pool will immensely improve the quality of hire and fill the skill gap in 2021.

The study also showed that with remote work, poaching talent will become easy, so it will be of utmost importance for organisations to retain their best minds.

It said that 87 per cent of the leaders said measuring employee performance in remote work is a vital challenge and 73 per cent feel that employee engagement is a major issue in terms of remote working.

Further, it says that 87 per cent of the leaders feel the necessity of skill upgradation and there will be a race to reskill or upskill, and soft skills like agility, adaptability and resilience will pave the path for future.

This sudden and massive shift to a completely different work model also led to organisations discovering the skill gaps that existed and are expected to increase further in the time to come, it added.

Read the full report here: Talent Technology Outlook Report 2021