Infosys okays external gig work for employees with managers’ prior consent

In the midst of digital transformation, companies are reimagining their business processes and roles with an eye on optimal utilization of resources. This is especially true for IT services firms like Infosys,which are witnessing shrinking opportunities in traditional consulting and services, and accelerating adoption of cloud computing, artificial intelligence,

and machine learning. To stay relevant, more companies are exploring non-standard working arrangements such as telecommuting, job sharing,

and now – gig economy. The gig economy refers to workers who have independent contracts or freelance roles instead of permanent positions in a company.

They work on temporary contracts or projects with different companies instead of having one job for life (or almost).

With the rise in this type of remote contractors or freelancers has grown a new kind of intermediation marketplaces – known as ‘gigwork’

platforms that connect this workforce with customers looking for short-term contract employees. These platforms have

been operational for some time now but adoption has accelerated recently due to changing business dynamics and need for flexibility among workers.

In response to these changes,

Infosys has initiated ‘External Gig Work’ program where employees can sign up as Tier 1 Independent Contractors (IC) to work on projects with other third party vendors.

What is External Gig Work?

Gigwork refers to a form of employment in which a company or individual contracts with an independent contractor to supply labor on a per-project basis. This type of employment is characterized by the absence of a long-term employment relationship,

regular hours and a single employment site; it also rarely involves sick leave, vacation, health insurance or retirement benefits. The gig economy is also referred to as the

“share economy” because workers can select the jobs that interest them, and then “share” their skills with companies worldwide.

A gig economy is enabled by digital tools, such as smartphones or tablets, as well as apps that match companies with contractors or remote workers.

Freelance work and contract work are also referred to as gig work, though they can be longer-term engagements and may include things like benefits and training.

Benefits of External Gig Work Program

Employees stand to benefit from this program in the following ways: – They can earn more by signing up for freelance jobs through this new program.

This means their per-hour rate for work can be much higher than regular salaries in the company. – They have more control over their careers.

Since the work is gig-based, employees can work on different projects at different times and have more flexibility in terms-of-hours & days of work. They can also choose which projects to work on from a variety of options. And with more assignments,

their career growth and earnings can be much faster compared to just staying in the company, where growth is much slower. – They can benefit from new learning and development opportunities.

Contract work offers employees the chance to gain new skills and apply them in real-world scenarios.

This can help them advance their careers faster, especially if they work on challenging projects. – They get a chance to network with a wider range of people.

With gig work, employees can work with clients across the world, enabling them to build a diverse network that they otherwise may not have had otherwise.

Conditions to Participate in the Program

– Employees must be a minimum of 18 years of age. – Employees must be employed with the company for at least 1 year. – They must have a minimum of 4-year bachelor’s degree. – Employees are required to sign a contract to participate in the program. – Employees can participate in the program

for a maximum of 10 hours per week. – Managers have the prerogative to approve or reject participation in the program. They also have authority to approve specific gigs for employees to work on.

Limitations of the Program

– Employees can earn more as freelancers but they also miss out on key benefits at work such as health insurance, paid vacations, regular salary, and a long-term career path. For example,

employees can earn much more as freelance workers but they don’t have a guaranteed salary. This can create an issue if there are slow months and they don’t earn enough to meet their expenses.

– As they are paid on a per-hour basis, they don’t have any assurance of a regular salary. This makes planning their finances difficult and can cause them to live a hand-to-mouth or hand-to-gas lifestyle. It can also put them at risk of losing money if they face a period of low-work.

Summary

In the midst of digital transformation, companies are reimagining their business processes and roles with an eye on optimal utilization of resources.

This is especially true for IT services firms like Infosys, which are witnessing shrinking opportunities in traditional consulting and services,

and accelerating adoption of cloud computing, artificial intelligence, and machine learning. To stay relevant, more companies are exploring non-standard working arrangements such as telecommuting,

job sharing, and now – gig economy. The gig economy refers to workers who have independent contracts or freelance roles instead of permanent positions in a company.

They work on temporary contracts or projects with different companies instead of having one job for life (or almost). With the rise in this type of remote contractors or freelancers has grown a new kind of intermediation marketplaces – known as ‘gigwork’ platforms that

connect this workforce with customers looking for short-term contract employees. These platforms have been operational for some time now but adoption has accelerated recently due to changing business dynamics and need for flexibility among workers. In response to these changes,

Infosys has initiated ‘External Gig Work’ program where employees can sign up as Tier 1 Independent Contractors (IC) to work on projects with other third party vendors.


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