Banking and finance boost gray collar jobs: GigIndia

Bombay : Over the past 18 months, propelled by the impact of the first and second waves of covid-19, GigIndia, an on-demand B2B gig platform for gray collar jobs, has seen a significant increase in the adoption of the model of gigs by banks and finance companies.

Growing brand penetration in Tier II, -III, and -IV cities, fixed costs, and pent-up demand have triggered an increase in gray-collar gigs in sales, marketing, and customer support roles.

In July 2021 alone, GigIndia observed a 60x increase in monthly phone call minutes compared to June 2020. As SMBs and SMBs go digital, fintech companies are looking to expand their operations in cities across level II and level III.

The pandemic has also bolstered health and life insurance services, pushing growing demand from BFSI (banking, financial services and insurance) companies.

GigIndia saw 17% growth in demand for on-demand gigs in banking and finance alone, compared to June 2020. With around 2.8 million phone call minutes since April 2021, the BFSI segment is leading demand for gray collar employment, followed by education, e-commerce and healthcare. Lead qualification, customer engagement, and telemarketing are some of the top gigs driving gray collar jobs on the platform.

“A massive increase in health and insurance products, digital payments and investment platforms during the pandemic has led to an increase in demand for sales and customer engagement managers. But limited internal resources, fixed costs and business plans to rapidly scale into Tier II, -III and -IV markets have driven BFSI companies to deploy the gig model for gray collar roles,” said Sahil Sharma, Co-Founder and Managing Director, GigIndia, adding that in July 2021, approximately 35% of demand on GigIndia was driven by financial services firms, excluding a 22% increase in inquiries from this industry,” the company said.

Major Indian banking firms are opting for the concert model to conduct inside sales of traditional banking products such as loans, insurance and credit cards. Stock brokerage startups worked with gray collars for lead qualification, while digital trading platforms deployed workers for customer demos and gig work onboarding.

The growing adoption of the gig economy over the past year and a half has also contributed 16% to the average gray-collar monthly income on its platform.

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Elizabeth J. Harless