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With a 78% increase in high-skilled gig workers participating in contract-based jobs, the gig economy has emerged as a critical alternative as businesses struggle with cost-cutting and layoffs. During the first two quarters of 2023, the demand for gig workers in particular in the IT sector grew by a booming 157%.

At a time when the tech sector witnessed a spree of layoffs and slowdown in new hiring, IT firms have opted for temporary jobs in order to turn some their fixed costs variable. Work fulfillment platform Awign has reported a 157 per cent rise in demand for such jobs in first half of 2023. Awign says most of the demand has arisen for highly-skilled tech professionals at mid-level and senior positions with 2-7 years experience.

IT Sector Jobs: Data from Layoffs.fyi reveals that in 2022 alone, 1,64,709 employees were laid off by 1058 tech companies, with more than 2 lakh employees globally facing the same fate in 800 tech companies.

As companies face the brunt of cost optimisation, the gig economy has emerged as a vital solution to variabilise their fixed costs while working with a highly-skilled workforce on a project or milestone basis. Data from Layoffs.fyi reveals that in 2022 alone, 1,64,709 employees were laid off by 1058 tech companies, with more than 2 lakh employees globally facing the same fate in 800 tech companies.

Awign plans to deploy funds in developing technological capabilities, expanding digital offerings and bolstering supply & demand acquisitions