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India is standing at the brink of startup growth, which is bringing in a drastic change in the employment structures and the mindsets of the millennial. Today is the time when people are exploring opportunities beyond the stable structures of incomes and more so, the youth is driven towards a growth mindset. Recruiters are looking to hire a younger staff that brings in innovative ideas and a passionate approach towards problem-solving.
This open economy has mostly taken after the cultures of the West and with industry giants like Uber and Zomato strengthening their roots here the culture of shared economy has blossomed giving place to more models that expand to never thought of housing, clothing, home-based services amongst others. The shared economy model is a structure which amalgamates capitalistic and socialistic mindsets to pave way for individualism leading to a positive domino effect:
Efficient Utilization of Resources: Climate change is as real as the water shortage in Chennai. A shared economy becomes a way to contribute towards improving the situation without the consumer really feeling obligated towards doing something “good”. For instance, landfills are one the biggest problems in India and sustainability is the only answer to that, a renting model in clothing allows for consumers to get new outfits without the baggage of reusing them, owing to Instagram posts and eventually throwing them away. Celebrities like Alia Bhatt are going a long way to making a contribution themselves by starting brands based on the sharing economy and “mi wardrobe is su wardrobe” is the biggest example of that.
Splurge in Job Opportunities: The onset of shared models has created a ripple effect in the employment sector. There is a sudden growth in hassle-free jobs that come with the ease of avoiding confrontation with bosses and hounding HR for payment clearance. For instance, a person working for Urban Clap doesn’t necessarily need to go through the hassle of a 9-5 job. They could work on their own terms - take up appointments as per their time preference and work according to their specific set of skills. Uber Services is another class example of having a laissez-faire employment structure wherein people can work according to their customized schedules. This also opens up multiple avenues of incomes if they choose to use the employment opportunity only over the weekend to cash in extra income.
Urban Solutions to Millennial Problems: The job opportunities/educational offers often require millennial to move base and in turn go to other cities. A country like India is now seeing a boom in the relocation of people for jobs and even for higher education, this brings in the need for proper housing facilities and usually, people are stuck with the decision of owning items that can become potential baggage. Thankfully, furniture rental business models are making renting furniture a class–A and stress-free choice amongst the millennial. Ubers are the biggest example of millennial ditching the old school model of owning cars and rather choosing a hassle-free option of a cost and time effective cab service.
Digital Growth: Business Models such as of Uber and Ola cab services are the biggest example of online giants that have completely spun the game of business. A thought that could not have even occurred a decade ago is a living reality now. The biggest company today has no ownership of assets yet is providing class-A services with high safety standards. For instance, if a person has signed up as a driver with Uber, his car will be technically equipped with restrictions of going above the speed of 80 along with an alarm at the back (in case of emergency situations). All of this is available at the click of a button, not to mention promoting carpool services which in turn contributes to reducing emissions from cars.
Peer-to-Peer Interactions and Quality Control: With sets up like Airbnb, the consumer directly gets to be in touch with the consumer renting their space out for a short span of period. Everyone listing their property is looking to provide the best facilities to the eventual consumer because of the direct impact it makes on the recurring business opportunities. For instance, if an Airbnb experience goes bad, the feedback on the property, which is not under the control of the host, plays a crucial role on the mindsets of the people planning their stays in the future. This, in turn, creates accountability and pushes hosts to provide quality services or they lose to the competitor listings.
Shared economy model is seeing massive growth in India and will continue to prosper with a few challenges for the entrepreneurs to resolve creatively. The old structures of problem-solving are now rendered useless and having the right talent along with requisite leadership skills to run the boats is a pre-requisite for anyone looking to be a part of this model.