The Advent of Generation Z

The Advent of Generation Z

Summer holidays were joyful when we grew up, we had plethora of activities planned and most activities planned in advance. The idea of freedom had taken its course on the first day of our exams and it reached crescendo right after that last word penned down in the exam hall. That was freedom! We yearned and studied hard for that freedom. That moment of absoluteness. Oh, the activities like early morning jogs, cycling, cricket, etc. Such was the pleasure of imagination!

With time being what it is, the futurist me will only retrospect and cherish those moments of childish joy. Times have changed, we used cycle to travel 10kms and legs to travel 2 kms. The boom in the economic market has changed our lifestyle to unimaginable ease, with it, comes this whole new level of thinking. A thinking that could change the momentum of history and defy the very fabric of the universe.

For my readers who are new to generation Z, these are people who were born in between 1999-2000 who are going shape the future of nation states. The population of generation Z in India especially, estimated to be around 475 million by 2019 which is phenomenal considering we are the second biggest populated country in the world. For all these years, we spoke about population being such a bane to the future of our country, however, with this special case, we are inching towards a bright and prosperous times ahead.

The demographics of our country comes at a time when there is a global paradigm shift in innovation. The millennial’s looked for “what is in it for me” whereas the Gen Z-ers look for solutions as per the problems they personally face. Which in turn takes birth in the form of technology and gadgets. They would frown upon any system that binds them to one particular ideology. They are the ones who would be more open to take risks, try something new and hustle.

We would see a huge inflow of people who would be more interested to take up a contract job than a permanent job. Permanent jobs are boring and tend to curb their creative senses. Taking up a contract job is far more stimulating than the mundaneness of everyday routine which a permanent job conveniently renders.

The year 1497 marks one of the greatest landmarks of world history with Vasco da Gama landing in Calicut, likewise, will Gen Z-ers create that dent in the universe?

Bench

6 reasons why contract staffing is better than a ‘bench’

Freshers and seniors make up the ‘bench’. This is a term that indicates employees who are not on any project anytime. They are idling away their time by staying at home, or just swiping in and out of work, or signing up for training and doing courses on Udemy, Coursera and so on. The churn period between being put on a bench and getting deployed on a project can vary from two weeks to even six months or more. The worst part is that out of every ten employees on a bench, one gets fired. In such a scenario, we list why contract or flexi staffing is way better than having a bench for a company. These very reasons should also prompt the bench warmers to sign up with Workflexi for a fixed-term contract job that will make effective use of their time and fill that crucial time gap in their resume.

ZERO BENCH

Companies spend much money in keeping employees on the ‘bench’. They keep giving them a basic salary, and even spend on upskilling or reskilling them. Some of their sales force is deployed to look out for jobs for them. Statistics reveal that big companies like Infosys have nearly 17% of their employees on the bench. That’s nearly 8500 of their total staff strength. And which employee wants to be on the bench the first day of their job? Here is where hiring contract workers resolves all these issues and keeps both the parties happy. The companies don’t have to spend on their bench-warmers and those on the bench can fill the blanks on their resume by being productive at jobs right away. Think of contract staffing as a virtual ‘just-in-time’ bench where there are employees when you need them.

FIRE-PROOF

Workflexi’s ‘basic payment system’ (BPS) takes care of the contract workers who worry about losing their job even before their contract gets over. Statistics reveal that 10% of the employees are asked to go on or before their term ends for various reasons. Here is where enrolling with Workflexi helps. We provide a basic minimum pay for one month (if you’ve worked for a minimum of six months), so you can look for a job, sign up for that certification course you always wanted to but didn’t have the time or just reboot, restart and unwind.

NO REVENUE LEAKAGE

When there are no employees on the bench, there is no revenue leakage of hiring and retraining or upskilling them. Importantly, the workers don’t get bored or feel helpless that their resume is empty. They are being put to use where it matters while the company can focus on its work instead of worrying about hiring and firing.

UTILIZATION RATES

In their annual reports, top IT companies in India have clearly indicated that high employee utilization rates boost productivity and operating margins. With a negligible bench, that margin is only going to shoot up. With most big companies recording 15-20% benches, that is a clear gain in revenues.

MISMATCHED SKILLS

Most employees sit on the bench because their skills don’t match the company’s requirements. This can be because you are a fresher from college or because you fudged your resume or because automation and other new technologies are rendering people jobless, prompting companies to retrain them.

UNCERTAINTY

When you are on the bench doing nothing but getting trained on things that you might or might use in the near future, employees not only get bored but also feel uncertain about their place in the company. Job insecurity hits them hard when the churn period stretches on endlessly. That is the time they realize that the company is not worried about their career growth. With contract staffing and Workflexi’s Basic Pay System, not only is this insecurity taken care of but also puts them at a bargaining position. Some contract employees even get paid 20% more than the regular workers, depending on their expertise and experience. In such a scenario, they are in the driver’s seat who get to choose the companies they want to work with and the projects they prefer. In addition, they get to strike the right work-life balance. They can take on only what they want rather than what they are given by companies if they were full-time employees. They can take breaks between jobs and pursue their various passions or just unwind and get back to work a month later.

AND FINALLY…

In this new world of automation, leave the problem solving to the machines. Focus on problem finding. Bench is a problem and Workflexi is your solution. So what are you waiting for? If you are a bench-warmer or a Company, sign up with us now and say goodbye to the ‘bench’.