The Rise of On-demand Economy and Hiring Best Practices

With digitization and e commerce invading every inch of the modern consumer’s life, there has been a phenomenal shift from traditional business models to the currently trending ‘On-Demand Economy’. The business world is brimming with on-demand startups that provide instant deliveries and more importantly, instant gratification of most needs consumers may have. Technological advancements, consumer preferences and a growing on-demand working population are factors which have propelled the on-demand revolution.

Whether it is online marketplaces, transportation, food delivery or home services, on-demand startups are filling voids in lives of consumers like never before. The reason this model has reached the level of success it has is consumer acceptance. Fixing a problem with a convenient solution, delivered right to them, at a better quality and competitive prices, is what has given the on-demand ecosystem the leverage it enjoys globally. By empowering consumers to make purchasing decisions using apps or tech based platforms, these companies have changed the social habits of generations to come.

At a business and industry level, the on-demand model brings several advantages to the table for startups, giving rise to an all new approach to workforce and skill management. Growing numbers of mobile work spaces, better work-life balance, stability, autonomy, flexible job types, better working and learning opportunities are some of the ways in which the workplace, management and industry have transitioned, with the onset of the on-demand economy.

When it comes to recruiting, traditional tools and approaches don’t make the cut anymore. Legacy tools that have long been used by recruiters and hiring managers are now considered archaic, giving way to online job applications and modern interviewing, and hiring techniques to gauge how a potential addition to the startup workforce would perform in their job role.

On-demand platforms tend to require a workforce covering a wide spectrum of professional skill sets that include consultants, designers, coders, drivers and even handymen. As consumer demands grow and as technology evolves, so will the demand for a skilled workforce, one that can truly fill the demands of the job profile. To do so, startups have begun moving beyond the traditional talent pools to the on-demand pool, which yields freelance talent with the skills, enthusiasm and fresh perspective required to improve productivity and meet customer demands. The same applies to startups looking to build a scalable model in terms of their on-demand workforce. Hiring managers have to make the shift to analytical and technologically oriented hiring solutions, with the capabilities to assess and determine the best fit for the job.

From judging candidates, to now ensuring that the skill sets they offer is what is expected, recruiters are shifting the way they approach hiring processes and are adopting smarter technologies such as online recruitment platforms, on-demand hiring platforms, and cognitive & predictive hiring using artificial intelligence. Given the cost the company incurs during traditional recruitment, investing in a pure play assessment and talent acquisition partner lends a degree of talent search optimization and quality of skills, most startups in the on-demand ecosystem critically require.

MeritTrac is India’s premier pure play assessment services company providing innovative assessment services to leading educational institutions, government organizations and corporate entities.

To know more on how psychometric behavioral assessments can positively boost your bottom line and motivate your workforce, get in touch with us at info@merittrac.com.