Noble House: Driving the Gig Economy
Posted 4-Feb -2019
Ever seen a tree with a huge trunk, branches full of leaves, flowers, juicy fruits and of a massive height? Astounding to see, right? The truth is, as amazing as it seems, it does not grow that huge and pretty overnight. If you look around, you can see that business is somehow very similar to that. It needs months and years of hard work and dedication to put up a well-structured, organized and a well-functioning business organization.
Just the way a plant grows into a tree, very similarly, a bunch of people running a business may turn it into a massive, successful organization with time and focus. As said by Colin Powell, “A dream doesn’t become reality through magic; it takes sweat, determination and hard work.” With the same thought and aspiration, Noble House, a Gurgaon-based HR agency that acts as a matchmaker between independent human resource consultants and businesses, went on to get featured at Your Story. Their tremendously smart achievements- making the best use of gig economy, got them immense success.
“A lot of mid-to-senior level employees have been laid off, especially in telecom and infrastructure companies. They don’t find appropriate jobs for the kind of skills and experience they have,” Sanjay Lakhotia, former Head of Operations at Aon Hewitt, Asia Pacific, tells YourStory.
Noble House is an HR talent marketplace that helps independent consultants find short-and-long-term assignments suited to their experience and skill sets. This organization has been co-founded by Sanjay Lakhotia and Sumer Datta. Noble House was launched with the purpose of organising the “fragmented” HR consulting space and bridging the gap between talent and requirement (that businesses have).
To Explain A Little Bit About Gig Economy
This particular term, gig economy alludes to a general workforce environment wherein short-term engagements, independent contracting and temporary contracts take place. In many circumstances, it’s also referred to as the “agile workforce”, “sharing economy”, “independent workforce” and “freelancer economy”. With the changing business trends and widespread growth of startups that backs up the gig economy, we can say that its rising.
If you go through the statistics, you would find that 8,000 individuals in the United States and Europe were surveyed by The Mckinsey Global Institute. It was estimated that 20 percent — 30 percent of workers were engaged in “some form of independent work.”
In a different survey of 2700 United States workers by FreshBooks, the number of self-employed workers will amplify to 42 million by 2020. Millennials appear to be particularly predisposed towards freelance work, and are projected in this study to make up 42% of the additional self-employed workers.
Basically, you can see that the tradition of freelancer economy is very different from traditional employment. Jobs in the Gig economy are not permanent. They are based on one-off tasks or individual shift assignments.
But what makes it so popular? Well, it has been noticed that one of the most attractive advantages of Gig economy is that it provides enormous flexibility to their employees as they are no longer committed to a single employer in a full-time employment arrangement. As an alternative, they have good control over their work schedules, assignments, or shifts. And for companies, they can save the administrative costs of hiring full-time staff. They are now in a position to enlist short-term help to accommodate the demand of projects.
As Per The Reports Of Your Story
- Noble House has done an incredible job by making the most appropriate use of Gig economy. Noble House claims that in a short span, they have created a network of over 400 independent HR professionals with 30+ skill sets across India and Asia. It has worked with 15 medium to large companies, handled 25-odd projects, and generated an “average billing value” of Rs 3 lakh per assignment.
- Along with that, it has also tried to bridge the gender gap, with 40 percent of the consultants on its platform being women. The company says it is putting a strong focus on women who have taken a break from work due to a life event and are looking to get back to active work engagements. Interestingly, women professionals account for 60 percent of completed projects on the platform.
- Noble House raised a seed round of $1 million from undisclosed “HR and business leaders” in India and Singapore in June. The company has the aim to utilize the funds to ramp up its tech platform and expand across Asia, starting with India, the country where they see as an opening in Tier II markets that are devoid of good HR professionals
In the business, several trends come and go but only the winners use it in their favor and help the workforce to grow and prosper. Noble House has done an incredible task in making it big in the Gig Economy.