Archive: December 8, 2022

Frederique van Baarle appointed new member of the LANXESS Board of Management

Mumbai, December 08, 2022 – Frederique van Baarle is moving up to the Management Board of Cologne-based specialty chemicals company LANXESS. The Supervisory Board has appointed the 51-year-old as Labor Director. She takes over this function from Management Board member Anno Borkowsky. Van Baarle currently heads the High-Performance Materials business unit at LANXESS, which is to be incorporated into a planned joint venture for high-performance plastics with private equity firm Advent. She will take up her new position on the Management Board as soon as this transaction is completed. Van Baarle will also assume board responsibility for the Americas region from the second half of 2023. She will perform her new role from Pittsburgh, LANXESS’ U.S. headquarters.

LANXESS CEO Matthias Zachert: “Frederique van Baarle has led one of our largest business units very successfully. She knows LANXESS like only a few others. I am very much looking forward to working with her on the Board of Management. The fact that she will perform her duties from the U.S. underscores how important this growth market is for us.”

Frederique van Baarle began her career in the chemical industry in 2000 at the Dutch company Royal DSM after studying business administration, earning an MBA, and graduating from the French business school INSEAD. At Royal DSM she held various management positions. In 2011, she joined LANXESS and took on various management positions in sales and marketing in the then High-Performance Elastomers business unit and in the business unit High-Performance Materials. The native Dutchwoman was responsible for central purchasing and logistics at LANXESS since the end of 2018. She has been heading the High-Performance Materials business unit since June 2020.

Marcon 2022 India’s Oldest & Biggest Digital Marketing Conference is Back

Mumbai, December 8, 2022: The Internet and Mobile Association of India (IAMAI) is back with the 18th edition of India’s oldest and biggest conference on digital marketing, Marketing Conclave (Marcon 2022). With the theme ‘Foreseeing the Unforeseen’, the event will see discussions around marketing trends in a changing business environment. The one-day event will be held at Taj Lands End in Mumbai on Monday, December 12, 2022.

Marcon 2022 is being supported by Google Cloud, WebEngage, Asianet, Times Internet, Xapads, Bobble AI and ValueFirst among others.

Over 250+ marketing brands, agencies, publishers, and MarTech platforms will converge at the conclave. The event will have four tracks and 30+ sessions wherein prominent industry leaders will talk about the latest marketing trends while helping advertising and marketing professionals align their goals with the shifting landscape of marketing and business post-pandemic. A thought leadership report, “Metaverse: The hype, possibilities and beyond”, prepared jointly by IAMAI by Deloitte, with an in-depth analysis of Metaverse adoption in India, will also be released at the conference.

The power-packed line-up of speakers includes Mr. Puneet Chhatwal, Managing Director & Chief Executive Officer, The Indian Hotels Company Ltd (Taj Hotels); Mr. Suhel Seth, Founder and Managing Partner, Counselage India; Mr. Siddharth Banerjee, Managing Director, Pearson; Mr. Anant Goenka, Executive Director, The Indian Express Group; Mr. Tushar Vyas, President, South Asia, GroupM; Mr. Rajesh Kalra, Executive Chairman, Asianet News Media & Entertainment; Mr. Sujit Ganguli, Head – Brand and Corporate Communications, ICICI Bank; Mr. Satya Raghavan, Director – Marketing Partners, Google; Mr. Akash Deep Batra, Executive Director & Head of Marketing, DBS Bank; Ms. Virginia Sharma, Marketing Head – India, Google Cloud; among others.

Advisory board members for the event include Mr. Anant Goenka, Executive Director, The Indian Express Group; Mr. Karthi Marshan, President & CMO, Kotak Mahindra Bank; Naveen Kukreja, Co-Founder & CEO, Paisabazaar.com; Mr. Rajesh Kalra, Executive Chairman, Asianet News Media & Entertainment; Tushar Vyas, President, South Asia, GroupM and Ms. Virginia Sharma, India Marketing Head, Google Cloud.

FITTR gears up to host the 4th edition of India’s Biggest Fitness Festival – CONNECT Fest’22

India, December 2022: FITTR, India’s leading tech-enabled community-first health and fitness platform, is all set to host the 4th edition of India’s biggest fitness festival – CONNECT Fest 2022 ‘Where Fitness Meets Fun’ on the 10th and 11th of December in Goa. The venue this year is Grand Gigi’s, Cavelossim, Goa.

The fest will host exhilarating events like ICN (I Compete Natural), a renowned international event that gives leading bodybuilders and physique athletes a chance to show off the power of 100% natural fitness. Further, there will be other fitness and sporting events like – MMA, Box Cricket, Arm Wrestling, Powerlifting, and the Garmin Step Challenge.

Gigs by popular and hilarious stand-up comics like Abhishek Upmanyu and Karunesh Talwar are expected, as well as live music performances by renowned fusion rock bands Euphoria and Roohani. The CONNECT Fest will give guests a chance to groove on fire-hot music to lighten the mood and create an entertaining and fun-loving atmosphere, making the event a well-deserved break. Fitness games and outdoor competitions are going to help amp up the excitement levels further!

Speaking about this much-awaited festival, Jitendra Chouksey, the Founder and CEO of FITTR, said, “We are excited to host the CONNECT Fest in Goa. It is the fourth edition of the fest, so we have planned the celebration in a much bigger way than the previous years. Our motto is to bring our expansive online community of fitness enthusiasts to one place and promote the essence of fitness in a fun and exciting manner. Our line-up of fitness competitions in the fest shall drive more people to participate and showcase their passion for fitness. We are hopeful that the fusion of fitness and entertainment will make CONNECT Fest’22 a massive success and complement our mission of making 50 million people get fitter and healthier.”

Excited to join in on the fun? You still have a chance to book your spot at the festival! CONNECT Fest 2022 has some outstanding event partners, including Radisson Hotels as our hospitality partner and BMW Bavaria Motors as our mobility partner. Some like-minded brands also get the opportunity to showcase their products and services at the event as exhibitors.

TECNO launches POVA 4: An ultimate performance smartphone with 6nm Helio G99 processor at just INR 11,999

Mumbai, 8th December 2022: TECNO Mobile, the global premium smartphone brand announces the launch of POVA 4 from its performance-oriented POVA series, best known for delivering incredible power and Speed to its consumers at a competitive price point. Multitaskers and gamers can expect superlative performance on the go, as POVA 4 boasts of groundbreaking features such as a 6nm Helio G99 processor, an in-built dual gaming engine encompassing Hyper-Engine 2.0 Lite, and the Panther Engine.

Designed for the digitally savvyGenZ consumers, who use numerous applications on their smartphone, generating large volumes of data, and are always on the lookout for a smartphone that offers strong performance and large memory. Addressing such consumer needs, the newly launched POVA4is loaded with a superior 13 GB RAM with memory fusion technology, 128GB storage, and a giant 6000 mAh battery supporting 18W fast charging packed between a sparkling 6.8-inch with 90Hz Refresh rate displayand a stunning curved crater design body. The smartphone comes in three elegant colours- Cryolite Blue, Uranolith Grey, and Magma Orange.

Commenting on the new entrant of the POVA series, Arijeet Talapatra, CEO, TECNO Mobile India, said, “As consumers continue to evolve and become more and more digitally savvy, their expectations from a smartphone are also evolving rapidly and this encompasses a range of uses from work, learning to entertainment. As people spend more time on their smartphones to stay connected with each other, the gaming community is only growing and the demand for high-performance affordable gaming smartphones is therefore on the rise. With the POVA product line we are focused on providing consumers with an ultimate powerhouse series that will give access to speed, performance and excellence. In line with our approach of segment-first innovations, we are pleased to introduce POVA 4 as the only smartphone to feature the Helio G99 processor with 13GB RAM in the sub-15K. We are confident it will be a great success and will set a standard that others will follow.”

The enigmatically feature-rich TECNO POVA 4 is priced at INR. 11,999/- . The first sale of the same would begin on 13th December 2022 on Amazon&Jio Mart.

Key USPs of TECNO POVA 4:

• 6nm Highly powerful Helio G99 Processor in your hand for a disruptive performance
  Speeding up to 2.2GHz, the octa-core Arm Cortex-A76 CPU of POVA 4 provides incredible power efficiency. Experience the true upgrade in terms of speed, power, Camera, display and connectivity. Helio G99 SoC accelerates data access, maximizing performance in games, apps and everyday activities. HyperEngine 2.0 Lite technology intelligently provides smoother performance in heavy games with the help of highly capable Arm Mali G57-class GPU
•  Segment leading 6000mAh Incredibly powerful Battery for all-time backup
  Get longer 37 days standby backup with a high-capacity battery of POVA 4. Its powerful battery promises maximum safety by using STS safe Technology and is optimized with Tecno AI battery Lab for unconditional backup in each scenario. Equipped with an 18W in-box Charger for quick charging. Its 10-minute charge only provides huge 10 hours of music Playback or calls. You can also charge your other accessories with its 10W reverse Charging capabilities
• Blazing speed with 13GB Extra Large RAM by memory fusion with 128GB MCP Storage and up to 2TB Expandable Storage
  Experience speed fluidity with its large 13GB customizable RAM which increases up to 61% average app startup speed. POVA 4 contains comprehensive storage options and is equipped with MCP 128GB Internal storage with a dedicated slot to expand further up to 2TB. Stuff your memory needs with POVA 4 large RAM and ROM
• Trailblazing contemporary design with a three-dimensional light sense
  Thoughtfully designed with enhanced aesthetics. It also boasts a stylish Energy Light prism design that resembles a triad of power, speed, and fashion. The design is made out of block surface stitching texture and a flat display of three-dimensional light sense. The lighting effect and panther motif on the back of POVA 4 merge with its performance-oriented ethos. The surface consists of exquisite matte and glossy parts, which demonstrate a good texture and convey a sense of high speed and agility. POVA 4 enters India in three enticing colours- Cryolite Blue, Uranolith Grey, and Magma Orange
•  Rich photos with a 50MP high-res camera and a lot of user-centric modes
  Capture various types of photos and videos with a high-res 50MP dual Camera of POVA 4. Its large F1.6 aperture and PDAF technique provide beautiful shots in each mode. Low light-specific Super Night Mode, blur-specific Portrait Mode, Professional Videos like Video Bokeh, Video Stabilization, 2K Timelapse, Slow Motion mode, and others amaze you with the perfect quality
•  Ultra smooth 90Hz Refresh rate display with a 6.8″Dot-in screen
  Enjoy true visuals on a 6.8″ HD+vibrant display and experience a surprisingly smooth touch with a 90Hz refresh rate and 180Hz Touch Sampling rate. Additionally, the highest level of security for media streaming Widevine L1 allows you to stream 1080P content on POVA 4. Worry-free with splashes, It has up to IPX2 level resistant

Professional tech skill development institute, ITLH tops of a performant year with a 100% Y-o-Y increase in students

December 2022: Capping the year on a high note, Information Technology Learning Hub (ITLH), one of the fastest-growing incubators for professional tech skill development in coding and design (UI and UX), has divulged the details of their growing student base. The professional skill development centre has grown by leaps and bounds to show an astonishing growth of 344% over the last two years, whereas year-on-year growth of 101% remains spectacular.

Manifesting a democratization of opportunities within the tech skill development sphere around the country, the year-end report divulges a remarkable participation rate from tier 2 and tier 3 cities, which stands at 60%. The top five cities in terms of admissions include Mumbai, Bangalore, Pune, Hyderabad, and Delhi. On the coattails of these urban cities are some of the smaller towns that are equally participating in the tech skill upgradation bandwagon; some of these smaller towns are Nagpur, Satara, Calicut, Coimbatore, Raipur, and Lucknow, among others.

Encouraging a diverse tech workforce in the times to follow, ITLH has been able to create a channel for the avid female cohort to develop their coding and designing skills. With a 56 percent engagement rate for females in their courses, ITLH is paving the way for a generation of female tech professionals.

Articulating about the success that the year has brought, Mr. Alex George, the Co-Founder and Managing Director of ITLH, said. “At ITLH, we envisaged a future for professionals who are prudent and proficient for their positions and at their jobs. This dream of ours has been espoused by thousands of students around the country, manifested by an awe-inspiring 344% increase in our student base in just two years. The most significant detail that has sprung to our attention is that our experiential learning infrastructure is churning out a channel that is helping democratize tech skill upgradation. It gives me immense pleasure to see a female majority within our courses and many students participating from tier-2 and tier-3 cities. We can’t wait to see what the coming year holds for these ingenious students as they keep plugging along and grinding on to be tech-employable.”

Muthoottu Mini Financiers appoints Chief Administration Officer and Chief Vigilance Officer

Mumbai, 08 December 2022: Muthoottu Mini Financiers, one of the leading NBFCs in India, today announced the appointment of V L Paul as Chief Administrative Officer (CAO) and Tomy Sebastian – IPS (RTD) as Chief Vigilance Officer (CVO). The appointments are in line with company’s long term strategy to expand its operations across the country. Muthoottu Mini Financiers envisions to consolidate its position as a top player in the NBFC space in India.

The appointment of VL Paul will help the company to streamline its operations and support its growth plans. VL Paul brings with him over 4 decades of experience in administration and management. Prior to joining Muthoottu Mini, he worked with South Indian Bank as a Senior General Manager and ESAF Swasraya as Chief Executive Officer.

The appointment of Tomy Sebastian as CVO will help the company to strengthen its internal controls and ensure compliance with laws and regulations. Tomy Sebastian is a highly decorated IPS officer (RTD), who has served the Indian police force for over three decades. During his tenure with Kerala Police, he received awards for his exemplary service, including 85 Good Service Entries, 17 Appreciations, 1 Commendation, and 1 MSE from the Director General of Police, Kerala. He was also awarded the Chief Minister’s Police Medal for Meritorious Service in 2000 and the President’s Police Medal for Meritorious Service on Independence Day 2021.

Speaking on the announcement, Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers said, “We are glad to welcome V L Paul as Chief Administration Officer (CAO) and Tomy Sebastian – IPS (RTD) as CVO (Chief Vigilance Officer). The appointments are in line with our long term expansion strategy. V L Paul and Tomy Sebastian bring with them a wealth of experience and knowledge that will be invaluable to the company in achieving its long-term goals. We are confident that under their able leadership, Muthoottu Mini Financiers will continue to scale new heights and emerge as a force to reckon with in the Indian financial sector”.

The appointments will enable Muthoottu Mini to create a robust mechanism, which is critical for any organization looking to scale new heights.  As a part of its expansion plans, Muthoottu Mini aims to have a total of 1,000 branches by the end of 2023, from its current 840+ branch network spread across the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Maharashtra, Gujarat, Delhi, UP, Goa and the Union Territory of Pondicherry.

12-yr-old boy, a ghost for friends recovers from severe birth defects at Aster CMI Hospital

Bengaluru: In yet another medical feat, a team of doctors at Aster CMI Hospital, Bengaluru and Aster Medcity, Kochi successfully performed a complex craniofacial surgery on 12-year-old Aaron Bhadra, born with multiple complications from Kolkata. He didn’t have nostrils or a palate, had multiple holes in his heart, one of his eyes was completely dysfunctional and the doctors suspected that his brain might not function properly too. Eventually, his medical condition started to affect him mentally. He often gets upset when other kids of his age call him a ghost and shut him out. Because of this, he was homeschooled. As a kid, he wishes to enjoy his school life and play with his friends. Since birth, Aaron has undergone 15 different surgeries to survive. The family had sold everything they owned to afford the surgeries.

Life hasn’t been easy for Aaron. However, his parents have been on the constant mission to provide Aaron a better life. He has undergone 15 surgeries right from the moment he was born. Now, he is doing really well and is so close to getting every problem fixed with this one last and major surgery. But due to the prevailing financial condition, the family was not able to afford the surgeries. His parents refused to give up and kept fighting for his survival. Their hope soon arrived in the form of few well-wishers, the Newslions Media Network Pvt Ltd facilitated the treatment along with Milaap through a crowdfunding effort to provide him this life-changing surgery.

Aaron underwent a complex craniofacial surgery at Aster CMI Hospital under a Team of doctors – Dr. Ravi Gopal Varma, Director – Aster Global Institute of Neurosciences & Lead Consultant – Neurosurgery, Dr. Dilip Panikar, Senior Consultant – Neurosurgery, Dr. Manish Pai, Consultant – Neuro Surgery, Dr. Santhosh N U, Consultant – Neurosurgery & Endovascular Neurosurgery, Dr. Nirmala S, Consultant –
Neurosurgery, Dr. Sherry Peter, Senior Consultant – Craniomaxillofacial Surgery and Dr. Sathish M S Vasishta, Consultant – Craniomaxillofacial Surgery.

Dr. Dilip Panikar, Senior Consultant – Neurosurgery, Aster Medcity, Kochi, said, “The surgery was a combined effort from Aster CMI and Aster Medcity. It’s a high cost surgery with many challenges. However, with the help of skilled doctors and high-end technologies available at the hospital, we were able to successfully performed the surgery.

Commenting on the complications and complexities involved in the surgery, Dr. Sathish M S Vasishta, Consultant – Craniomaxillofacial Surgery, Aster CMI Hospital, said “Aaron had Orbital Hypertelorism which was treated surgically. Orbital Hypertelorism is a rare birth defect with an occurrence of 1-2% in one lakh live birth. It causes an abnormally increase in lateral distance between the orbits. He also had cleft lip and palate which was corrected before. He could breathe only through one nostril. First we mapped a 3 D model of the skull and planned the Osteotomy. Then we did the frontal craniotomy. Post that, the distance between the two eyes is reduced. We have also grated a nose and pushed forward the upper jaw to give a new look and more presentable.

“In India, there are not many centers that can do the surgery. It is a highly complicated surgery that involves a close coordination between Neurology, Craniomaxillofacial and Anesthesia Team. Aaron underwent a 12 hours’ surgery under general anesthesia. The entire skull and bones were cut into multiple pieces and then aligned,” said Dr. Sherry Peter, Senior Consultant, Aster Medcity, kochi.

Thanking the doctors, Sumita, mother of Aaron commented, “We are very happy to see how our child is doing now. Aaron aspires to become a Veterinarian and we want to provide the best we could to achieve his dream. No words would be enough to thank the doctors, nurses, staff and those generous people who have contributed to save our son’s precious life. You have given our son a future and hope.”

Aaron was kept under observation in the PICU for 2 days post the surgery. His condition improved significantly and now he is discharged from the hospital with a big smile on his face.

Shopify partners with Payoneer, PayGlocal and TazaPay to smoothen cross-border commerce for Indian merchants

India | December 08, 2022: Shopify Inc. (NYSE, TSX: SHOP), a provider of essential internet infrastructure for commerce, today announced its partnership with Payoneer, PayGlocal and Tazapay, leading cross-border payment providers for merchants in India.

The addition of new payment partners is aimed at streamlining cross-border commerce for Indian merchants on Shopify, with around 1-in-5 now selling internationally to an average of four international markets, reaching more than 70 million shoppers from around the world. The collaboration is in line with Shopify’s continued focus on promoting cross-border business by enabling merchants to receive payments with hassle-free procedures and lower transaction fees.

Shopify’s association with Payoneer, PayGlocal and Tazapay will add more than 80 new payment methods to the platform, offering stronger conversion, lower transaction fees, and broadening the acceptance of international payments.

Payoneer, enables millions of companies and individuals from more than 200 countries and territories to collaborate and advance internationally. Enterprises, and professionals from all over the world can pay and be paid worldwide just as simply as they can locally thanks to Payoneer’s quick, adaptable, secure, and affordable solutions. Tazapay works towards enabling trust in cross-border trade for small and medium-sized businesses (SMBs) by combining the latest financial tech and services to make international trade safe and simple. Currently, the company is enabling merchants to run business in 173+ markets. PayGlocal, an India-based global payments company, fosters cross-border business and global commerce for the Indian ecosystem through its suite of solutions focused on business, experience and associated risk.

“Reliable payments are a key enabler for merchants to go global effortlessly. Since cross-border transactions form an invaluable share of business for Shopify India merchants, we’ve collaborated with Payoneer, PayGlocal and Tazapay in a bid to make international payments seamless and more cost effective,” said Bharati Balakrishnan, India Country Head and Director at Shopify. “Our partnership offers multiple benefits for our merchants, including quicker settlement, better chargeback protection, native risk engine built to prevent fraudulent transactions, and additional local support.”

On the integration between Shopify and Payoneer, Gaurav Shisodia, Country Head, India said, “At Payoneer, we are committed to partnering with customers to help achieve their true potential by expanding their business internationally. With the D2C opportunity booming globally, our partnership with Shopify will make it more seamless for Indian brands looking to enter this space and go global, by keeping payments simple, compliant and secure”.

“For most Indian merchants, having the ability to collect payments from their overseas buyers in an easy-to-use, cost-effective way is paramount. What Tazapay offers on Shopify is the ability to collect payments from their international customers using not only credit cards but also cheaper, local payment methods in over 85 countries globally. Tazapay also provides Buyer Protection for all transactions,” said Rahul Shinghal, Tazapay’s CEO. “Our partnership with Shopify reduces costs and increases conversion rates for these merchants, giving them access to a larger customer base globally. In addition, Tazapay is very transparent about FX, enabling the merchants to accurately manage their cash flow and P&L.”

“PayGlocal and Shopify share the common vision of boosting global commerce. Merchants doing cross-border business often face challenges with longer payment chains, higher risk, and fraudulent transactions. Their global customers want safer and smoother checkouts and to transact in currencies and payment methods of their choice. PayGlocal’s platform is designed to solve this while providing best-in-class experience. We support 120+ currencies, accept international cards, enable 40+ local payment methods, and provide end-end encryption as part of our offerings. As a result, our merchants see value through higher payment approval rates, lower chargebacks, and an overall smoother transaction. This partnership brings together everything Shopify merchants need to sell beyond borders,” said Rohit Sukhija, Cofounder and CPO, PayGlocal. “Through our services, we are certain that we will be able to create a hassle-free and cost-effective payments ecosystem on Shopify.”

The new payment methods will be available to all merchants across Shopify, and will enable them to seamlessly process payments made through localised payment modes present in different countries across the globe. The initiative will also promote stability in cross-border payments, helping merchants and customers alike to make the most of the platform.

Moneycontrol to Host ‘Moneycontrol Mutual Fund Summit – the Road Map to 100 Trillion’

08, December 2022: The Indian mutual fund is turning 36. As one of the fastest expanding, most competitive, and well-regulated investment sectors in the retail financial space, the sector is approaching Rs 40 trillion in assets under management. To be held in Mumbai, the Summit aims to lay the roadmap for the industry’s future and how better it can serve its investors. The Summit will raise critical discussions, dialogues, and debates featuring some of the industry’s top executives, CEOs, and fund managers.

The summit will have Usha Thorat, Chairperson of the SEBI Mutual Funds’ Advisory Committee & former RBI Deputy Governor as the Guest of Honour, and Ananta Baruah, Executive director, SEBI as Chief guest.

At the heart of the summit is the retail investor, and all discussions and dialogues planned have been crafted keeping the retail investor in mind. For instance, how can the mutual fund’s industry serve investors better as it becomes larger by the way? With size, come responsibilities; is the India MF industry equipped to handle its fiduciary responsibility? We plan to raise vital questions with some of the industry’s top-most minds. The role of FinFluencers, as also newly set-up fund houses, will also be discussed at length.

We at Moneycontrol will bring you the leading voices from the financial services industry at the Summit. Industry experts and veterans such as Navneet Munot, MD, HDFC MF, Neil Parekh, CEO, PPFAS MF, Radhika Gupta, CEO of Edelweiss MF, Nilesh Shah, MD and CEO, Kotak MF, Kalpen Parekh, CEO, DSP MF, Anand Radhakrishnan, CIO – Equity, Franklin Templeton, Neelesh Surana, CIO – Equity, Mirae India Asset, R. Srinavasan, Head – Equity, SBI MF, Anoop Bhaskar, Head – Equity, IDFC MF, S. Naren, CIO, ICICI Prudential MF, Dhirendra Kumar, CEO, Value Research, Aashish Somaiyaa, CEO, WhiteOak MF, Rajiv Shastri, CEO, NJ Mutual Fund and more are some of the panelists slated to take the dais.

Commenting on the summit, Binoy Prabhakar, Executive Editor, Moneycontrol, said, “With Rs 100 trillion as the aim over the next five years, it’s a whole new roadmap that the bustling mutual fund sector of India is working on now. The summit will thus feature veterans and visionaries who will navigate the challenges and deduce solutions via multiple debates and discussions about the sector. I’m confident that the minutes of the summit will be invaluable in paving the new path for the Indian Mutual Funds industry.”

The Moneycontrol Mutual Fund Summit will have Union Mutual Fund, Edelweiss Mutual Fund, White Oak Capital Mutual Fund, and Mirae Asset Financial Services as event partners. One can register for the event by visiting www.moneycontrolmfsummit.com

Gig workforce to add over 9 million jobs by 2025: Indeed report

Bengaluru, 8 December 2022: Latest findings from the world’s #1 job site, Indeed, showcased that a 9-11 million strong gig workforce is in the making in the next three years. Gig workers are freelancers or contractors who work independently, typically on a short-term basis for multiple clients. Their work may be project-based, hourly or part-time. A majority of the employers surveyed (58%) estimate the gig workforce to grow to 9 – 11 million, or even exceed this number, by 2025.

The gig economy has been one of the most pivotal economic shifts in a long time. People choose gig jobs for different reasons: because it works with their lifestyle, they can choose when and how much they work, or it allows them to earn money between jobs. Companies have also started investing in gig work platforms and processes, highlighting how integral they are to the future of jobs growth in India. Given the importance of the gig economy, Indeed commissioned this study to understand the rise of the gig economy, challenges gig workers face, and how they can be empowered by employers.

“With the emergence of app-based models for roles like delivery and home services, there has been some degree of formalization in this sector. In the coming years, we foresee this segment to grow exponentially. said Sashi Kumar, Head of Sales, Indeed India

In terms of job roles, door delivery is the most prevalent gig role employers are hiring for currently – 22% for food and 26% for other delivery. In addition, 16% of the employers surveyed are hiring gig workers for household/vehicle repairs and maintenance and for cab/cwo-wheeler driving, 10% are hiring for cleaning and 7% for personal care service roles.

Challenges for gig job seekers

The study shows that the biggest barriers for gig workers are lack of access to job information (62%), not knowing English (32%) and not knowing the local language (10%) for workers who have shifted outside of their home town for work. Challenges in language also result in other difficulties with 14% of the gig workforce respondents reporting a lack of awareness of their jobs’ skills and abilities.

From an employer point of view, the top 3 challenges faced in hiring for gig job roles are resume and interviewing skills (52%) and poor awareness of required skills and abilities (51%) on the part of jobseekers, and the screening and assessing of jobseekers (37%). In addition, about one out of four employers feel language inadequacy is a concern and report this as an issue (24%). In contrast, skill awareness seems to be a significant challenge for employers (51%) compared to employees.

Earlier gig workers would be hired by middlemen or consultants who would provide job opportunities. However, the challenges from both employers as well as jobseekers indicate the need for a democratic, accessible platform that provides all information at one place to both stakeholders.

The need to empower gig workers

Nearly three out of five gig workers (59%) find their jobs uncomfortable (46%), if not hard and risky (13%). These factors could be pivotal in deciding whether an employee would prefer to stay in their current role or not, depending upon how satisfactory their experience was. Overall, the findings suggest that more employees are not particularly fond of their work – feeding the notion of gig jobs being a short-term occupation.

Given the importance that this niche segment is expected to have in the coming years, the imperative is on employers to make these job roles more attractive and satisfying for jobseekers.

Methodology:

This survey was conducted by Valuvox on behalf of Indeed among 550 employers and 750 gig workers across gig app companies (which includes personal care services, cleaning services, household/vehicle Repairs, food and other delivery, and cab/two-wheeler-driving), HR consulting, retail, food & beverages, and home & office services

About Indeed:

More people find jobs on Indeed than anywhere else. Indeed is the #1 job site in the world and allows job seekers to search for millions of jobs on the web or mobile in over 60 countries and 28 languages. More than 250 million people each month search for jobs, post resumes, and research companies on Indeed.