Chandrika Pasricha’s Flexing It: Flexible Working=Maximum Job Satisfaction, Optimum Value!
“The myth about a full-time or a company job is vanishing. People have to take charge of their careers. Companies will not.”
-- Chandrika Pasricha, Founder-CEO, Flexing It Services Pvt. Ltd.
“Freelancers provide “the right talent for the right task at the right time.”
-- Daniel H. Pink, Author of Free Agent Nation: The Future of Working for Yourself
“There is one right way to manage people – or at least there should be.”
-- Peter F. Drucker
In September 2014, Chandrika Pasricha (Chandrika), Founder-CEO of Flexing It Services Pvt. Ltd. (Flexing It), a New Delhi-based flexible staffing firm, suitably described the workforce evolution that is currently underway. She wrote in her blog, “Much like the tectonic plates whose shifting can lead to the creation of new land-masses and mountains, we are seeing shifts in the way companies and professionals think about and organize work that is leading to the creation of a new industry and ecosystem – one that revolves around a freelance workforce and the services needed to make them productive.”
Tiding over some of the initial challenges such as having the right team in place, Flexing It has completed more than 2 years of its entrepreneurial journey. The business is based on an interesting new trend in HR – flexible staffing – which is gradually emerging as an important business strategy. What prompted Chandrika to initiate her business in this new trend in HR? The success of Chandrika’s e-business in this field reflects the trends in India Inc.’s HR landscape. Does crafting one’s own work portfolio result in better job satisfaction? What are the impending HR challenges that may arise out of hiring flexible workers?............
Chandrika’s Flexing It: Consulting to Co-Creation
Chandrika’s Consulting Career
Chandrika completed her MBA in 1997 from IIM Bangalore and started her career as a consultant at McKinsey & Company (McKinsey). During her 15 years association with McKinsey, Chandrika worked both in India and in the US, her consulting assignments primarily focused on healthcare. In 2007, Chandrika quit as a regular consultant but continued working with McKinsey as an external consultant...........
Entrepreneurial Options
Chandrika decided to turn entrepreneur after almost 15 years in her consulting career, guided by two factors – “On one hand, my own experience of being an independent consultant made me realize that there was a total white space with regards to structures to connect the demand and supply of short-term, flexible skills in India. I felt that this was a huge opportunity and a market segment that would only grow as both professionals and companies start to look at work differently.......
The New Concept of Work: Crafting Your Work Portfolio
Flexi-working and Flexible Working
The word freelancer originally connoted a warrior, in the medieval times, who brought his own lance to fight a battle. He did not represent any banner but offered his services to various groups of fighters. Similarly, in current times, an increasing number of professionals are pursuing their career independently and freelancing has become a global trend...............
Trends in Flexible Working
Globally, the online work industry, which is a part of the freelance economy, was estimated at $2 billion in 2014 and is expected to increase to $5 billion by 2018, registering a CAGR of more than 25%.
As per an estimate from Freelancers Union10, in the US, the number of independent workers increased from 10.3 million in 2005 to 42 million in 2013.11 According to a report from Accenture, in the US, nearly 20%–33% of the workforce comprises of the freelancers...............
Demographics behind Flexible Working
Chandrika explains that, “Contrary to popular belief, flexible working is almost equally sought after by both men and women – almost 60% of our registered user base is men. Geographically, professionals in metros are typically more open to flexible working given better availability of options in terms of opportunities though we have started to see an increase in professionals from tier 2/3 towns as well...............
Organizations Opting for Flexible workers
Among various organizations, startups show a higher affinity for flexible working. In a survey by Flexing It, 60% of the respondents said that ‘hiring the right team’ was their biggest business challenge. A startup by virtue of being young and small often does not have the requisite funds to hire people with domain expertise permanently. However, this domain expertise is needed not only in developing products and services but also for ratifying the fledgling business’s strategies.............
The Report Card on Flexible Working (Myths and Realities)
Researchers opine that the trend in favor of flexible working is due to commercial and personal advantages that accrue to individuals and organizations respectively. It is also due to the enabling business, economic, technological and social environment (Exhibit V). As per a report titled Flexibility drives Productivity, 72% of the respondent businesses opined that increased productivity was a direct outcome of flexible working................
Flexing It: Selectively Flexible?
The Journey of Flexing It
Flexing It started in the early 2012 and its website went live in October 2012. Chandrika tossed up her initial business model with the relevant stakeholders. When the plan was still in its conceptual stage, she discussed with friends, family and colleagues to get their critical feedback. Once the basic plan was ready, she took the suggestions of select mentors and advisors on execution of the plan............
Flexing It: Business Model
Flexing It’s work portfolio features project-based work, consulting arrangements, part-time functional roles such as part-time CFO or part-time CMO for a defined number of working days in a week and hours in a day........
Key Challenges
Chandrika faced several challenges in her entrepreneurial journey. She reminisces “When I started out, it was all about getting the foundations in place – I was doing everything myself, ranging from figuring out how to register a company, to developing the business model, to reaching out to companies and testing the idea.” One of the key challenges was getting the right team that could align itself with Flexing It’s ideology and objectives and had a sense of ownership for the organization..........
The New Paradigm of Skills and Work: Building a New Mandate?
The nature of freelancer jobs has evolved over the years. Earlier, freelancer jobs related to data entry, simple coding and simple tech jobs. However, freelancing is no longer restricted to creative, design and information technology sectors. It has advanced in the value chain. Freelancers can also now be seen in line functions (core functions) such as sales and marketing, strategy and business development...............
Flexible Working and HR Departments: Opportunistic to Strategic?
Earlier, there was a social stigma associated with freelancing in the corporate world – it was generally believed that a freelancer was a person who did not get any other ‘real’ job. However, freelancing has now found acceptance both by the society and by businesses. According to Chandrika, the need for flexi working/flexible working arises as now there is a...............
Assignment Questions
I. Elucidate the differences between flexi-working and flexible working? In your opinion, are there specific companies/industries suitable for either flexi-working or flexible working? Validate your opinion with relevant arguments.
II. Why do you think companies/HR departments opt for flexible workers. With reference to Exhibit V of the case study, discuss the pros and cons of flexible working HR practices from the viewpoint of both the companies’ HR Departments and the employees opting for it.
III..................
Exhibits
Exhibit I: The Evolution of the Employee
Exhibit II: Classification of Flexible Workers
Exhibit III: Evolution of the Working Trend
Exhibit IV: Select Startups and their Flexible Staffing Strategies
Exhibit V: Factors Facilitating the Growth of Freelancing
Exhibit VI: Flexing It’s Pricing Packages for Organizations
Exhibit VII: Profile of Companies and Professionals Registered with Flexing It
Exhibit VIII: Findings of the Report on Flexible Working by Regus
Annexure
Annexure I: Flexing It: An Overview
