GIG Economy

DEFINITION

In a Gig economy, temporary, flexible jobs are commonplace and companies tend toward hiring independent contractors and freelancers instead of full-time employees. A gig economy undermines the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career.

 

FACTORS CONTRIBUTING TO A GIG ECONOMY

  • Large number of people willing to work part-time or in temporary position.
  • Gig economy is cheaper, with more efficient services.
  • From the perspective of Employers,  they have a wide range of applicants to choose from.
  • Start-ups get the economical work force – a boon for them.

As a result those who don’t engage in using technological services such as the Internet tend to be left behind by the benefits of the gig economy. Cities tend to have the most highly developed services and are the most entrenched in the gig economy. While not all employers tend toward hiring contracted employees, the gig economy trend often makes it harder for full-time employees to fully develop in their careers, since temporary employees are often cheaper to hire and more flexible in their availability.

ADVANTAGES 

For workers, the flexibility offered by Gig work seems to be the biggest attraction. Many workers want to work on projects that interest them, at a time that fits their schedule.

Greater flexibility and work life balance – as work can be done from anywhere at any time and high profit margins make Gig work an attractive concept.

DISADVANTAGES  

The biggest disadvantage of Gig Culture is its temporariness.

One has to create a name and space for himself to be in demand and initially that may take time, which is not the case with permanent nature of work.