Gig Economy


Gig economy is a free market economy in which temporary positions are common and organizations contract with independent workers for short-term engagements. The term "gig"  is defined  as a job for a specified period of time and is typically used in referring to independent worker. Examples of gig employees in the workforce could include freelancers, independent contractors, project-based workers and temporary or part-time hires, independent  business holder etc...
The trend towards a gig economy has begun with the predicted that by 2020, 40 percent of American workers would be independent contractor or self employed . There are a various factors leading to rise short-term jobs. For example, in the digital age, the labourers  are increasingly mobile and work can be  done at faster  rate. The location  of  the  work will not affect  the  progress of  the  work.  That means that freelancers can select among temporary jobs and projects around the world, while employers can select the best individuals for specific projects from a larger pool than that available in any given area.
Digitization has also directly leading ro the contraction of the job market. As software replaces some types of work to maximize time efficiency. Other influences include financial pressures on businesses leading to a flexible workforce and the entrance of the Milennial generation into the labor market. The current reality is that people tend to change jobs several times throughout their working lives and the gig economy can be seen as an evolution of that trend.
In a gig economy, businesses save resources in terms of benefits, office space and training. They also have the ability to contract with experts for specific projects who might be too high-priced to maintain on staff. From the perspective of the freelancer, a gig economy can improve work-life balance over what is possible in most jobs. Ideally, the model is powered by independent workers selecting jobs that they're interested in, rather than one in which people are forced into a position where, unable to attain employment, they pick up whatever temporary gigs they can land.
The gig economy is part of a shifting cultural and business environment that also includes the sharing economy, the gift economy and the barter economy.


Sources: Google and Facebook



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