Gig Economy

A gig economy is the free market system in which temporary positions are common and organizations hire independent workers for short-term commitments. The term ‘gig’ is a slang word for a job that lasts a specified period of time. Examples of gig employees in the workforce could include work arrangements such as freelancers, independent contractors, project-based workers, and temporary or part-time hires.

There has been a trend toward this in recent years. There is a number of forces behind the rise in short-term jobs. For one, the workforce is becoming more mobile and work can increasingly be done remotely via digital platforms. As a result job and location are being decoupled. That means that freelancers can select among temporary jobs and projects and projects around the world and select the best individuals for specific projects from a larger pool than what’s available in any given area.

Who are the part of gig economy?

Companies, gig workers, and consumers all make up the gig economy can apply to range from technical positions to transportation positions.

For e.g. (IT, Software development, Project management, accounting, Education, Construction, Media and Communications, Freelance writing, etc.)

How the gig Economy gives workers more

Freedom : 

There are all sorts of ways that the economy for workers has changed over the past decade or two. For example, 50 years ago people went to work for the company and might have stayed there their whole career, getting up promotions but not thinking about leaving the company. But nowadays people aren’t staying in the same place and they are not staying at one company. They are taking their lives in their own control. They are free to move wherever they want to.

Precarity :

The global pandemic exposes inherent precarity at the heart of this type of government, organizations, and individuals. In our recent interdisciplinary analysis of the amorphous gig economy, precarity emerged as the central tenet for understanding the tensions created, not only for individuals but also organizational structures and welfare systems.

Vulnerability :

Vulnerable employment has now paved its way into the gig economy. Replacing full-time employees with freelancers and independent contractors is the new mantra.

In India, we take pride in referring gig economy simply because now even the advanced economy has caught up with us.

Vulnerable employment is deeply tied to economic inequality and is therefore responsible to control the mobility of its workers and economy.