All About Gig Economy

Today peoples are talking about a new economy named as gig. Everyone wants to know what is gig economy? What are its advantage and disadvantages? How does it works? Etc.

The gig economy is mainly based on temporary, or freelancer jobs and often connecting with clients and business with an online platform. It is really flexible. In this type of economy people work like a part-timer, they don’t have a fixed type of income. They are paid according to their work, this is a type of extra money that everybody wants to earn in their free time.

But it get a great boost during lockdown, as everything was closed during lockdown, people lost their jobs and they had nothing to do. During this time of crisis people wants to do work from their home as they were not allowed to go outside. This time many freelancer companies provide them jobs. The result of a gig economy is cheaper, more efficient services, such as Uber or Airbnb, for those willing to use them.

The gig workers include freelancers, independent contractors, project-based workers and temporary or part-time hires. The gig workers can get the work from any part of country or world and the company can find the best worker for that particular job. Some works that are mostly done in this type of economy are like accounting and finance, construction, education, freelance writing, media and communication, project management, etc.

It mostly benefits the companies as they don’t have to pay them permanently. They don’t have to give them any incentives or bonus, the company don’t have to bother who is working for them. They will get their work done and then they have to do their payments, simple. The workers also get the flexibility in their work, they don’t get stuck in a full-time job that doesn’t interest them. This sort of freelance economy also lets workers choose when they want to work and helps them avoid being locked in.

As there are many benefits of this economy there is also some downside of it, like the gig workers doesn’t get any benefits that they can get in a permanent company like bonus, sick leave and health insurance, equipment and training. There is always some insecurities and inconsistency of income in this type of works, people always don’t get the work as they are not permanent. Temporary workers who come and go in an organization make it difficult to maintain consistent relationships among workers, employers and clients on a long-term basis.

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