GIG Economy

What is the Gig Economy?

Gig economy is a working model wherein people usually work for the time and the tasks that they intend to work for. This model allows people to work on their own terms. Within this model, people work and get paid for the tasks or the gigs that they attempt, and not for the hours that they put in.

What are the factors behind the Gig Economy?

The gig economy keeps becoming more prominent because people are looking for career stability and flexibility in their work assignments. Finding a more progressive approach to work and trying on new hats is another reason why people find the gig economy highly appealing. Here are some more factors that contribute to the same:

• The presence of easy and digitized pay
• The rise of contract-based working
• The growth of the freelancing business
• The growth of contract-business working

What are the pros and cons of the Gig Economy?

Pros for the gig economy workers:

• Flexibility
• Greater independence
• Variety of jobs

Cons for the gig economy workers:

• No employee benefits
• Employee isolation
• Uncertainty and stress

Pros of hiring gig economy workers:

• Lower cost
• Ability to scale quicker
• Diverse talent pool

Cons of hiring gig economy workers:

• A less stable workforce
• Tight contract regulations that are hard to navigate

What is the Gig Industry?

The gig industry is made up of people who follow a working model wherein every person is paid on the basis of the tasks or gigs that they do. These people may not have a fixed designation and usually do not stick to one single job profile.

Why is it called the Gig economy?

The gig economy gets its name from the fact that the people working on the gig economy model get paid for the individual tasks or gigs that they attempt.

Which companies use workers in the gig economy?

The gig economy is primarily made up of drivers from orgs like Amazon, Uber, Deliveroo, etc.