Imagine working for a company for a fixed period of time and then switching to another as per your wish, isn't it exciting?
Gig economy is known for the same. Gig is anything that provides us with an income. Gig economy is an economy system where companies hire people for a specific period of time. These people work independently to earn their livelihood. In simple terms, it is freelance work. According to certain studies, the gig economy supports 90 million non-farm jobs, transact over $250 billion in work volume, and add an extra 1.25% to GDP over time.
Who are majorly included?
The first most entity of the gig economy system are the employers who hire workers. It further consists of independent workers on contract basis, project based workers for a specific project and part-time workers who work less than full-time hours. These are selected by the employer out of the pool of thousands of people requiring a job that fulfills the eligibility of the position the employer is recruiting for.
Why is it in trend?
Companies tend to hire employees for short term commitments as it helps them to cut the cost which they would give to the full time employees. Gig economy also brings with itself the ease of working from anywhere in the world where the employer and employee can meet through digital platforms such as Zoom, Microsoft Teams, Google Meet, etc. Workplaces are getting mobile with the use of the gig economy system. Moreover, employers can select the suitable person for a particular project from a larger pool than is available in any given area. Businesses don't have the burden of providing employee benefits such as sick leaves, health insurance, office space, training, etc.
Upper hand for workers?
Workers enjoy getting to work in the gig economy due to its flexible nature. The system gets workers to maintain a work life balance which is tougher to maintain in traditional 9-5 jobs. Independent workers are able to maintain their schedule according to their preference. In one week of the month, they are working hectically whereas in the other they are on a vacation to Mauritius. But just like the other side of the coin, the employers have to up-skill themselves according to the trend as no training is provided by the employer. Even basic employee benefits are ceased for the independent workers.
As the gig economy continues to grow, addressing concerns such as job security, fair compensation, and the lack of traditional employee benefits will be crucial. Striking a balance between flexibility and stability could pave the way for a more sustainable and inclusive future of work.
By- Akshita Wadhwa
Post A Comment:
0 comments: