WHAT IS GIG ECONOMY?

• In a gig economy, companies tends towards hiring independent contractors and freelancers Instead of
full time employees.
• Temporary, flexible Jobs are common in Such economy.
• A gig economy undermines the traditional economy of full time workers who rarely change positions
and instead focus on a lifetime career.
• It is also referred to as the “freelancer economy“ , “agile workforce”, “sharing economy” or
“independent workforce”.
EMERGING SCENARIO

• In india 70 % Corporate have used gig workers at least once for major organizational issues in 2018.
• 58 % of American employers predict their workforce will contain more temporary and part time
workers in next 5 years.
• According to American staffing association, the temporary industry added more jobs in US over last few
years.
• In UK 5 million people are employed in this type of capacity.
THRIVING IN THE GIG ECONOMY

There are four connections :-

• Place – Disconnected from Corporate office, people find place to work that protect them from outside
distractions.
• Routine – People can have their own routine and they can work when they feel comfortable.
• Purpose – A big distraction between successful independents and one who aren’t is getting to that place
of knowing what you are meant to do.
• People – Reaching out to people of your inner circle helps to calm your anxiety.
HOW THE GIG ECONOMY IS RESHAPING THE
CAREERS FOR THE NEXT GENERATION

• Flexibility – The young people want to work when they want to and want to work how they want to.
• Fast Paced – The gig economy is fast paced and young people are impatient.
• Technology – Many technological projects are now executed by external workers engaged on freelance
basis.
• Pointless Manual Task – The gig economy doesn’t allow time for pointless manual task.
WHO CAN BENEFIT FROM IT

• Consumer – The gig economy is democratizing the access to many types of services, making them
affordable and highly efficient.
• Employees – Workers see the platform as alternative to generate income at convenient and flexible
dynamics.
• Entrepreneurs – They serve the recruitment cost and the cost of benefits. Additionally, taxes typically
aren’t withheld for gig economy workers.
UPSIDE OF GIG ECONOMY
• Flexibility and Freedom
• Mobility
• Global Productivity
• Minorities over Presented
DOWNSIDE OF GIG ECONOMY
• Almighty companies
• Who is Responsible?
• Lack of Transparency
• Incumbents Lack of Competitiveness
REFERENCES
• https://hbr.org/2018/03/thriving-in-the-gig-economy
• https://www.forbes.com/sites/johnfrazer1/2019/02/15/how-the-gig-economy-is-reshaping-careers-for-
the-next-generation/#5bc2bf1949ad
• https://economictimes.indiatimes.com/news/company/corporate-trends/gig-economy-on-rise-70-firms-
used-gig-workers-in-2018/articleshow/68221921.cms?from=mdr