GIG ECONOMY

Presented by:- Aman kumar singh , Prashubh , Dev Dwivedi, Shiva Agarwal,
Krishna Rai
What is GIG?

The term "gig" is a slang word

for a job that lasts a specified
period of time
Understanding GIG Economy?
 The gig economy can benefit workers, businesses, and
consumers by making work more adaptable to the needs of
the moment and the demand for flexible lifestyles.

 In a gig economy, large numbers of people work in part-

time or temporary positions or as independent contractors.
The result of a gig economy is cheaper, more efficient
services, such as Uber or Airbnb, for those willing to use
them.
 Definition & components
 A gig economy is a free market system in which temporary
positions are common and organizations contract with
independent workers for short-term engagements.
 An estimated 56% of new employment in India is being
generated by the gig economy companies across both the
blue-collar and white-collar workforce.
 According to a 2019 report by the India Staffing
Federation, India is the fifth largest in flexi-staffing
globally, after the US, China, Brazil and Japan.
Factors Behind it
 America is well on its way to establishing a gig economy, and
estimates show as much as a third of the working population is
already in some gig capacity as of 2021.
 Employers also have a wider range of applicants, Working
flexibility.
 In the modern digital world, it's becoming increasingly
common for people to work remotely or from home. This
trend accelerated during the 2020 COVID-19 pandemic.
 Economic reasons.
 It's also common to change careers many times
throughout a lifetime, so the gig economy can be viewed
as a reflection of this occurring on a large scale.
 The gig economy can serve up to 90 million jobs in
the non-farm sectors in India with a potential to add
1.25% to the GDP over the "long term".
Criticisms of the Gig Economy

 Not all employers are inclined to hire contracted employees, the

gig economy trend can make it harder for full-time employees
to develop in their careers since temporary employees are often
cheaper to hire and more flexible in their availability.
 flexibility of working gigs
 workers in a gig economy are more like entrepreneurs than
traditional workers
 Competition for gigs has increased.
 discourage investment.
GIG workers vs Traditional workers
GIG TRADITIONAL
Short term workers Long term Workers.
Flexible work hours. Work on a scheduled time
Contract Employment
Paid for specific task Paid for task of a week, month, or a
Must use their own resources year
Can use company resources
Benefits of the Gig Economy

Gig workers are viewed as Economy hire.

Save on employee benefits.
Attract right talent as per the current
needs.
66%of large companies use gig workers
to save labour cost
Variety in work
Source:- https://samajho.com/upsc/gig-
economy/
Example of gig economy
 Food delivery
 Digital freelance services
 Education
 Airbnb
 Etsy
 Transportation
Thank you