We all have been introduced to the concept of working from home. But gig economy is different from working from home. A gig economy is a free market system in which temporary positions are common and organizations contract with independent workers for short-term engagements. Examples of gig employees in the workforce could include freelancers, independent contractors, project-based workers and temporary or part-time hires. Techtarget.com The term "gig economy" refers to a general workforce environment in which short-term engagements, temporary contracts, and independent contracting is commonplace.
The growth of the gig economy represents a shift in the way people view work. Instead of a more traditional system where a worker works full-time for only one employer, some workers choose to enter the gig economy for the flexibility, freedom and personal fulfillment that it provides them.
In a gig economy, temporary, flexible jobs are commonplace and companies tend toward hiring independent contractors and freelancers instead of full-time employees. A gig economy undermines the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career. Gig economy workers may need health, disability or retirement benefits. A similar strong sense of mission comes through in discussions with major gig economy companies, including Airbnb and Lyft. Both have established "future of work" efforts within their companies (as has Uber).(Feb 12, 2019 Forbes)
The gig economy is when individuals offer their services on a part-time basis to companies both small and large. The sharing economy allows for individuals and families to take advantage of assets they possess and rent them out to people who need them.. Zoomcar is a perfect example of a sharing economy platform.
Over the last several years, the gig economy has grown significantly across the country. According to the Bureau of Labor Statistics (BLS) in US, in 2017, 55 million people, or more than 35 percent of the US workforce, were participants in the gig economy. By 2020, that number is expected to jump to 43 percent.(Sep 11, 2019 fee.org)
We find gig economy jobs are interesting, with more of responsibilities and less authority. Health benefits, insurance etc. are the lookout of the employee. The 10 Highest-Paying US Gig Economy Jobs of 2018
It can be added to that broad definition that the workers in a sustainable economy are financially healthy, which can be defined as able to pay bills, save and plan for the future financially. In this context, the gig economy may not be sustainable. (Ref-Medium.com)
Click here to read an article from Harvard Business Review on Thriving in the gig economy..
Some examples of gig economy jobs are given here.
Driving and delivery gigs are a popular part of the gig economy job sector
Freelance Writer.
Rent a Room in Your Home.
Rent Your Parking Space
Rent Your Storage Space
Handyperson Work
Landscaping/Lawn Care
House or Office Cleaning
Babysitting/Petcare
According to one definition, it is "a labour market characterised by the prevalence of short-term contracts or freelance work, as opposed to permanent jobs". And - taking opposing partisan viewpoints - it is either a working environment that offers flexibility with regard to employment hours, or it is a form of exploitation with very little workplace protection. (www.bbc.co.uk)
Click here to read an excellent BBC article on the gig economy ..
A gig economy is a free market system in which temporary positions are common and organizations contract with independent workers for short-term engagements. Examples of gig employees in the workforce could include freelancers, independent contractors, project-based workers and temporary or part-time hires. www.techtarget.com
One of the biggest upsides of the gig economy is that it offers flexibility to the employees. Unlike traditional employees, gig workers are free to choose what types of jobs they do and when and where they do them. The ability to work from home helps in balancing work and family schedules and demands. A gig is a temporary job. The employee often works on a specific project for a company, either as an independent contractor or a freelancer. Sometimes these gigs are full-time, and other times they are part-time. One downside to gig jobs is that they typically don't offer health insurance or other benefits. Balancesmb.com
The decision makers in society should discuss with local educational authorities to find how the gig economy concept could be popularised among the masses. Gig economy creates millions of entrepreneurs with great flexibility and infinite creativity. The downside of not having a permanent job with employee benefits could be offset with possibility for accepting highly specialised and highly remunerative jobs that need intense knowledge and training for execution with flexible and often intense working hours running into 12-16 hour work days.
Knowledge is more valued in a gig economy that education. While education gets one a job, knowledge and skills can get the person a livelihood. Will the external environment be matured enough to accept the redefinition of job and assignment ? Every task becomes an assignment that needs to be assigned to properly qualified and skilled people who can do it satisfactorily to the customer's needs and desires.
Some of the gig jobs and rates of payment are given here..
Deep Learning/Artificial Intelligence: $115.06 Per Hour.
Blockchain Architecture: $87.05 Per Hour.
Robotics: $77.46 Per Hour.
Ethical Hacking: $66.63 Per Hour.
Cryptocurrency: $65.37 Per Hour.
Amazon Web Services, Lambda Coding: $51 Per Hour.
Virtual Reality: $50.18 Per Hour.
ReactJS Developers: $40.75 Per Hour. (Ref- Thebalancesmb.com)
Click here for the case I wrote on the gig economy for classroom discussion ...
George..
The gig economy. Many of us have read about it and some of us have worked alongside professional contractors on our teams. However, very few understand what the gig economy is about. The most important question of all, “Is it a fad or is it here to stay?” what exactly is the gig economy?
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