Definition of Gig Economy

The gig economy is the most heard word in today’s economy. Most of the organizations today are interested in hiring freelancers rather than full-time employees because hiring freelancers is economical  & also engineers are looking forward to work at flexible timings by enjoying work and life balance this led to the increase in the gig percentage.

The gig economy is a work environment that supports temporary employment, independent contracting. Companies hire independent workers for short time periods & they shall be paid as per the agreed pay rate. The freelancer’s income is totally different from traditional employment because their jobs are not permanent. Gig workforce is similar to freelancing but the only difference here is it is used to refer to the long term freelance assignments. The gig economy can also be termed as freelancer economy, the sharing economy Or agile workforce.

Various reasons led to the enhancement of the gig economy. This includes mobile APPS development such as Swiggy, Uber, Ola, etc… which are offering On-Demand services for people whenever required and also the millennial generation workforce which aims at work-life balance. Moreover, this gives a Good Go for remote work because organizations that do not have a workforce in remote locations can improve their reach at the same hand when a freelancer travels to different locations they earn a good experience such that gig workers can pick the job that is enjoyable.

Studies from intuit predicted that by 2020, 40% of American employees shall be shifted towards the gig economy. A lot of opportunities are emerging out day by day irrespective of sector. If we have the right skills then the way is all yours. As an independent contractor one shall be able to handle the project from start to stop and this a huge opportunity for learning new things. Gig workers are called with different names which include Gig workforce, Contingent Workforce, OnDemand Workforce, etc…