What Is A GIG Economy – Free PDF Download

WHAT DOES THE WORD GIG MEANS?

• The term “gig” means “a job for a specified period of time” and is typically used in referring to musicians.

WHAT IS GIG ECONOMY?

• In a gig economy, companies tend towards hiring independent contractors and freelancers instead of fulltime employees.
• Temporary, flexible jobs are common in such economy.
• A gig economy undermines the traditional economy of fulltime workers who rarely change positions and instead focus on a lifetime career.
• The gig economy is based on flexible, temporary, or freelance jobs, often involving connecting with customers through an online platform.
• Those who don’t engage in using technological services such as the Internet tend to be left behind by the benefits of the gig economy.

IS PART-TIME IN A COMPANY COMES UNDER GIG ECONOMY?

• Companies still maintain a mostly formal structure with full and part-time employees.
• Working with someone in the gig economy means you’re working with someone who has no ties to any formal employment.
• These people are entirely responsible for their own income, taxes, and assignments.

BENEFITS OF GIG ECONOMY

• Greater flexibility to both employers & employees.
• Cost-effective
• It’s great for time management
• Businesses save resources in terms of benefits, office space and training.

PROBLEMS OF GIG ECONOMY

• The gig economy prizes speed over results
• Limited control on life. (working certain hours each day)
• Feeling Isolated
• You have to wear the Entrepreneur’s Hat
• Problems with legislature and compliance

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