For a long time, individuals were known to work for a specific employer at set times, but with the advent of technology, employees are no longer required to be in a particular location to perform their duties.
While the gig economy has been gaining traction over the years, the pandemic has significantly boosted its popularity. Nowadays, companies that want to stay competitive in their industries need to find ways to keep their employees happy. This has led to a shift in company strategies to better understand the demands of the modern workplace. As the gig economy is highly sought after by millennials and Gen Zs, we’ll explore its impact on traditional employment.
Decoding the Gig Economy
You might have heard people talking about “securing gigs” while working, and you might be wondering what it’s all about. Well, the gig economy is here to stay. It’s a free market system where large companies can hire freelancers (also known as independent marketers) for short-term engagements. The gig economy serves as a digital platform where businesses and individuals can connect to exchange services for money. Here are some examples of the gig economy:
- Project-based work (payment per project)
- Part-time employment (working fewer hours than the standard work schedule)
- Freelancing (payment per task completed)
- Independent contracting (contract-based work with payment upon contract completion)
In the gig economy, it’s important to note that three key factors contribute to its existence:
- Workers
- Companies
- Consumers
Additionally, there are gig economy jobs in various industries, which include common positions such as:
- Art and design: graphic designers and musicians
