“Gig” or “Gigue” is a slang word used for temporary or short term job. “Gig” Economy refers to labour market with short term, freelancing work arrangement mainly on digital platforms where services providers are connected to customers. Gig workers are usually known as “Independent contractors” and are self-employed. Workers can choose when to work? how to work? where to work? payment for their service etc in fact they are flexible in terms of time, way of work, their service desk and salary. People give on-demand services.
Gigs can be as simple as providing food delivery services, car rides, video lectures, data entry etc and it can also be advanced level such as developing a website or software, digital consultancy, content writing, graphic designing etc.
Gig economy has experienced a surge in growth since covid-19. Geographical barriers are almost zero to none with people relying more on internet and digital devices. People now prefer income with comfort. Although Gig economy gives flexibility but it comes with cost. Gig workers cannot raise their charges per service suddenly because gig market is vast.
Customers approach another service provider if they are not satisfied with someone’s work or the amount they charge. While earning from home seems appealing, insecurity regarding temporary job remains. Networking with people globally feels like success, but unfamiliarity with clients and uncertainty about online scams remains.
Flexible hours feel like independence, but sleep schedule and daily life patterns can be disrupted.
In conclusion, the gig economy benefits employers by reducing health and benefit costs, paid vacations, low pressure to raise charges.
For gig workers, this business model offers scheduling freedom and diverse income opportunities, but it also requires them to manage their own benefits and financial responsibilities, such as health, taxes etc.