What are the factors changing in Traditional Economy?
– Internet: Now, a person can find, apply for and get a job without ever being near the company they are working for. Moreover, gig workers can even get training, anywhere in the world, to specialize in just about any area of business they prefer. The internet has not only given us the power to find opportunities, but also the power to find and get training that is desirable for employers.
– Brain Power: The new gen people and the millennials: what they have learned about the brain in the last decade is amazing. We now know that human beings aren’t meant to work eight hours straight, they aren’t even meant to sit in chairs for long periods, both of which traditional jobs require of their employees. So how did we get here? The eight-hour workday is a product of the 1938 Fair labour.

– Changing nature of work: the traditional working hours, which limited the workweek to 48 hours or 8 hours per day is changing to flexi timing or work from home in many companies except manufacturing industries. Numerous studies indicate that a short break after an hour of working can result in peak performance.
– Competition: With the increasing pressure of the competition, the companies are finding the way to maximize profit through various cost saving measures. In doing so, it is easier and cheaper for a company to hire a freelancer to work remotely without having added costs of hiring and on-boarding an employee. Freelancers don’t need office space, benefits, expense reimbursements or any of those other factors that employees require.
How the Gig Economy benefits the company and freelancers?
– While the company can save money on space, benefits by engaging freelancer, rather it is also worth noting that company can bank on quality and specialized talent which is the significant factor for company’s success. Whereas, the freelancers find flexibility in their work schedules, exhibit agile and innovative to build customer confidence and align life passion with work.
(Data source from Google.com)
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Best Wishes for your career,
Giri Krishnan
BE (Mechanical), MBA (Operations),
Certified Independent Director
Founder CEO, Futures And Careers, https://futuresandcareers.com
Founder CEO, Upskill Learn, https://upskilllearn.com
Member of IOD, NHRD, NHRWA, IIE, National Entrepreneurs Community-Confederation of Indian MSME

Brief Profile:
HR Business Partner, Mentor, Advisor, Consultant, Interview panellist, Career Coach, Talent Advisor, Recruitment Partner for more than 250+ esteemed Clients;
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20+ years Operations experience in PSU, MNC, & Top Indian Companies and 12+ years’ experience in HR, Strategy & Business Improvement Strategies!