Gig Economy – The Future of Work

“If I had an hour to solve a problem I’d spend 55 minutes thinking about the problem and 5 minutes thinking about the solutions.”
Albert Einstein
What is Gig Economy?
– Refers to a work engagement where on one side, there is a service seeker i.e. a consumer with a demand for a specific task, and on the other side, there is a service provider i.e. gig worker who can perform that specific task. Gig economy is a tech-enabled platform that connects the consumer to the gig worker to hire services on a short-term basis.

What is the purpose of Gig Economy?
– Gig economy is a project based which allows the adopter to cut overhead costs, and the gig worker to get paid for a specific task performed instead of receiving a fixed salary. Gig economy, thus moves from a traditional shift and job structure to an on-demand, freelance and task-based economy.

Who are Gig Workers?
– Gig workers are basically self-employed, freelancers, independent contributors and part-time workers
What are the trends in Gig Economy?
– The size of Gig economy is projected to grow globally by a 17 percent Compound Annual Growth Rate (CAGR) and generate a gross volume of ~$455 bn. by 2023.
– India has emerged as the 5th largest country for flexi-staffing after US, China, Brazil and Japan.
– Digital platforms have emerged as enablers for employment creation with the power to easily discover job seekers and job providers.
– Gig economy is gaining popularity and huge potential exists for white-collar workers due to demand increasing demand in industries such as project-specific consultants, logo/content designers, web designers, etc. besides the existing demand for blue-collar workers like Uber / Ola drivers.


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