Implications of Gig Economy

Abstract

: The term “gig” denotes a temporary job or assignment. In a gig economy, temporary roles are prevalent and businesses engage independent workers for short-duration projects within a free-market framework. Gig workers encompass freelancers, independent contractors, project-based individuals and temporary or part-time employees. Gig apps and digital platforms frequently serve as intermediaries linking customers with gig workers. The emergence of a gig economy is a contemporary phenomenon influenced by several key factors, with two standing out-increased workforce mobility and growing remote work opportunities. With the rise of remote work facilitated by digital platforms, freelancers have the opportunity to take on jobs or projects from employers located anywhere in the world. Likewise, employers can choose from a larger and more diverse pool of talent when selecting the right person from a specific project, regardless of geographical constraints. This global marketplace fosters increased efficiency and access to specialized skills for both freelancers and employers. While the gig economy offers various benefits, it also presents significant drawbacks and creates numerous challenges for those involved. There is a need for regulatory measures and social support systems to address the challenges faced by the gig workers and ensure fair and equitable working conditions in the evolving labor market. This research paper highlights the implications of gig economy for both the businesses and the workers and suggests measures to tackle the associated challenges.