Gig Economy is the term used to define a workforce environment comprising of short term engagements, part-time jobs, temporary contracts in a commonplace. It is also referred to as freelancers economy.
Gig economy is a free market system in which temporary job roles are common and organizations get into a contract with independent workers for short term engagements. These independent contractors are termed as gigsters.
Today’s gig economy is evolving and many start-ups are leveraging on its benefits for their employment. Gig economy is very beneficial especially for the younger generation as many of them do not prefer to be one stable job for a long duration of time. With changing times and the attitude in which employment is looked at these days, the gig economy is the most viable and economical solution. It benefits the gigsters as well as the organizations employing them.
Thanks to the gig economy, today the younger generation also referred to as millennials have a wide range of career options to choose from. Also if they choose a particular carrier and are not happy with the same, they have an option to switch to other fields easily. Gig economy gives them the flexibility to do more than just a job. So they are able to earn as well as either take up their passion or studies. If need be they can take a break as well and get back to earning as per their comfort. This is a major benefit that the gig economy provides and hence most millennials prefer being gigsters.
Gig economy is redefining the way employment is taking place. It is also redefining the way people can earn money. Earlier getting a good and stable job was the norm. But thanks to the gig economy, this is not the norm any longer. Millennials want to start earning young and fast and hence as they are graduating they take up various part-time jobs contributing to the gig economy. Millennials today are easily bored and don’t want to be doing the same job lifelong. Here is where the gig economy helps, as they can switch various jobs easily. This way they are on short term projects and there is no boredom. Millennials don’t want to have only one career option. They want to experiment and have experience in other career options as well. Gig economy helps them achieve this. Millennials today know the importance of having more than one income source, hence prefer doing two or three part-time projects. Gig economy helps them achieve this.
As we can see, the gig economy is made to match the changing times. It is made to match the attitude of the millennials. Hence it is the future economy. It allows millennials the freedom of experimenting and gives them a huge earning platform from various sources. Gig Economy is the future way of employment.