Today’s generation has more versatility in their workforce model, as they do not have to rely on traditional 9–5 jobs to provide for themselves. Different elements like telecommunications and email have brought people together and made work more flexible. However, it is only possible with the rise of the GIG economy. People now have an efficient and more creative work life, taking on only short-term work because of the GIG economy.
It is a significant environment where businesses can contract freelancer workers for the short term, so both businesses and workers can benefit from this technology platform. The GIG economy offers the most beneficial opportunities for workers and companies, dramatically impacting the future labor market. However, this guide will help you understand the GIG economy’s impact on shaping the future labor market.
A GIG economy is an essential digital economy that operates with the flexibility of the workforce. It involves the exchange of workers and resources via digital platforms that actively offer seller-to-buyer matching. It is a free-market system where organizations temporarily or part-time hire independent laborers based on short-term contracts.
It is a contract-based economy where businesses fill part-time positions of freelancers for specific projects according to the needs and skills of workers. GIG workers gain independence and flexibility but need more job security. It can benefit businesses, workers, and consumers by making work more easy-going to meet demand needs and for a flexible lifestyle. The outcome of the GIG economy is more efficient services that are affordable for those willing to use the digital platform.
However, people who don’t use digital services may be left behind by the advantages of the GIG economy. An extensive range of positions falls into the category of GIG, which can range from delivery partners to freelancer developers. It has become an excellent source of job and income opportunities for working people, students, and people occupied with other work.
A prominent example of the GIG economy is freelancing. Big data and the internet have played an essential role in scaling up the GIG economy so people can use it. The Internet makes it easy for freelancers and businesses to transact or make deals. However, the GIG economy’s different platforms make it efficient to assemble independent laborers, employees, and customers. Moreover, jobs like ride-hailing drivers, home improvement projects, freelance services, delivery services, tutors, independent consultants, etc., are great examples of the GIG economy.
The GIG economy consists of workers, companies, and consumers. But all gigsters are not the same. However, here is the list of people who are a part of the GIG economy.
The GIG economy offers consumers a substitute for commercial industries and products. Consumers turn to it for better services and convenience. GIG platforms or apps have also been designed to meet consumer demand where a service is temporarily supplied and sometimes at lower prices.
The rise of technology-based workplaces has played a significant role in the growing interest in independent or self-employed workers and work that is more versatile. The current workforce is more inclined toward gigsters or freelancers, and the COVID-19 pandemic makes it a more appropriate job option for everyone.
According to a study, the GIG economy in India is likely to rise to $ 455 billion by 2024. As the demand for gigsters also increases, the purpose-driven and supported platforms help to overcome the issue. Companies, gigsters, and GIG platforms are building a mutually-beneficial environment to meet each other’s needs and demands. GIG platforms not only help freelancers get opportunities and work but are also very beneficial in providing support through online consultations, courses, and specializations.
GIG platforms are increasing to bridge the gap between the demand and supply of gigsters and companies. Organizations seeking qualified and skilled workers can leverage freelance platforms to attract the right candidate. Therefore, online freelance platforms are working as a stimulant to connect companies and freelancers.
The GIG economy offers significant opportunities and benefits to both workers and businesses. Workers get flexible jobs at home and can set their working hours. Independent workers can easily choose their interested job according to their schedule and preferences, which also offers them new opportunities. However, the GIG economy is incredibly beneficial for businesses as well.
Businesses can easily save their resources and money as they are not responsible for providing various employee benefits. It also enables companies to contract with experts who might be too expensive to hire full-time for a specific job. Still, they can easily hire experts for part-time positions in the GIG economy. Freelance platforms help businesses fill the skill gap as workers become more innovative and expand their skills with new projects.
The GIG economy also helps eliminate the need to set up a physical location, office space, and utilities for a business, reducing the additional cost. Specialized and independent contractors do not require high levels of training and supervision, which helps reduce development and coaching costs. Moreover, hiring an independent worker allows a business to have flexible staffing. The company can get the necessary staffing, whether the project is small or large.
As per the survey of current market trends in India, the future of work will depend on the amalgamation of a larger and more digitized workforce. Due to the opportunities and various benefits to all sectors, more and more people will inevitably transfer into the GIG economy.
However, the future of the GIG economy is expected to employ around 23.5 million people by the end of this decade.
However, here are some points that demonstrate the impact of the GIG economy on the future of work:
Technological development has expanded the opportunities of the modern workplace. Seamless integration of technology can increase business productivity and improve the living standards of GIG workers.
GIG models save money and help businesses invest resources and time in the technical department. It allows new start-ups to increase their workforce to adapt to shifting goals.
The rise of the GIG economy changed the working mindset and allowed freedom, flexibility, and personal fulfillment.
The GIG economy benefits both employer and worker by offering flexible and more productive work arrangements for workers and lowering company training costs.
Since the GIG economy offers different advantages to everyone, including companies, consumers, and workers, it will significantly impact the future of work in India as more and more people will work on a contract-to-contract basis for a short-term to do a specific project.
MIMOIQ is an excellent GIG platform that can help you join the GIG economy. We offer online training, job opportunities, and incentives to strengthen your growth and help you achieve your goals.
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