Boom of Gig economy in modern world

Gig economy is a type of labour market pigeonholed by the dominance of short-term contracts or freelance activities in contract to permanent jobs. Recently there is boom of contract or freelance work at global level. In global business arena, advanced technology has created pioneering and more flexible ways to meet demand of customers. Among workforces, the gig economy is a new set of expectations and approaches to work.

Person, a gig signifies a small part of a worker’s income. When employees combined array of tasks, their cumulative remunerations can be analogous to that of full-time occupation. In contemporary environment, majority of SMEs wanted to create a culture of gig economy. There are great advantages of Gig economy. This offers immense flexibility for workers to complete the project or task besides profit. 

The gig economy is backed and fast-tracked by the emergence of technology and clienteles who expect goods and services to arrive faster than ever before. To fulfil these demands, businesses and governments require talented experts for short-term projects to drive modernization and rapid transformation. Simultaneously, personnel are also interested in job opportunities that offer greater suppleness and diversity.

Personnel or professionals get huge benefits to work in gig economy. In such work culture, professionals can get involved in projects for multiple companies. Concurrently, it can help them to grow skillsets and get more opportunities to enhance career. They can freely choose their projects and get real satisfaction in working on same. There is also less risk of income loss with multiple companies.

There is also huge benefits for companies in gig economy. They can recruit professionals for service and not on regular basis. This saves money and other resources. The most stunning example of gig economy for professionals or talented individuals is freelance work. It is probably popular gig. Presently, huge numbers of people are engaged in writing work and earn good amount. Coding and programming, graphic designing, photography, tutoring, babysitting, virtual assistance are other example of gig economy.

To roll up the strands, gig economy is drastically transforming the face of global workforce environment. The process of globalization fuels the gig economy in business world. Today, several business companies whether leading or medium sized, embrace the gig economy and hire contract or freelance personnel to augment efficiency and lucrativeness of business.