Gig Economy: An Economic Trend

A term has evolved lately, in view to curb ongoing slowdown of economy. Indian business environment has also started experiencing the wind of “Gig Economy” and the industrialists consider it to be the near future. Now, what actually is the Gig economy? The term refers to general workforce environment in which short term employments, temporary contracts and independent engagements are common rituals. It is also known as “freelancer economy”, “agile workforce” or “independent workforce”. Since the world is changing on various parameters, workplace or working environment is one such aspect. 

The gig economy differs from traditional work practices, as here the nature of job is neither permanent nor contractual. An individual is free to opt for as many assignments or organizations and venture into various job roles. Contractual workers are hired for a specific period and have to be physically present in organization but a freelancer can work from home and doesn’t actually have to commute. The given trend can boost career opportunities for people who had to give up their career under certain circumstances and are willing to kick start it again, for e.g- home makers, retired professionals, etc. 

How does Gig economy work?

A gig represents a small part of individual’s income which may be in the form of short term tasks or assignments. Here flexibility to get involved in other assignments is there which results in getting involved in large number of small tasks and enjoying privileges similar to full time employment. Nowadays, organizations are seeking freelancers at a significant rate as it saves resources and is also beneficial for employee. 

With the given surge in technology, it has become easier to implement gig economy on virtual platforms. Prime examples are educators on Unacademy, Udemy and various other online education courses providers. The virtual platforms allow the employees to work as per their flexibility and also easily communicate with their employers. 

The world economy is on a roller costar ride leading to job securities and prospects in doldrums. The added unemployment rate is pressing hard on the issue. With the ever increasing population, the need to inculcate substitutes has amplified. Indian government has launched various initiatives like “Start-Up India”, “Make in India”, “Atal Innovation Mission”, etc to increase self employment. In educational institutes various programs are being organized to encourage youth to innovate. Calcutta Business School has its own E-Cell where ideas are nurtured and a platform is provided to aspiring minds. 

Gig Economy can be a life changer for various sectors which shall tend to address current slowdown and reform the world economy with increased number of startups and job creation. 

Shalini Singh

2019-21