GIG ECONOMY: HOW IT HAS REVOLUTIONIZED THE MEANING OF WORK

Abstract

The evolution of labour market is not a very old phenomenon. The emergence of new technologies has always made the market for labour a dynamic one. The Industrial revolution created a structural change of how labour functioned in the U.K. within a generation. But the pace of rapid changes in technology today is unprecedented and has resulted in new forms of employment. With the pressure of a dynamic labour market and precarious financial conditions, a culture of freelancing or gig economy has been on the rise and it is being often referred to as the ‘Gig Economy’. The fast shift towards the gig economic system is seen on each a micro and macro level. On a client level, a desire to take an Uber to work versus a taxi cab is one example of how humans are using this model. Within a corporation, it may want to be a decision to shift from using in-house IT to enlisting the services of a freelance software developer in order to create a new Website. Perhaps one of the triggers for the rise of the gig economy can be attributed to the 2008 global financial crisis. People were rendered jobless due to the meltdown and it made people resort to short term modes of employment for making ends meet. While popular examples like Uber and TaskRabbit may initially come to mind, the gig economic system had reached way beyond our favorite smartphone apps with up to 57.3 million employees collaborating in 2017.Particularly with advances in technology, this permitting hundreds of thousands of humans round the globe to opt for increased independence in their work lives. Whether any person is absolutely devoted as an unbiased contractor or dabbling backyard of their full-time position, the gig surroundings has advanced and accelerated its opportunities over the years as a end result of elevated mobility and the rising digital age. Gig opportunities and structures range from crowd sourcing, app or web-based bidding and task-based work activities, to the demand for outsourced companies with one-of-a-kind skills. For example, crowd sourcing invitations agencies or humans to get admission to an on line platform to outsource tasks to registered members. Others tap into the gig financial system thru advanced freelancer platforms which enable folks to set up a profile, bid on jobs relevant to their skills, and set their charges utilising a mobile bidding platform. With the benefits as a end result of this new dynamic, though, comes new challenges for many groups entrenched in the combat for talent. To better apprehend the intelligence implications and proactive options groups be considering, it is important to first reply a few key questions: Who makes up the gig economy, why does it proceed to grow, and where is it headed? These questions rightfully deserves to be understood in order for policy makers and researchers to design appropriate steps to regulate as well as make the environment conducive for the gig economy to thrive, Therefore, this paper attempts to unfold hidden aspects related to the gig economy and also tries to delve into the peripheral aspects of the functioning of the gig economy