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Understanding the Gig Economy Dynamics

The document discusses the gig economy, which involves companies hiring independent contractors and freelancers rather than full-time employees. It is characterized by temporary, flexible jobs. The gig economy undermines the traditional economy of lifetime careers. The emerging scenario shows a rise in gig workers, with 70% of Indian companies and over half of US employers expecting to use more temporary or part-time workers. Benefits of the gig economy include flexibility for workers, lower costs for companies, and opportunities for entrepreneurs to avoid taxes. However, downsides include a lack of protections for workers and transparency regarding responsibilities.

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Bavithra Perumal
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131 views7 pages

Understanding the Gig Economy Dynamics

The document discusses the gig economy, which involves companies hiring independent contractors and freelancers rather than full-time employees. It is characterized by temporary, flexible jobs. The gig economy undermines the traditional economy of lifetime careers. The emerging scenario shows a rise in gig workers, with 70% of Indian companies and over half of US employers expecting to use more temporary or part-time workers. Benefits of the gig economy include flexibility for workers, lower costs for companies, and opportunities for entrepreneurs to avoid taxes. However, downsides include a lack of protections for workers and transparency regarding responsibilities.

Uploaded by

Bavithra Perumal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

WHAT IS GIG ECONOMY?

• In a gig economy, companies tends towards hiring independent contractors and freelancers Instead of
full time employees.
• Temporary, flexible Jobs are common in Such economy.
• A gig economy undermines the traditional economy of full time workers who rarely change positions
and instead focus on a lifetime career.
• It is also referred to as the “freelancer economy“ , “agile workforce”, “sharing economy” or
“independent workforce”.
EMERGING SCENARIO

• In india 70 % Corporate have used gig workers at least once for major organizational issues in 2018.
• 58 % of American employers predict their workforce will contain more temporary and part time
workers in next 5 years.
• According to American staffing association, the temporary industry added more jobs in US over last few
years.
• In UK 5 million people are employed in this type of capacity.
THRIVING IN THE GIG ECONOMY

There are four connections :-


• Place – Disconnected from Corporate office, people find place to work that protect them from outside
distractions.
• Routine – People can have their own routine and they can work when they feel comfortable.
• Purpose – A big distraction between successful independents and one who aren’t is getting to that place
of knowing what you are meant to do.
• People – Reaching out to people of your inner circle helps to calm your anxiety.
HOW THE GIG ECONOMY IS RESHAPING THE
CAREERS FOR THE NEXT GENERATION

• Flexibility – The young people want to work when they want to and want to work how they want to.
• Fast Paced – The gig economy is fast paced and young people are impatient.
• Technology – Many technological projects are now executed by external workers engaged on freelance
basis.
• Pointless Manual Task – The gig economy doesn’t allow time for pointless manual task.
WHO CAN BENEFIT FROM IT

• Consumer – The gig economy is democratizing the access to many types of services, making them
affordable and highly efficient.
• Employees – Workers see the platform as alternative to generate income at convenient and flexible
dynamics.
• Entrepreneurs – They serve the recruitment cost and the cost of benefits. Additionally, taxes typically
aren’t withheld for gig economy workers.
UPSIDE OF GIG ECONOMY DOWNSIDE OF GIG ECONOMY
• Flexibility and Freedom • Almighty companies
• Mobility • Who is Responsible?
• Global Productivity • Lack of Transparency
• Minorities over Presented • Incumbents Lack of Competitiveness
REFERENCES
• https://hbr.org/2018/03/thriving-in-the-gig-economy
• https://www.forbes.com/sites/johnfrazer1/2019/02/15/how-the-gig-economy-is-reshaping-careers-for-
the-next-generation/#5bc2bf1949ad
• https://economictimes.indiatimes.com/news/company/corporate-trends/gig-economy-on-rise-70-firms-
used-gig-workers-in-2018/articleshow/68221921.cms?from=mdr

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