Reviewed by Aug 27, 2020| Updated on
The term "gig economy" means a general workforce environment, which includes short-term employment, contractual jobs, and independent contractors. It is also called "freelancer economy", "agile workforce", "sharing economy", or "independent workforce".
How it Works
A gig which is an individual task, assignment, or job individually represents a small portion of a worker's income. When workers aggregate a variety of tasks or shifts for various customers or businesses, their cumulative earnings may be similar to full-time employment.
Others exploit short-term jobs as a means on the side of gaining a part-time job or extra money. It works both ways—employees may search for flexible, short-term job contracts and businesses may seek to employ temporary contract staff instead of full-time jobs.
Workers who take advantage of the freelance economy to raise or augment their incomes also mention versatility as the greatest draw. When an individual is not engaged in a full-time employment contract with a single employer, they have greater flexibility over their job schedules thanks to the freedom to undertake only the jobs, tasks, or shifts that do not conflict with their other obligations.
Employees with full-time jobs that wish to augment their income can easily pick up a few gigs at night or on weekends. Skilled professionals can have more control over their career path by engaging in demanding assignments and creating an impressive resume of results that will enable them to achieve higher-level and better-paid full-time roles.
However, due to the versatility and earning opportunities it provides, many still prefer to remain a part of the independent workforce.
The companies that control the gig economy claim they are adding flexibility to work whenever you want. Critics including those who work for businesses claim that not only are employees lacking security and equal wages, but the jobs are not as versatile as they seem to be, as workers are forced or coerced to work as corporations need them.