The gig economy is a freelancers’ market characterized by short-term, flexible, and temporary work arrangements facilitated by digital platforms and technology. In this economy, workers work simultaneously with industries, providing services from creative work to technical tasks to manual labour and service-oriented roles.
It was in the market in the early 90s and early 2000s. But due to the pandemic, it came to the limelight, as everyone has been starting to attend freelancing. Through this economy, gig workers can connect with employers or customers seeking specific services, such as ride-sharing, freelance writing, graphic design, or other on-demand tasks.
It ensures work flexibility so that employees can join or leave anytime, anywhere. Moreover, they can earn from multisource simultaneously. However, it raises concerns about job security, benefits, and labour rights, as gig workers typically operate without the traditional protections associated with full-time employment.
The gig economy reflects a shift in how people approach work, emphasizing agility and adaptability in a rapidly evolving economic landscape.