Rashid's Blog: A Place for Inquisitive Souls

The structure of the Economy is changing fast; a new social class is emerging, which is part of gig economy. It can change the economic structure of the future. The structure provides several benefits to both employer and worker.

A gig economy is a labour market that relies heavily on temporary and part-time positions filled by independent contractors and freelancers rather than full-time permanent employees. This is partly the result of changing Leisure Patterns.

Gig workers gain flexibility and independence but little or no job security. On the positive side they are no longer bound by the organisation they are working in. They are free from exploitation generated by the job market. Many employers save money by avoiding paying benefits such as health coverage and paid vacation time. Others pay for some benefits to gig workers but outsource the benefits programs and other management tasks to external agencies.

The term is borrowed from the music world, where performers book “gigs” that are single or short-term engagements at various venues.

In a gig economy, large numbers of people work in part-time or temporary positions or as independent contractors. The result of a gig economy is cheaper, more efficient services, such as Uber or Airbnb, for those willing to use them.

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