What is the Gig Economy?

In recent years there have been huge advancements in technology, from the mobile phone to the laptop computer to the tablet, to the development of software products available and communication products available, all to make our lives easier. Most of this technology is also used in the Gig Economy and the best Giggers are those who are the most proficient in using the various forms of technology. 

According to Merriam-Webster, the phrase ‘gig economy’ was first used in 2009, and when it was used to describe an economic activity that involves the use of temporary or freelance workers to perform jobs typically in the service sector. This is indeed an adequate explanation, but further definitions are still required, especially now that there are even more people working in gigs in the technology sector, sport sector, and even in education and the offices around your nearest city.  

The gig economy is also known as freelance, side hustle, temporary, and contractual economy. According to one study, the freelance economy is growing three times faster than the traditional workforce, but why is that? 

Gig economy participants sometimes treat their gigs as their main source of income, and sometimes as a secondary one. Some of them are highly skilled and this type of work is their choice, often their passion, some are unskilled and have no alternatives. In the gig economy, every individual has the chance to market themselves, given the right digital platform. It is easy to sell your skills and talents to people who need help. In today’s economic climate, the gig economy is so important to every business, because of its efficiency and reliable access to a lot of skilled and available individuals.

Technology has changed the way our economy and society work. We now communicate, travel, bank, play, meet new people, and work differently. Today, we have the gig economy of temporary or contracted employment, where freelancers’ skills are hired for projects on demand. Furthermore, you can easily find gig employees on talent platforms or in marketplaces and communities which are full of superb individuals! The gig economy is reshaping our society, and it isn’t just a mere freelance job, it can be the new norm of the labor market. Defining it as a contractual job is no longer enough. The Gig Economy is a community of freelancers that has a lot to offer.

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