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August 18, 2020
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The Gig Economy

What is a Gig Economy?

The Gig Economy is the new trending global economy. It is the underground economy that is now becoming the dominant economy, as a result of the COVID-19 pandemic. Gigs are the new temporary jobs that suit the anti-nine-to-five work preference.

Check out an excerpt from a Fortunly article, written in 2020, which discusses the Gig Economy and it’s evolution since the 1980s.

The gig economy is taking over the world, and the United States is no exception. An increasing number of American businesses and workers are opting for the gig model, primarily because of more flexible working conditions. Younger generations are leading the way, although there’s a significant number of gig workers who were born well before the 1980s.

There are many factors influencing the growth of the gig economy. Companies are turning to freelancers to do jobs that are not directly related to their industry (such as marketing, design or content creation) in a cost-effective way.

A growing number of online platforms offer excellent earning opportunities, and with a decreasing need for physical presence in the workplace, it’s easier than ever to work for multiple employers simultaneously.

Still, being a gig economy worker comes at a price. Gig workers enjoy a flexible lifestyle and the freedom of being their own boss, but many sacrifice their financial security and income predictability.

According to one study, the freelance economy is growing three times faster than the traditional workforce in the United States. What was once considered a fringe employment model has now become mainstream…

This is a link to the article for your reference:
https://www.forbes.com/sites/jonyounger/2020/04/14/covid-19-is-likely-to-give-freelancing-a-major-growth-spurt/#383d968a7f37

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