Gig economy

In this digital age, the workforce is becoming more mobile and work can increasingly be done from anywhere. As a result, job and location are being separated. A gig economy is a free market system in which temporary positions are common and organizations hire independent workers for short-term commitments. The term “gig” is a slang word for a job that lasts a specified period of time and it is typically used by musicians. In Gig economy, more specifically new technology-enabled kinds of work are involved. It’s also referred to as the “freelancer economy,” “agile workforce,” “sharing economy,” or “independent workforce.” Examples of gig employees in the workforce could include freelancers, independent contractors, project-based workers and temporary or part-time hires.

Components of Gig economy

The Gig economy is made up of three main components:
Independent workers – they are paid by the Gig (i.e., consumer of a task or a project);
Consumers – they need a specific service, for example, a ride to their next destination, or a particular item delivered; and
Tech platforms or companies – they connect the worker to the consumer in a direct manner, including app-based technology platforms. Companies such as Uber, or TaskRabbit act as the medium through which the worker is connected to – and ultimately paid by the consumer. 
Benefits of Gig economy

They offer flexibility, freedom and personal fulfillment to the freelancers or independent workers.That means that freelancers can select among temporary jobs and projects around the world. From the perspective of the freelancer, a gig economy can improve work-life balance over what is possible in most jobs. In a gig economy, businesses save resources in terms of benefits, office space and training. They also have the ability to contract with experts for specific projects who might be too high-priced to maintain on staff. The employers can select the best individuals for specific projects from a larger pool than what’s available in any given area.

The Four Connections

Place – Disconnected from a corporate office, the people find places to work that protect them from outside distractions and pressures and help them avoid feeling rootless. Many claim their work was portable.

Routines – In organizations, routines often improve people’s workflow: keeping a schedule; following a to-do list , beginning the day with the most challenging task etc.

Purpose – For most people in our study, striking out on their own initially involved doing whatever work would allow them to find a footing in the market. But they remain with a strong will that succeeding means taking only work that clearly connects to a broader purpose. All could articulate why their work, or at least their best work is more than a means of earning a living. Purpose creates a bridge between their personal interests and a need in the world.

People – Humans are social creatures. how important other people are to our careers — as role models who show us who we might become, and as peers who help us progress by sharing our path. Loneliness might hit the independent workers and they can certainly be at even greater risk.Some freelancers are keenly aware of the dangers of social isolation and strive to avoid it. All reported having people whom they turn to for reassurance and encouragement. In other cases they’re family members, friends, or contacts in similar fields, who can’t always offer specific work advice but nevertheless help them to push through challenging times and make them to take the risks their work requires.

Summary

In the digital age, the workforce is becoming more mobile and work can increasingly be done from anywhere. Hence, Gig economy comes into picture offering mutual benefits to the worker and consumer. In Gig economy, more specifically new technology-enabled kinds of work are involved. They offer flexibility, freedom and personal fulfillment to the freelancers or independent workers.The four connections that an independent worker or freelancers have are People, Routines,Purpose and Place. Purpose creates a bridge between their personal interests and a need in the world.