![]() ![]() They work on a contractual or freelancing basis to render their services. While there are various gig economy jobs, the working structure remains the same. The gig economy jobs include carpooling, labor and delivery services, and freelancing. According to a CNBC report, in February 2020, the number of gig economy workers increased by 15% (i.e., 6 million more people) to the gig economy. However, the instant boost was during the global COVID-19 pandemic in 2020, which led the gig workforce to surge. Later, companies like Uber, Flipkey, Airbnb, and Amazon flex started hiring gig economy workers through online gig platforms. In 2017, almost 55 million Americans became part of the gig economy. The young generation started working as freelancers on a contract basis to survive the crisis. It led to an alteration of the nature of business. Many businesses lost operations during the global recession in 2007-2008. However, people are unaware of this concept, although it has prevailed for many years. However, in the later stages, businesses and organizations added various definitions. The word “gig” refers to a temporary nature of business used by musicians and artists. Various key drivers, such as flexible working, changing work styles, and varied fee models, boosted the freelance economy in the 21st century. In this way, the employer gets resources at a lower cost, and workers get to follow their career paths. The gig economy allows companies to hire freelancers and independent workers at a cheaper rate. ![]() They have to pay their taxes and expenses independently. Employers provide no additional extra benefits to the gig workers. It erodes the foundation of the traditional economy consisting of full-time workers.However, the excess workload can cause stress to the gig workers. Various benefits to this kind of economy include independent flexibility, cheap availability of labor, higher productivity, etc.Freelancers and workers use gig economy platforms like Fiverr, Upwork, Uber, Lyft, and Amazon flex.It enables the flexible exchange of labor at a cheaper rate. The gig economy is a system where people go for freelancing, temporary contractual jobs instead of full-time. ![]()
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