Inspired by the music world – ‘Gig’ literally means a Single “Live Performance”. Gig’s concept has become popular and is widely used even in the short-term work culture. In the Gig Economy Gig-work refers to working on a single project or short-term engagements, in the freelance industry.
In the labour world, the gig economy has been relying on temporary or part-time positions filled by freelancers rather than permanent employees. While the employer benefits from finding talent without the hassle of long-term contracts, the GIG workers gain with freedom of spacing their time and working at will.
It is projected that the total employment potential of the gig economy in India will touch a staggering 23.5 million (4.1% of the total workforce) by 2029-30. This will be a gigantic leap (of almost 200%) from 7.7 million workers engaged in the sector at present. Surprisingly, 59% of gig workers are engaged in technology, IT and Design jobs. Another 24% have marketing, multimedia production, and content writing jobs.
The Advantages of the Gig Economy
Here are some of the advantages of the gig economy
Work without boundaries
Gig economy workers can potentially work from anywhere in the world instead of being limited to local companies’ premises.
Independent work fits around other factors like creative passion or family responsibilities. Gig workers are also free to choose when they can complete their work, which may not be during Monday to Friday, 9-5 traditional schedule.
Freedom to select projects
As an independent worker, you have the freedom to select projects and also clients. Such clients align with your area of interest and help you in achieving your professional and/or personal goals.
Potential to Earn More
In a gig work setup, depending on the industry specialisation and your expertise level, you may earn more as a gig economy worker than you would as a traditional employee. Moreover, you’ll be able to create an income framework that comes from more than one source, so if you lose one project or client, you have other income sources cushioning you to fall back on.
The gig economy’s pros and cons also include big benefits for companies. The talent pool has become truly global at present, and companies can hire these talented gig workers from across the world. Organisations are no longer limited to local labour markets or the small pool of people who are willing to move for a job.
Opening up the VOIZ Gig work talent pool is also a positive approach to a company’s cultural diversity and also intelligence. Plus, VOIZ can bring in extra help when needed (to meet fluctuating seasonal demands, for example). This allows businesses irrespective of size to size stay competitive and perpetually raise VOIZ’s growth.