Gig economy and remote work trends

The Gig economy, with an estimated value of $455 billion, shows no signs of slowing down. Social and technological advancements are driving this trend that's likely to continue well into the future.

FOR SELF STUDY: DOWNLOAD THE BOOK: LEARN ABOUT HR WITHOUT MBA

Gig workers enjoy greater flexibility in terms of scheduling their hours and shifts, and can take on projects at their own discretion. While this gives them many advantages, this also presents some drawbacks.

    Advance your career: as an HR Business Partner: Click here!

Defining and Studying Gig Workers

Gig work refers to the exchange of labor for money on a short-term, task-by-task basis. It's typically made possible through digital platforms that match workers with consumers on an on-demand basis; consumers can use these platforms to find freelance drivers, childcare services providers, cook meals or bake cakes on demand or create homemade crafts for sale.

Flexibility is what draws gig workers to this new form of employment; they can select when and where to complete tasks, giving them freedom to balance work with other obligations or interests.

However, this flexibility may also make it challenging for workers to feel connected to their clients or employers as they transition between projects - this may hinder collaboration and prevent developing strong, lasting working relationships. Furthermore, gig workers may not receive employee benefits such as healthcare which may further add to feelings of job insecurity.

Globalization

Why do Gig Workers Choose This Form of Employment? Many reasons for gig workers opting to work this way can be seen in economic terms: companies want to reduce expenses while keeping up with shifting consumer demands while gig workers seek the flexibility associated with self-employment and taking charge of their schedules.

Although conventional wisdom holds that most contingent workers join this workforce because they're unable to find full-time work elsewhere, most do so for intrinsic reasons such as career advancement and passion projects. Furthermore, freelance life offers financial freedom while giving you flexibility when taking breaks.

The global nature of the gig economy allows companies to access a vast pool of talent that does not limit them geographically, such as clients located across various time zones. Companies that need late night shifts without impacting customer-facing employees can hire freelancers from these areas directly for projects requiring late shifts.

Flexibility

Remote work allows gig workers to select projects that match their skills and interests, while for businesses it provides a way of scaling up or down as necessary without incurring fixed labor costs.

Flexibility has also spurred the creation of numerous platforms which bring freelancers and companies together in mutually beneficial partnerships, like Meaningful Gigs which links African designers with U.S. companies looking for creative freelancers.

Though gig work offers many advantages, employers should understand its drawbacks as well. These may include limited or no benefits such as healthcare and retirement plans; difficulty accessing credit or loans; potential for exploitation without legal protections and limited legal recourse - ultimately it's up to individuals and companies alike to find an equilibrium that meets their needs; its future may look bright but both parties need to work together for its sustainability and fairness for all parties involved.

Security

The 2008 financial crisis marked one of the defining moments for the rise of the gig economy, prompting people to look for temporary employment. Meanwhile, COVID-19 pandemic helped further advance this sector as companies sought out workers willing to contribute during a difficult economic period and provide supplement income to those affected by outbreak.

People opt to work in the gig economy because it offers them flexibility. Gig workers can set their own hours, choose which projects to take on and even set their rates in certain circumstances.

Gig work also eliminates long-term commitment and can be terminated at any time if either party feels that things no longer meet their expectations, making it an attractive solution for young professionals or college students looking for flexible career paths.