Gig economy, in this economy large number of people work part-time or in temporary positions or as private contractors. The result of the gig economy is cheap, efficient services, such as Uber or Airbnb, for those who are willing to use them. People who do not use technological resources such as the Internet may be left behind by the benefits of the gig economy. Cities tend to have the most advanced services and are the main focus of the gig economy. The gig economy includes freelancers, online forums, self-employed, telecommunications, and other temporary contract workers.
A gig worker is a person who performs work or participates in work plans and benefits from such activities without the usual employer-employee relationship. Gig employees experience work flexibility from several employers at once. Gig economy can benefit employees and companies. While employees may not be able to select the projects they want to be associated with, companies can manage costs by adjusting their flexible staff according to need.
What Are the Benefits of Gig Economy?
The gig economy has many benefits for both the employee and the employer. An employer can find a variety of talents to hire. If the talent appears to be less than acceptable, there are no retention agreement or release issues. In addition, at a time when it is increasingly difficult to attract full-time employees, employers can hire in the gig economy. In addition, hiring gig staff can be very affordable as companies do not have to pay for health insurance or other benefits. For employees, the benefits of a gig economy include having the option to do more work, work anywhere depending on a particular job, freedom, and flexibility in their daily routine.
How can India’s economic growth boost through gig economy
For people who work in the gig economy, it’s worth it. Studies show that 79% of people working in the gig economy are more satisfied than when they are working in normal jobs. .According to the 2019 report of the India Staffing Federation, India is the fifth largest in the world by flexi-staffing, following the US, China, Brazil and Japan. Although the gig economy is rampant among blue-collar jobs in India the need for gig employees in white column functions such as project coordinators, marketers, web designers, content writers and software program developers also appear.
India is moving towards achieving its stated goal of a $ 5 billion economy by 2025, the gig economy will be a major building block of the combined achievement of the above goal, closing the income gap and unemployment the amount determined by the start of the contract, the time and effort, the actual portion of the work submitted, and the quality of the result or combination of these. India is currently estimated to have more than 15 million private workers working on projects in various fields of the gig economy.
The gig economy could create up to 90 million jobs in non-farm sectors in India with a potential increase of 1.25% in “long-term” GDP, a consulting company report said. It also states that gig workers are younger and less educated compared to non-gig workers. They usually work part-time hours a day, and 61% of gig workers work less than eight hours a day, compared to only 11% of non-gig workers.
There are now almost 15 million workers in India. Delivery boys, cleaners, mentors, bloggers, etc., are all part of the gig economy. These types of jobs are often empowered by the forum. Since the work is specific to a specific task, the staff using these platforms is able to work for more than one contractor. The young waiter can work for both Swiggy and Zomato, but he can still drive Uber sometimes. Similarly, compilers may offer more than one type of service. For example, Uber known as the taxi service aggregator also has Uber Eats which is a food delivery and delivery service online. Managers also enjoy hiring in the gig economy. As the gig economy often operates on the basis of ‘normal’ results. Since the work done is based on the results, the risk associated with behavioral risk or its unequal knowledge is minimized. Work-based evaluation systems for systems also ensure that only the best and most efficient providers are rewarded over time.
READ ALSO: IT stocks raise Indian stocks, Hindalco exceeds earnings and NSE Nifty 50 index rose
