Is Gig economy the future work place?

By definition, Gig economy refers to a workplace environment comprising of short term assignments, temporary contracts and independent contracting. A gig is basically a project, and, when a worker combines several ‘gig’s with different companies it is equivalent to a full time employment. In the age of apps, gigs are easy to find and offer the flexibility of work-space and time as per one’s needs.

Full time workers can also pick up gigs in the weekend. It works for both employers and employees as workers can take up freelancing projects as per their availability and requirement and saves employers the administrative costs of hiring full time workers. Start-up’s usually opt for gig workers as they pay per project within stipulated delivery timelines and thereby ensure more efficiency.

Millenials and Generation Z are drawn to gigs as it gives them better work-life balance and gives them exposure to different organizations.

Working in a gig is both a boon and a bane.

While you do not have a boss breathing down your neck, you are your own boss. The flip side to this boon is that you need to be self-disciplined and self-managed to make it work. Most gigs can be done remotely, and, easily supplement other gigs. The thing to watch out here is that gig workers need to constantly upskill as more workers enter the gig-force and to stay relevant continuous learning is a must.

Traditional jobs provide health insurance, training and PF, but gig workers need to plan for these on their own. There are no sick leaves and no vacation days technically so gig workers need to factor these in their plans. Gig workers also have no workplace protection. Adaptability is the key here along with changing your perspective on these benefits.

In time to come, the future of Work seems to be ‘gig-isised ‘ - the flexibility, the freedom and the personal fulfillment are already taking precedence over the current traditional system of working for one employer at a time. In the interest of having more varied experiences, the current younger work-force that is largely Millenials is already veering towards the flexibility of several jobs simultaneously and not confine their talent in one stream only. The concept of portable benefits too will not take long to evolve from organizations that want to use the advantage of the changing manpower landscape to the maximum.

As per preliminary studies done, the number of people working in the gig economy is expected to scale up from 3.9 million Americans in 2016 to 9.2 million Americans by 2021 and it is essential that the current workforce and organizations prepare for it. Management is already seeing the value of these workers to cover their staffing needs on a as and when basis. By 2027 60% of the workforce is expected to be gig workers.

In India too, gig workers have made headway. With increased internet penetration and boom of start up’s the ease of hiring contractual workers and project based work force is being preferred. Freelancing is a burgeoning trend amongst the younger work force. With a focus on flexible work dynamics India is in the top ten countries for freelancers, and, this will continue in the uptrend. We are technically on the brink of The Fourth Industrial Revolution wherein the penetration of technology has shaken existing work structures and almost done away with the concept of a work-place. The gig economy has arrived folks and looks like it is here to stay.