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The gig economy

James Davison

What is the Gig Economy?

The idea of “gig working is rapidly gaining ground. ‘Gig working’ is defined as when people opt to assume temporary, often ad hoc, work contracts (or ‘gigs’) sourced online through digital, cloud based marketplaces. Gig working is increasingly taking the place of the concept of a 9-5 work day due to our increasingly flexible labour market.

The effects of gig working

The gig economy has recognised benefits for both workers and consumers. Gig working affords people the opportunity to experiment before hanging careers, to pursue their interests for a profit, or simply to allow them the flexibility of being their own boss.

On the other hand, for businesses, taking on temporary workers allows them the flexibility to sale their workplace up or down as needed helping them to keep down costs and up morale.

In summation the world of work is changing and gig working is taking place of the traditional concept of 9-5 working. The gig economy allows benefits on both sides for both for workers and consumers however questions of regulations have been raised as the ability to regulate this new approach is not straightforward.

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