This independent freelancing is cheaper in rates and provides more efficient services to the users. This kind of economy is perfect for the urban internet users. The economy has a wide angle of work dimension ranging from article writers to part time teachers. This economy is a labour market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs. As Google suggests “working in the gig economy means constantly being subjected to last-minute scheduling”.
The gigs are the small arrangements where service is delivered in exchange of money in short durations.
The characteristics of gigs include:–
- Provides short term service.
- Deliver the exact targeted work in a short amount of time.
In a gig economy, temporary, flexible jobs are commonplace and companies tend to hire independent contractors and freelancers instead of full-time employees. A gig economy undermines the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career. At the same time, the gig economy can have downsides due to the erosion of traditional economic relationships between workers, businesses, and clients. Despite its benefits, there are some downsides to the gig economy.
While not all employers are inclined to hire contracted employees. The gig economy trend can make it harder for full-time employees to develop in their careers since temporary employees are often cheaper to hire and more flexible in their availability. In many countries, the legal debate is also going on whether gig workers are to be classified as temporary workers or permanent employees.
The Gigs in the pandemic period:-
The Covid19 pandemic has triggered a dramatic shift towards gig workers, remote working and the work from home regime. It has lent greater momentum to the gig economy the term used to describe the freelancers’ ecosystem. The gig approach of service is not only cost-effective, gig workers can help scale up operations exponentially. It is much faster while optimising operational costs. All these advantages can help safeguard company margins that were already under pressure due to the pre-pandemic economic slowdown. The disruptions in the economic sector due to this Covid-19 pandemic has resulted in millions of job losses. Resulting many to turn into gig workers almost overnight.
Now since a year has passed after the upheavals caused by the lockdown the data coming from various sources brings forward a limited overview of India’s gig economy and its profound impact on the labour market. The data coming forward from various online gig data researchers points to various specifications that encapsulate the dimensions of India’s employment infrastructure. In the Covid-19 pandemic era the gig workers were holding the maximum demand in the work sector. It is ranging from jobs like last minute delivery of essential goods to undertaking remotely proctored online exams. We have seen a complete new category of gig work in this pandemic era.
The Himalayan Company has brought many changes to come forward with this gig economy in the market. Our gig based approach was with small shares which became more popular later after pandemic. We have included vetted, verified professionals and have come up with a bunch of services. This brings forward a three type of short gig approach with the time duration of 3 days, 3 weeks and 3 months.
Apart from saving on the overt and covert expenses of full-time employees, gig and remote workers are proving to be more productive, efficient and deadline-oriented. Be they big or small, these elements offer companies a better competitive edge. In the ultimate analysis, the pandemic affect will remain for a couple of years or so. For individuals and institutions benefitting from the gig economy will be better news for coming years.