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A major part of the world economy today, is generated from the on demand culture. It has pervaded the lives of consumers in such a way that smartphone applications are a priority.
It is a very unique relationship that we have formed with several mobile applications which are making lives easier and taking the economy forward.
It works both ways, with workers seeking flexible, short-term working arrangements and companies seeking to hire temporary contract workers in lieu of full-time employees
If one ever sits to research, he will be amazed to find out the amount and the types of services that are available on demand and short contracts. Gig economy basically means a small portion of a worker's income.
When workers aggregate a variety of tasks or shifts for different clients or companies, their cumulative earnings can be similar to that of full-time employment. Others leverage short-term gigs as a way to earn a part-time income or supplemental income on the side.
Some platforms are focused on certain niches, such as hospitality and warehouse workers, dog-walking services, or other specific services, while others are broader
It works both ways, with workers seeking flexible, short-term working arrangements and companies seeking to hire temporary contract workers in lieu of full-time employees.
Increasingly, the gig economy operates on technology platforms that aim to connect workers looking for flexible work arrangements with the companies who need them in a centralized location, such as an app or website.
Some platforms are focused on certain niches, such as hospitality and warehouse workers, dog-walking services, or other specific services, while others are broader, connecting gig workers with companies and clients for tasks ranging from housekeeping services to writing.
Benefits of the Gig Economy
Workers who leverage the freelance economy to earn or supplement their incomes often cite flexibility as the biggest appeal.
When a professional isn't committed to a single employer in a full-time employment arrangement, they maintain greater control over their work schedules thanks to the ability to accept only the gigs, assignments, or shifts that don't interfere with their other commitments.
Many, however, simply opt to remain a part of the independent workforce thanks to the flexibility and earnings potential it affords them
Members of the workforce with full-time careers who want to supplement their income can easily pick up a few gigs in the evenings or on weekends.
Skilled professionals can exert more control over their career trajectory by engaging in challenging projects and building an impressive resume of results, enabling them to secure higher-level and better-paying full-time positions.
Companies aren't making employer contributions to retirement savings accounts, for instance, or contributing to the cost of group health insurance coverage for gig workers
Many, however, simply opt to remain a part of the independent workforce thanks to the flexibility and earnings potential it affords them.
The rise of the independent workforce benefits not only workers but also companies who can reap the cost savings of enlisting short-term help to accommodate demand without the administrative costs of hiring full-time staff.
Companies aren't making employer contributions to retirement savings accounts, for instance, or contributing to the cost of group health insurance coverage for gig workers, so the overall cost of hiring help is often less compared to the cost of hiring a full-time employee.