What Is the Gig Economy ?

Gig Economy

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 often focus on their career development. 

KEY TAKEWAYS

• The gig economy is based on flexible, temporary, or freelance jobs, often involving connecting with clients or customers through an online platform. 
• The gig economy can benefit workers, businesses, and consumers by making work more adaptable to the needs of the moment and demand for flexible lifestyles. 
• At the same time, the gig economy can have downsides due to the erosion of traditional economic relationships between workers, businesses, and clients.