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Sustainability of the rising trend of the Gig economy By: Priyanshu Kumar (MDI Murshidabad) Workplaces are evolving, and the rise of the gig economy in recent years has been obvious. It will be intriguing to see how the gig economy continues to grow and effect the future of work, from the changing nature of labour to enterprises being driven to become more flexible, agile, and efficient. Independent workers who are paid by the gig (i.e., a task or a project) rather than by a salary or hourly wage; consumers who require a specific service, such as a ride to their next destination or an item delivered; and corporations that connect the worker and thus the consumer directly, such as app-based technology platforms. Due to downsizing trends among talented professionals, the rise of the digital age, where the workforce is increasingly mobile and can work from anywhere, and the effect of globalisation to create more opportunities, the Gig economy is gaining significant traction among the current generation of professionals. Today's economy has provided opportunities for independent contractors to expand their customer base both domestically and worldwide, as well as for businesses to receive professional services from the global market beyond their local market. The gig economy enables more efficient services, such as Uber or Airbnb, to be provided at a cheaper cost. These businesses serve as a link between the worker and the consumer, facilitating payment. Three fundamental parts of labour are significantly altered by the gig economy: the work itself, who performs the work, and where the work will be performed. The gig economy isn't just a passing fad; it has the potential to change the way we recruit talent. The gig economy, according to data, will spread its wings and fly as far as it can. According to the report, a large majority of Millennials and Generation Z workers want to work in the gig economy, either full-time or as side hustlers. Companies who aren't embracing the Gig Economy are missing out on key resources. According to research, 30 percent of Fortune 500 companies use this method to hire.
Gig workers include independent freelancers, online platform employees, contract firm employees, on-call and temporary workers, and others who enter into formal agreements to provide services to on-demand businesses. Because gig workers are paid by the hour, decisions must be taken promptly, and many firms' top-down approaches will become outmoded. Active social media
