What Is the gig economy?

Changing business and societal norms, a change in perspectives and changes in career goals coupled with a shift in generational work ethics have combined to make work a part of a lifestyle as opposed to a distraction from it. The gig economy is on the brink of changing it all.

This means that work today is far more different if compared to what the scenario was a decade ago and such changes are the pattern will continue. There has been a paradigm shift in the mindset, career is no more about a job but a sense of accomplishment. With digital technology, the ease of entry, and affordability coming into the picture, more and more people from various works of life and demographics are shifting to the gig model of the economy.

The question-of-the-hour is what this means for businesses. The gig economy has become an added advantage for businesses as it eases the process of finding giggers (where online has played an important role), cost-effective and efficient substitute for sudden vacancies, among others. 

Hiring giggers reduces fixed costs such as training costs, onboarding costs, medical, or other HR programs. The only cost is in the form of a paycheck that covers just the work they are hired for. 

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