What is the gig economy?
The gig economy primarily consists of temporary and part-time work, usually done by freelancers or independent contractors rather than full-time employees.
These gig workers enjoy flexibility and autonomy but often have limited job security. Employers frequently avoid costs like health coverage and vacation pay. Some benefits may be offered but are often managed by third parties.
The term "gig economy" comes from the music industry, where performers secure short-term engagements or "gigs".
Gig Economy Overview
A large part of the workforce in a gig economy engages in part-time or temporary work or as independent contractors. This trend has given rise to cost-effective services like Uber and Airbnb.
Those not using technology or online platforms may not fully benefit from the gig economy. Gig work is most prominent in cities, due to the availability of services and gig work opportunities.
Gig work can be anything from ride-sharing, food delivery, coding, writing, to being an adjunct or part-time professor. Institutions often contract employees instead of hiring full-time to reduce costs and cater to specific academic needs.