The Gig Economy Wave

The Gig Economy Wave
Neaba Sankaran
Insight article written date
25-10-2022
Insights written date
Blog

The COVID-19 pandemic disrupted the economies of every country across the globe. It paved the way for a new wave in the economy called the gig economy. The gig economy is simply an economy that operates through digital platforms, where businesses hire independent contractors and freelancers. The gig economy is also dubbed by the names, "crowd-sourcing", "sharing economy", and "collaborative economy".

The rise of the gig economy

The digital era in the Nineties created a new wave of employment opportunities in the form of contractual employment. The launch of Upwork in 1999 allowed freelancers to utilize the internet to find new projects. The gig economy witnessed vast growth during the pandemic period, which also created a large unemployment wave. In response to the increased interest in the job market, employment regulations changed, and more gig workers and gig activities became available.

Gig Economy and Industries

The gig economy has been acknowledged to have provided a wide range of advantages to businesses as well as workers. Organizations are able to cut down on the huge amount of cost spent on hiring and the expenses spent on employee compensation packages. At the same time, temporary employment is not enjoyed most of the time, creating a lack of commitment from the employee.

The industries that utilize the gig work structure are mostly the IT, E-commerce, E-publishing, Project Management, and Education sectors. 

Emerging Trends

The year 2021 has paved a way for many changes and innovations in the gig economy.  The year 2021 is expected to witness more regulations in the working pattern of the gig structure. The gig market is also expected to expand its revenue, through local and niche players coming into the gig job market. Retail industries may find benefits from gig workers. The free-lance style of employment and lifestyle will become a choice among the majors.

The Gig Economy and Moonlighting

In recent years, the tech industry has seen a huge rise in the number of gig workers. Tech organisations are investing more in hiring gig workers for various services.

Though tech industries are becoming increasingly gig-based, they also pose challenges in the name of moonlighting.

Moonlighting refers to employees taking up secondary or multiple jobs apart from their full-time job, without the knowledge of their employer.

Moonlighting is not a new practice, but it has been relevant in many professions, like the education and health sectors.  With the disruption of jobs caused by the pandemic, "moonlighting" has become a common term in every sector.

Different organisations view moonlighting differently. Ethics has become a matter of concern for the practice of moonlighting in IT industries. However, the hybrid work pattern and flexible ecosystem have made moonlighting inevitable.

The way we define employment is changing, and the gig economy is here to stay.



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