RBI CONCEPT:WHAT IS GIG ECONOMY?#36

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Oracle IAS, the best coaching institute for RBI grade B/NABARD/SEBI in Dehradun (Uttarakhand), brings to you views on important issues.

What is the Gig Economy?

  • A gig economy is a work environment where organizations hire temporary workers or freelancers instead of full-time long-term employees.
  • Companies provide temporary positions to workers and the latter reaches independent, short-term contracts with them. The trend is very strong in advanced economies like the US where there is large volume of cases where firms engages in short term contracts with workers. Even the terms – employer/employees cannot be used here as it indicates a rather long-term identity.

What promotes gig economy?

  • Main reason is the emergence of the digital age. Here, workforce is highly mobile and work can be done from anywhere, anytime. This means that you need not reach at the location of the organization to do the job.
  •  Second propellant factor for the gig economy is that firms, in the era of disruption, when they provide short term contract will be safe as it avoids long term obligations like pension and other emoluments. The worker can be relieved at any time without any friction.
  • For the worker, the short-term engagements better fit to him to search for the best.
  •  In the gig economy, through short-term engagements, firms benefit from several angles. labour welfare emoluments like pension, gratuity etc., can be avoided. Similarly, they save training time and related expenses. The future work situation will be that of the gig economy- business analysts predicts.
  • Contact us for:-RBI GradeB/NABARD/SEBI coaching in Dehradun (Uttarakhand), Current Affairs classes in Dehradun (Uttarakhand), For best guidance and study material call 7088873675, 9997453844
Hemant Bhatt
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