What Does Gig Economy Mean
                     What Does Gig Economy Mean?
Anthea Johnson
Writer at Knowledge-peak.com 
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Gig economy refers to the rapidly-growing phenomenon in the market 
where, people are provided work for specific tasks and not regular 
employment. Here, there is no usual employment contract and money is 
paid for each task, on piece-rate basis. Contrary to general opinion, gig 
economy is not synonymous with self-employment, for the work allotted 
under former is comparatively irregular.
In gig economy, people rendering services are not protected by things 
such as minimum payment, labor laws, to cite a few. This growing trend 
(of gig economy) is attributed mainly to the attempts of organizations to 
drastically reduce their operational expenses. But, it is rather interesting to 
note that, the number of people preferring to go with this type of work is 
on a steady increase.
Flexibility of working hours and the ability to be in control of the quantity 
of work undertaken, etc, are given as reasons for that.
Do you want to know as to from where the term “gig economy” has 
come? The word “gig” in “gig economy” has conventionally been used to 
refer to musicians who perform based on invitations and get payments for 
every performance, separately. Just like gig economy, there is no fixed 
salary even for these performers!
Notwithstanding the arguments of leading entities of gig economy, it has 
to be conceded that there are numerous problems (in gig economy). It’ll 
be relevant to succinctly focus on some of those negatives of this pattern 
of work.
 Apart from the aforementioned aspects of lack of minimum pay and 
absence of legal protection, workers are deprived of paid leaves. So, if 
one is sick or wants to go on a holiday, they can’t expect money for the 
corresponding period.
 Many companies exert excess pressure on workers to deliver more. 
Sometimes, this pressure comes in an indirect way, by promising big 
incentives.
 Similarly, the surge in gig economy has led to manifestation of one 
more issue. Government is now not able to obtain clear picture on the 
rate of unemployment. For a person to be categorized as being 
unemployed, they have to be without a conventional job for specified 
period. Here, part-time tasks, which are the basis for gig economy, are 
not taken into account.
 Owing to the above point, law-makers are in a dilemma, with regard to 
bringing legislations to regulate gig economy.
In spite of the above-mentioned points, it appears that there would be no 
hindrance to gig economy’s growth. Countless workers spread across 
different parts of the globe are getting attracted to the freelance work of 
this economy. It will not be an overstatement to say that gig economy is 
likely to be the work of future. Let’s look at few of the pertaining market 
projections.
 There will be more apps like Upwork and Uber, increasing the 
opportunities available to freelance workers.
 A substantial chunk of youngsters shall take up jobs in gig economy, 
well before completion of their education.
 Organizations are going to be ready to fund the higher education of 
their gig workers, to ensure that they (gig workers) remain loyal to 
them.
 People (gig employees) would enhance their technical skills, for the 
purpose of earning more as well as keeping in pace with competition.
 The most striking prediction is that, individuals working in the economy 
(gig) can now look forward to improved regularity, in terms of income.
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