The gig economy is a free labor market characterized by temporary work arrangements, often facilitated through digital platforms or apps. In the gig economy, individuals work freelance or independently, taking on various “gigs” or assignments rather than being employed in traditional long-term, full-time positions.
The gig economy offers workers flexibility, autonomy, and control over their time, which has been largely absent in traditional employment structures. However, it also comes with challenges such as income volatility, lack of employment benefits (e.g., health insurance, retirement plans), and uncertain job security. The gig economy has gained significant attention and has grown rapidly in recent years, transforming work and impacting various industries and sectors.
Many factors have contributed to the rise of the gig economy, but some of the most important include: