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Escaping 9-5 through a new medium-Gig Economy

Escaping 9-5 through a new medium-Gig Economy
March 14, 2020

The changing environment of work places and the dynamics of the working environment are also changing radically, Covid19 crises has acted as an catalyst among the workers and business leaders to accept the change in work culture. The last decade brought us tremendously close to the booming technology, and people are 24*7 connected with social platforms.

Amongst the changes witnessed, there’s a significant change in the outlook of people related to their work culture. People started looking for new ways through which they can escape the 9-5 job convention and simultaneously earn an adequate amount of living, and this is where ‘Gig Economy and Remote Economy’ came to the rescue.

The millennial generation prefers a job which offers flexibility to them, where they can be their boss. The gig economy has made their life easier by providing them with a way to maintain an adequate balance between their work and personal life.

The gig economy in more straightforward terms is an environment where companies hire independent individuals on a freelance basis for specific projects. Besides the usual office-based workers, gig workers have become a convenient tool for companies. They have become an indispensable part of an organization

It has altered how people used to work. Countries like UA, Russian, UK and India are witnessing the higher trend in this sector as it has become prevalent in these places. This unconventional change has strengthened the traditional economy

The gig economy has already made its roots stronger in the developed nations, and the recent study from LinkedIn suggests that by the end of 2020, the USA will have 43% of freelancers. Progressive countries like India are also concept this economy to the fullest. The recent study from Paypal mentions that India contributes 1 out of 4 freelance workers across the globe

Initiatives like Digital India from Government has given a much-needed push to Gig economy.

Moving at this pace, by 2027 Gig economy will majorly overtake the traditional working culture and the increasing technology, the emergence of online companies like Swiggy, Uber, Airbnb, Amazon etc. has fueled up the Gig economy.

While the economy provides convenience and flexibility to many people out there, there are still some people who prefer stable income and other employment benefits over these benefits.

Gig economy does have its challenges like unstable income. Still, in a broader picture, it offers much-needed independence to a lot of people who feel confined in particular workspace and environment. The idea of being own boss and the flexibility that people get, increases work productivity and this has led to the popularity of gig mentality

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