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Gig Economy

  • June 20, 2020
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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Subject: Economy

Context:

  • A Deloitte report from April “Future of work accelerated” notes that Indian organisations are considering to expand the share of gig workers, as dependence on full-time workers reduces.
  • Current pandemic crisis also induced discussion on the levels of social protection available to gig workers including wage protection, health benefits and safety assurance

Concept:

  • In a gig economy, temporary, flexible jobs are commonplace and companies tend toward hiring independent contractors and freelancersinstead of full-time employees.
  • A gig economy undermines the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career.
  • The drivers of Uber, the delivery boys of Zomato, the plumbers and electricians of Urban Clap make up the gig world

Advantages:

  • The gig economy can benefit workers, businesses, and consumers by making work more adaptable to the needs of the moment and demand for flexible lifestyles.
  • The result of a gig economy is cheaper, more efficient services.

Concerns

  • The gig economy is largely unregulated, therefore workers have little job security and few benefits.
  • Unless a person is extremely talented, his bargaining power will necessarily be limited.
  • While companies routinely invest in training employees, a gig-economy workers will have to upgrade his skills on his own at his own cost.
  • There are already many more potential online independent workers than jobs, and this demand-supply mismatch will only get worse over time, depressing wages.
economy Gig Economy

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