Gig economy refers to the labour market encompassing contract workers, freelancers, and workers hired for short-term engagements, platform markets (viz. ridesharing, delivery, and property rentals.
Introduction to the Gig Economy
The “Gig Economy” primarily relates to temporary, flexible jobs offered by companies that usually hire independent contractors and freelancers as against regular onsite employees. The instability and ambiguities introduced by the events of corporate layoffs and the practice of services’ offshoring have diminished regular employment avenues.
‘‘The Poor stay poor, not because they are lazy but because they have no access to capital.” – Laureate Milton Friedman
Introduction to Microfinance
Microfinance (erstwhile microcredit) is a financial service offering loans, savings, and insurance to entrepreneurs and small enterprises that lack proper access to banks or investors. The primary objective of microfinance is to make available to the underserved individuals (since they lack the credit or resources to subscribe to a regular bank loan) the required money so as to invest in their nascent business projects. Continue reading “Microfinance & Financial Inclusion: Servicing the Marginalised India”
Gamification is everywhere now. It is a concept widely being used now by businesses by integrating game mechanics into their functioning to motivate participation, engagement, and loyalty. Over the last couple of years, the gig economy workforce has significantly seen gamification transforming the way they interact, work and more importantly feel about their jobs. Continue reading “How gamification is transforming the gig economy?”
Freelancing was an option earlier to merely make a living without getting into something permanent but now it is seen as a choice by millions across the world for its various boons.
Freelancing has been fostered exponentially over the last decade due to technological advancement, worker’s need for flexibility and being able to work remotely, and the innumerable innovative job opportunities created by the companies to get better quality work and even then save money. Continue reading “Freelance Industry on the Rise”
Over the last decade and still now, there have been immense job opportunities opening up for the gig economy and millennials are continuing to take a bigger piece of it. Even the companies have started to attract this kind of workers to get jobs done in a more flexible, cheaper and efficient manner. To support this, a recent 2017 study reports that overall self-employment is likely to triple to 42 million workers by 2020, with Millennials leading the way.
A research by Deloitte has also used data collected over the years of millennials entering and exiting the gig economy which provides us with notable trends of the same that every leader who plans to hire this kind of workforce should keep in mind.