The concept of the Gig economy is making a lot of headlines in recent times. However, this is not something new and can be dated way back to the early 1900s when organizations did promote this concept of a temporary workforce.

The gig economy allows employees to work as freelancers, choose their projects, and float from one to another in a digital marketplace. Over the last couple of years, more and more people are joining the gig workforce, where they prefer to work on their terms. A report suggests that by 2027, more than half of the US workforce will work as freelancers. Technology and digital advancements have made it even easier for employees to work as freelancers. Geographical distance is no longer a barrier and organizations get such a diverse workforce with them.

The main drivers behind this growth are the flexibility offered by this model and the cost savings that it brings to the enterprises. It creates a unique coherence between the demand and supply sides. Employees are getting the flexibility to choose their projects, work hours, and work locations, and at the same time enjoy their lives according to their own terms. On the other hand, this work model results in cost savings for organizations as they need not hire full-time employees. It goes without saying that 2022 and beyond will see more and more people joining this trend.

It would be interesting to see how organizations come up with policies to welcome and retain more of this gig economy workforce and in turn increase their bottom line as well.

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