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3 Important Keys you should Know about the Gig Economy


Freelancing in Gig Economy

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Unit Video

Unit Summary

3 important keys you should know to enhance your understanding of the gig economy:
  • Short term contract work
  • Competition between freelancers
  • Part-time or full-time work

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Hi. In this video, we will look at what makes the gig economy different than the traditional economic system we’re familiar with. The gig economy is the economic structure of the future. It affords both employers and employees more flexibility and efficiency. Here are 3 important keys you should consider to enhance your understanding of the gig economy:
  1. Short Term Contract Work
    • The gig economy is characterized by the short term contract work. An employer-employee relationship does not exist in this structure. Instead, freelancers are hired by companies to complete projects on a temporary contract.
  2. Competition between freelancers
    • In this structure, freelancers are competing to win the jobs that are available from companies or individuals.
  3. Part time or Full time work
    • Under the gig economy structure, the option for full time or part time work is available. The flexibility of contract work allows you to choose your own hours.
The gig economy is the way of the future. Employees typically prefer the flexibility of hours and the employers prefer the freedom of project based hiring. This system may eventually become the main way that business is carried out.