Question

What are the pros and cons of the Gig Economy? Should Gig Workers be provided with stronger employment protections and benefits?

Answer 1

In recent times the world is shifting to a more fast paced and more impromptu space , where marketing is the base for every employment opportunity. Employment can be generated on the grounds of works which are short lived , keeping in mind the short term nature or shelf life ,this fast pace economy offers . The alternatives are shifting every second and hence the lengths of which a service is need and is provided has shifted majorly. This dynamism works on both sides, the job providers and the job takers. New skills are demanded as frequently as newly skilled job seekers enter the market. All thanks to the digital revolution.

Although in recent times this dynamism has brought in the culture for Gig economy. A gig economy offers jobs which are based on small contracts and not on long run commitments. This type of economy , as discussed above is the result of new age linkages the current market is offering , in the wake of digital revolution. Every thing is now and instant.

The dynamism involves a larger Market for the job seekers and flexible time hours could be a perk for current age employment , as everything is virtual . Also the producers find a large market of consumers along with a large market of trained employees. But the drawback to this gig economy is the volatility or changing dynamics of job prospects. One day the demand for the employees is high and next day the market shifts. Hence the producers or service providers prefer providing services for small period only. This volatility is harmful for the employees because of lack of future security and constant vulnerability to demand for their work. Hence there is a need for employment protection and benefits , in order to make the job seekers less vulnerable to the unstable market and demand based employment. The govt of nations can take charge for providing such measures .