Question

Please describe how service will survive in this "GIG" economy as well as due to the increased pressure from international outsourcing. Where do you see the industry changing to meet the need of this fast and innovative global economy?

Answer 1

GIG economy is now in trend as people are also willing to work under contract basis and free lancers rather than full time workers. The service industry is growing fast and due to globalization competition is also increasing with other countries. Most of the firms in the market are willing to outcouout to other countries as people in those countries are willing to work at low cost. Firms are also going after GIG economy because in that economy people who are willing to work should produce / perish other wise they cannot withstand the competition. Due to this GIG economy the service industry quality and quantity of production is increasing and people are able to get that quality service at a very low cost which is the main advantage of GIG economy.

The service industry is also following the trend in the market by giving jobs on contract basis rather than full employment. The main reason for this kind of change is due to globalization competition in the market increased as people are able to get the same type of service from substitute and GIG economy creates a balance which is viable and valid to firms.