COVID19 & The Rise of Gig Employment How it impacts the future of business

The Gig employment during COVID 19: the impact on the future business

The economy of the entire world is affected by the pandemic situation of COVID- 19. It has mostly affected several types of business enterprises. As a result, the cut down of employees is quite common. Also, the pay scales of many employees are reduced. But, individuals working throughout the day have various financial commitments that cannot be cut down. As a result, there is a shift of employment from the traditional to that of Gig. Also, due to the pandemic situation, people stay safe to stay at home and work remotely rather than visiting the office and continue working outside throughout the day.

What is Gig working?

COVID 19 has taught us several lessons in the last year of its outbreak. People are no more dependent upon the conventional 9-5 job to earn their livelihood. Rather, they avail several options to work part-time and for a short period. Gig working or gig employment refers to a process where the companies or the employees make a contract with the skilled workers for a short period. Through this gig employment, the individuals can easily have the flexibility of working hours and nurture their creative side.

Benefits offered by the gig economy

The gig economy creates a platform for both the employer as well as the employee. Here, both parties get wonderful benefits. The previous day’s traditional work culture cannot utilize the actual talent and skills of many employees working in the industry. Rather, employees become a stereotype to deal with a particular set of work. Following are some of the advantages they can enjoy:

• Work hour flexibility
• Opportunity to explore the world with rewards and better ideas
• Good pay rates
• Proper work-life balance
• Opportunity to boost and grow the brand/ service for employers
• Ample scope to have hands several other skills

A consequence of COVID- 19 pandemic on gig employment

 Working from home comfort has been one of the desires of many people across the globe. But, this was never possible as employers have all the infrastructures right at their office. But, COVID- 19 is a blessing in disguise as the pandemic has made this happen to millions of people across the globe. Not only the companies, even the educational institutes, and other sectors have adopted online classes and online work schedule.

Rather, working remotely from home is now regarded as ‘new normal’. Moreover, new apps, video conferring software, as well as other remote communication and collaboration tools, have been developed by the IT personnel. Thus, remote working has become too easy these days as people can easily get connect with their team members as well as employees seamlessly. A belief has been developed among the employers as well as the organization that with the latest technology and the support tool different types of tasks can be accomplished from any corner of the world.

During the initial stage of the pandemic breakdown, the government has declared lockdown. People with several types of professions (except those belonging to the medical field) had to stay at home. Companies didn’t have a proper plan to start work remotely. Thus, this has created a massive loss in the country’s economy. But, gradually with several new remote apps as well as the gig employment concept, things became better.

Contribution of the technological advancements

It is due to the effect of rapid digitalization and the use of the internet across the globe that the freelance, as well as the space for contract work, has created a boom in the economy. As soon as you type the keyword, ‘freelance jobs’ you can easily have a list of website that is offering the same. A few years ago even gig employment can be accomplished by applying through newspaper classified ads, job forums, employment exchanges, etc. But, with the technology advancement access to such employment is possible at home comfort.

Future of Business with Gig employment

According to the report, by the year 2023, there will be a boost in the workforce in the economy. Among them, 60 million of the population will be within the age range of 30 years. Thus, they will rather wish to work with flexibility rather than performing the stereotype 9-5 job. The pandemic has shown them the path of gig employment. Also, this will easily boost their skillset and proceed to multiple job opportunities.

Conclusion

Gig working is a new concept of working with flexibility. It has become one of the ways to earn livelihood during the pandemic situation of COVID 19. Even in the future people will adopt such employment with more exposure to their skills breaking all the boundaries of traditional working schedule.