Editor's Desk

Rapid digitalization, hybrid working models, a thriving startup ecosystem, and an evolving talent landscape- all spurred by the Covid-19 pandemic, have disrupted the labor market. The outbreak of the global pandemic untethered work from the office and unlocked a new economy- Gig Economy.Today, people have more flexibility in their employment models; they no longer have to rely on classic work 9 to 5 to provide for themselves. Instead, they can embrace a more creative and efficient work life, taking on short-term work at will or need. This is known as the gig economy.But what is a Gig Economy?A gig economy is a labor market that relies heavily on temporary and part-time positions filled by independent contractors and freelancers rather than full-time permanent employees. In the gig economy, organizations hire independent contractors and freelancers instead of full-time employees. It is because work is allocated on a temporary basis, not requiring a systematic schedule.Here are just a few of the many stats that outline the gig economy's increasing prevalence:<ul><li>The number of global gig workers is expected to rise to 78 million in 2023</li><li>50% of freelancers are skilled workers in fields like IT, programming, counseling, and marketing</li><li>36% of freelancers freelance as a full-time job</li><li>86% of freelancers think the best days for freelancing are still to come</li><li>By the end of 2023, 52% of workers are predicted to have spent some of their careers as independent workers</li></ul>The gig economy offers a mutually beneficial and sustainable workforce and workplace solution for both organizations and job seekers. In a constantly changing work environment, the gig economy enables businesses to hire a flexible workforce for their short-term needs at a minimal cost.Despite its benefits, there are some downsides to the gig economy. While not all employers are inclined to hire contracted employees, the gig economy trend can make it harder for full-time employees to develop in their careers since temporary employees are often cheaper to hire and more flexible in their availability.&nbsp;The surge in the gig economy today is stirring permanent employees into reassessing their working models. The increased inclination towards flexibility, skill-based work and additional income is empowering a new generation of workers to join the gig economy. Ready to take your career to a whole new level? Connect with us at <a href="http://www.yourtribe.io/" rel="noopener noreferrer" target="_blank" style="color: rgb(5, 99, 193);">www.yourtribe.io</a>

Gig Economy is the fashion term that we all started to dig deeper into in recent days! Isn’t it? Here’s a quick read, on what is Gig economy and how it will create a great impact in future.

How the Gig Economy is Reshaping the Future of Work?

Gig workers with unique skills are starting to be featured more prominently in companies' long-term strategies to adapt to the dynamic economy and rising attrition.