The Gig Economy - Redefining Employment

July 11, 2017

The Gig Economy - Redefining Employment

A ‘Gig’, typically stands for an act performed for short, quick period of time, and this is where the name comes from for the ‘Gig’ or ‘shared’ economy, which off-late has become a global phenomenon. This economy is defined by independent workers who enter into on-demand contracts and are paid by the hour or day contract, or by the complexity of the task.

Why it appeals to the Gen Y?

The very basis of this economy is the upcoming generation for whom earning income is a whole different ball game. They live life on the go and would rather do jobs that appeal to them instead of those that are ideal. And hence, the ‘Gig’ model of work appeals to them.

In here, small ticket jobs are the norm. It encompasses everything between household jobs like plumbing and cleaning to IT jobs like web development. Gig economy is gaining popularity for the sheer reason of talent crunch - it makes it easy for startups to hire the best brains from anywhere in the world.

According to the global freelancing and crowdsourcing marketplace ‘’, more than 3.5 out of over 4 million registered Indian users on its website are freelancers. The rest are businesses and employers that have posted freelance jobs on a marketplace.

The near future for ‘Gig Economy’

Looking at its paced acceptance and the ease with which it’s blending in with millennials, the Gig Economy model is influencing a new style of work across global organisations. Companies are becoming accommodative of employees working from home, letting them choose projects that interest them and re-looking at their rewards and engagement plans to better integrate them into the organisation.

The Gig Economy is influencing not only the way people work, but also the relationships at work. Tearing through archaic hierarchy, this model is set to bridge the gap between superiors and subordinates, almost viewing them in the same light - as partners. With further inclusion, mid-level employees will have to trust new hires based on their skill, experience and goodwill.

In summary, change is in the offing. The Gig Economy is poised to redefine ‘employment’ and companies will have to tweak and revisit their ways of working to stay abreast with it.




The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.