“The Gig Economy“– a topic that is certainly gained popularity with the growing demand for freedom among the workers across the world. No more there is difference between The First, Second or The Third Worlds as we knew it erstwhile. Startup culture, digital age and the Gig workers are the main force behind this new "Flattened World". Haven't heard about "The Flat World" yet. No worries, read about it here.

It was quite common in freelancing marketplaces, freelancing traces are now found in almost startup story. Can I coin this new word "Gig-Lancing" today?. Its kind of framework much more massive than you think and it is a broad area that needs to be addressed.

The economy of independent labors - The term Gig is simple and it does not require any elaborated definition. It is a service, that an independent worker offers to his client. Of course, it’s not only limited to the freelance world but also includes all the flexible and contract work that an independent individual provides. From taxi drivers and part-time laborers to Tech Specialists and virtual consultants, all may fall into the same section of self-employed people, if they are not bound to work for a particular company or individual legally.

Gig-lance work is convenient and flexible - The pandemic is a hard time to survive and sustain a living, although, globalization and ever-growing technological advancement are generating ways for the one who is well aware. Earning is not so difficult in the present scenario. Being a part of the self-reliant system, opens up a wide range of possibilities for the service providers as well as for the service receivers. According to the economic survey 2020-2021, rapid growth is seen during the pandemic because of online retailing and purchasing.

Technology has made the money exchange network much easier and accessible for all. The good old phrase – “The world is Flat” has become more familiar with the passing years. Not scientifically but metaphorically as the reach and demand of services increased altogether. The globalization of the on-demand business model has changed many core economic concepts. When we talk of the traditional economic world, work and workers were limited to a region or country. But in today’s world, a recruiter from the United States can hire a software developer from India, both sitting in the comfort of their homes. They are part of the supply chain and the whole system is working solely on a give and take relationship.

Freelance workers are flexible with their working hours and most of them don’t even need a devoted office for their work. The desire of becoming a boss without owning a company and hiring employees is what you get from a self-made job. The motto is plain and short – Work for self and earn for self. Incorporated with the valid general principle, work smart and hard to earn large.

The vastness of Gig-Lance jobs- Engagement of the masses is huge and there are multiple ways to estimate the total workforce involved in it. The workers may or may not be completely dependent on this temporary and fluctuating market. For some, it’s the source of their primary earning and for others, it might be a platform for extra income. As per the survey conducted by some private bodies, around one-quarter of workers participate in temporary or short-term employment occasionally and for every one in ten workers out there, gig service is their primary income source. Even though this data is enough to give us an idea about how big the thrift is, still, the true statistical picture is strenuous to calculate.

Industries and fields like Software development, Transportation, Education, Freelance writing, Accounting, Finance, Manufacturing, Health services and many more, are part of Gig economy in some or another way. The involvement of the new generation is more tilted to it, as there is no long time commitment to one company or person. It offers freedom of choice for both parties to continue the professional relationship and that makes it more globally acceptable.

Also called the sharing economy, contributes a lot to the overall world's frugality. Interstate capital exchange and offshore investments are frequently been done under its influence. But sometimes, it becomes unfair regarding the rights of the workers indulged in tasks. The main issue is the lack of security and social protection. The workers need to be frequently available if they want to sustain themselves in the market. Like all the glitter is not gold, fair pay is not something that you can seek if you’re a gig worker. Highs and lows are part of the trade and one should be consistent enough to earn work from the clients.

Impact of Digital - Global digital adoption has opened up a new portal for the young generation. The ongoing (Covid-19) crisis created a tough time for all. Many people lost their jobs and faced financial instability. This gave rise to the young generation unrest and sending them in a quest for a better working and business models that can thrive during tough times.

With the help of global networking and Cloud Computing, people were able to offer their capabilities and services on open platforms, setup their own e-Commerce businesses, doing experimentations with gig-people management models.

I can say Digitalization spread faster than the virus. Whether willingly or due to the circumstances, the world accepted the virtual trend. The economy is coming back on track giving the opportunity of maintaining social balance without interrupting the professional life of people.

Decades back, the young population was facing unemployment that gave birth to the culture of personalized jobs. Now, for example, in the US leads the gig-lancing charts with almost 50% of people engaged in it. This was no less than a revolution and gradually other countries started accepting this business model. Interactions became easier and companies started preferring temporary employees. This doesn’t remain restricted only to the developed countries but developing nations Africa and Asia followed the same footsteps.

On the flip side, there is no such economy that can be considered perfect and each one has its pros and cons. The upcoming generation is shifting more towards the Gig economy and in the coming years, it can be the future of global trade.