New “Gig Economy” Has Pluses And Minuses For Workers, Businesses

Euromonitor defines the “gig economy” – one of eight trends that together create the “New Consumerism” – as a work environment comprising short-term contracts, freelance and entrepreneurship. The gig economy is on the rise because it benefits employers and workers, delivering flexibility and efficiency. But the freedom it gives workers is offset by a lack of job and income security. In the emerging gig economy, businesses can save resources like office space and operation costs like benefits for permanent employees and training. They can also contract experts for specific projects rather than hire high-priced permanent staff. The downside is a less stable, less controllable workforce. Euromonitor says that could in turn undermine productivity and efficiency.