“The gig economy is empowerment. This new business paradigm empowers individuals to better shape their own destiny and leverage their existing assets to their benefit.” – John McAfee, Founder of McAfee Associates
Gig economy is a concept in which temporary, flexible jobs are common and companies tend to hire contractors and freelancers instead of full-time employees.
A gig economy challenges the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career. In this kind of economy, instead of a fixed wage, workers get paid for the “gigs” they accomplish.
A major boost in the rise of the gig economy was the increase in technology along with the Great Recession. As technology advanced and people became more connected together, it became possible for companies to find the perfect candidate for their positions and have them work from home.
Critics of the gig economy point to the potential for exploitation of labor in this space, given that there are a limited number of laws that actually regulate the relationship between employers and employees in the gig economy.
There is also little job security in the traditional sense, which may be offset by the freedom and flexibility that this type of engagement affords — at least for some.