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THE PROMISES AND PERILS OF GIG ECONOMY - Coggle Diagram
THE PROMISES AND PERILS OF GIG ECONOMY
GIG ECONOMY
Fragmented work where someone is given a task for a certain amount of time
Through a digital platform
short-term contract or freelance work
GIG ECONOMY
Independent workers contract for short-term engagements
SHARING ECONOMY
Generating money by sharing or renting out assets
PLATFORM ECONOMY
Use of IT systems to facilitate/connect opportunities for gig/sharing
Promises of on demand workforce
Employers
Easier access to talent pool.
• Ability to focus on core competencies.
• Reduced up-front labor costs.
• Flexibility in staffing, resulting in expanded skills coverage.
Workers
Freedom of working independently.
• Convenience and flexibility.
• Opportunity to work on different projects, platforms.
Perils of on demand workforce
Workers
Lack of employment-based benefits, safety net.
• Reduced opportunity to hone skills, train.
• Head-on collision with AI, robots.
Employers
Lack of control due to legal constraints.
• Limited ability to screen.
• Lack of investment, continuity.
• Legal risks due to novel issues juxtaposed with archaic laws.
BENEFITS OF GIG ECONOMY
Businesses
Reduced investments
Flexibility in managing hours
Reduces fixed costs
Workers
Flexible hours
Ability to work from home
Common way to earn extra income
Less risk of getting stuck in routine jobs
DOWNSIDES OF GIG ECONOMY
Workers
Lack of paid vacation
Income uncertainty
Doubts on flexibility hours
Workers bear risk
Wider Downsides
Reductions in road safety
Shrinking of tax base