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  • Gig Economy: Agility in Scaling Their Workforce Up and Down Quickly To Meet Business Demand

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    Shreya Gupta
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    The document discusses the economic implications of the gig economy. It notes that the gig economy provides scalability and agility for businesses, while allowing for easy participation from anyone anywhere with no barriers. For governments, the gig economy generates new employment and formalizes previously unorganized sectors. It increases spending and demand for services from developing countries. For consumers, the gig economy provides lower costs and prices through competition, as well as additional sources of income. However, COVID-19 has threatened the gig economy through decreased profits, mass layoffs, and unemployment. Amid these threats, the scope of the gig economy is rising as people realize the need for agility, upskilling, and additional income sources in the new remote working normal

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    The document discusses the economic implications of the gig economy. It notes that the gig economy provides scalability and agility for businesses, while allowing for easy participation from anyone anywhere with no barriers. For governments, the gig economy generates new employment and formalizes previously unorganized sectors. It increases spending and demand for services from developing countries. For consumers, the gig economy provides lower costs and prices through competition, as well as additional sources of income. However, COVID-19 has threatened the gig economy through decreased profits, mass layoffs, and unemployment. Amid these threats, the scope of the gig economy is rising as people realize the need for agility, upskilling, and additional income sources in the new remote working normal

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    8 views3 pages

    Gig Economy: Agility in Scaling Their Workforce Up and Down Quickly To Meet Business Demand

    Uploaded by

    Shreya Gupta
    The document discusses the economic implications of the gig economy. It notes that the gig economy provides scalability and agility for businesses, while allowing for easy participation from anyone anywhere with no barriers. For governments, the gig economy generates new employment and formalizes previously unorganized sectors. It increases spending and demand for services from developing countries. For consumers, the gig economy provides lower costs and prices through competition, as well as additional sources of income. However, COVID-19 has threatened the gig economy through decreased profits, mass layoffs, and unemployment. Amid these threats, the scope of the gig economy is rising as people realize the need for agility, upskilling, and additional income sources in the new remote working normal

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 3

    Gig Economy

    Economic Implications of Gig Economy

    Organization:

    Saving on infrastructure, heathcare, insurance, free travel, pensions etc


    Scalability is easy as per business demands

     Agility in scaling their workforce up and down quickly to meet business demand

    no entry barriers, anyone and everyone can participate from anywhere.

    Government:

    good part is that an estimated 56% of new employment is generated by the gig world.

    Formalization of unorganized sector

    economies like Singapore increase in credit card sales. ---- implies more spending

    demand for bloggers, researchers and consultants from developing countries such as India, the Philippines and
    Bangladesh.

    Entrepreneurship

     returns have gone up, as they are getting paid in dollars ---- forex coming in more

    Consumers:
    Lower costs drives lower price ; people pay less --- more consumer surplus
    Photography, video editing, writing codes, consultancy

    Additional source of income for some people (different skill sets)

    Backup option

    Multiplier effect on income and employment

    Foreign currency implies earning more money – better living standards

    Covid:

    Everything came to a freeze


    Profits have decreased
    Massive layoff
    Unemployment rate spiked
    Type and nature of jobs in demand are changing
    Creating volatility

    Amid these threats, scope of gig to rise further

    People have realized the importance of agility and the constant need to up-skill
    And re-skill to stay relevant

    Need for additional income to stay afloat between pay cuts and layoffs
    Accepted the new normal of working from home
    Google wants to place their employees wfh till 2021
    Remote working Is gaining significance
    Adoption of being entirely digital

    Self-sufficiency
    and fulfilment from their work

    exhaustion and mental well being


    trying new stuff --- exploring other interests.

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