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COMMUNICATION FOR MANAGERS

ASSIGNMENT 1
THE RISE OF THE GIG ECONOMY

SUBMITTED BY: MD ZEESHAN KHAN

ROLL NO: 211115

SECTION: A

SUBMITTED TO: PROF. KRISHNA KANABAR

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THE RISE OF THE GIG ECONOMY

Gig economy refers to the market wherein the workers take short-term
contract or does a temporary work and is paid for it. For example Zomato
deliver boy, Ola driver, Plumbers, Choreographers, etcetera.
The gig economy is an old terminology but in this past decade it expanded
exponentially and as the world is coming out of lockdown we are seeing a
greater shift towards gig workforce. Study also shows that 30% of Fortune 500
companies are also hiring gig workers. According to Forbes the gig workforce
of U.S was around 35% in 2020, up from 14% in 2014, contributing to $1
Trillion to U.S economy annually. The expected growth is that freelance
workers will make up more than half of U.S workforce by 2023. The upcoming
technology will moreover help in increasing the gig workforce as because it will
be beneficial for both the companies and the freelancer.
Given the current scenario most of the permanent jobs has closed its doors
and people are forced to shift to online platforms, so we may expect
permanent shift towards the freelance working. Moreover few countries like
India are bringing in policies to safeguard freelancers social security and it
further plans to bring health and retirement benefits.
Gig economy is something of a double-edged sword, like gig workers are not
covered with medical insurance and retirement benefits. Gig workers are paid
less and sometimes there is a delay in payment, so the workers are forced to
work extra which eventually affects their personal life and mental health.
The gig economy will continue to grow and will even compensate for the
unemployment rates. Recognition and social security will help in changing of
the mindset and will give a boost to in the rising of the gig economy.

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REFRENCES
1) https://www.groupdiscussionideas.com/the-rise-of-the-gig-economy/
2) https://www.forbes.com/sites/rebeccahenderson/2020/12/10/how-covid-19-has-
transformed-the-gig-economy/?sh=694b96b6c99f