Get All Access for $5/mo

How is Gig Economy Transforming the Workforce? Organizations are adjusting well by utilizing specialists, gig workers and an on-request workforce

By Rachit Mathur

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.


The gig economy is changing the overall economy and the manner in which we consider business and employment. A greater amount of us are assuming responsibility for our working lives, regardless of whether that is acquiring some side salary, utilizing a gig commercial center, or building a profession from independent, impermanent work.

The possibility of a vocation forever now feels like an interesting relic — expanded work portability, mechanical changes, and moves by the way we see business are for the most part fuelling the monstrous upsurge in self employment. Organizations are adjusting as well, utilizing specialists, gig workers, and an on-request workforce to assist them with meeting the difficulties of the advanced commercial center.

Regardless of whether you're a dilettante in the gig economy, low maintenance pay worker, or you have a lifelong worked around outsourcing, it's crucial to see how the gig economy is evolving. Peruse on to realize what it implies for you.

Major Ways to be a Part of Gig Economy

There are a few different ways to engage in the gig economy, and albeit a few perfectionists may contend about definitions, here are the four significant regions:

Traditional Freelancing— making a profession around giving characterized, contracted administrations for people and organizations. Outsourcing is generally engaged around imaginative callings like creators, essayists, designers, picture takers, and so forth.

Gig commercial centers — these are the organizations getting the vast majority of the consideration at the present time — Uber, Airbnb, Lyft, Fiverr, TaskRabbit, Postmates, Wonolo, and so on.

Self Employment— this incorporates the independently employed like tradesmen, entrepreneurs, and so forth.

Different regions — this is a "trick all" for opposite side hustles like blogging, selling on Amazon, Etsy, or ebay, offshoot advertising, and other pay streams.

Related Story: 10 of the Highest-Paying Gig Economy Jobs of 2019

Data of Gig Economy

As indicated by Intuit, the level of Americans in the gig economy was 34% in 2016, and is relied upon to develop to 43% by 2020. Counseling firm McKinsey says that there are at present around 68 million consultants or independently employed in the US, with around 4 million Americans giving work through gig commercial centers like Lyft or Airbnb.

The independent economy is growing multiple times quicker than the general US workforce.

Why Should You be a Part of Gig Economy

There are numerous explanations behind the move to gig and freelance work. For some, low middle salaries and expanded living and lodging expenses requires an auxiliary salary. More seasoned specialists are utilizing independent and gig income to enhance their reserve funds and annuity plans, with just 14% tried out retirement investment funds designs through a business.

In spite of the fact that joblessness is low, computerization is likewise a danger to numerous occupations. An Oxford University study proposes that about portion of American occupations will be undermined via mechanization throughout the following two decades. This is profoundly felt in the workforce as well, with 54% of the US workforce saying they were not certain their activity would in any case exist in 20 years.

A mix of overviews from Intuit and LinkedIn disclose to us why gig laborers and specialists have settled on this a lifelong decision:

  • An arrangement of customers is more solid than a solitary manager: 63%

  • Win more cash and supplement salary: 57%

  • Make and control their very own work and calendars: 46%

  • Upgraded work and life balance: 35%

  • 41% of specialists reviewed said that they additionally have a perpetual activity notwithstanding their independent work.

In this interesting take of events in the gig economy, sales outsourcing has emerged as a big industry creating opportunities for independent and freelance workers. Now it would be interesting to see how this industry will change the game of employment and get success in developing a collaborative workforce for business growth.

Rachit Mathur

Co-founder and CEO of Avenue Growth

Science & Technology

How Can Marketers Use ChatGPT? Here Are the Top 11 Uses.

With the recent developments in AI and the popularity of ChatGPT, you may want to integrate AI into your marketing practices. Find out how.


5 Ways ChatGPT Will Impact Digital Marketing

ChatGPT is creating ripples across the digital landscape right now. Here are five ways it can benefit your ads, campaigns and marketing strategies.

Science & Technology

The Deepfake Threat is Real. Here Are 3 Ways to Protect Your Business

The rising use of deepfakes is a growing threat to businesses and society as technology advances. Here are three tips for companies to combat this threat.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

Apple Is Working on Making Its $3,499 Vision Pro More Affordable — and Mainstream. Here's How.

Apple's product is at least three times more expensive than Meta's version.

News and Trends

Amul's MD Jayan Mehta On The Growth of the Company And Its Global Expansion

Gujarat Cooperative Milk Marketing Federation, which sells dairy products under the Amul brand, recently introduced fresh milk in the US market as part of a partnership with the Michigan Milk Producers Association. Now, the organization wants to increase the range of items it offers