The Gig Economy is a labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs. The gig economy gets its name from each piece of work being an individual “gig”. It has also been called the “sharing economy” mostly in reference to platforms such as Airbnb and the “collaborative economy”. These jobs are pay as you go jobs which have been around for quite some time. It has become a very appealing way to make a living for those who want flexible hours or the independence of being self-employed. In a gig economy, temporary, flexible jobs are commonplace and companies tend toward hiring independent contractors instead of full-time employees. The gig economy is growing fast due to demands of employees for more flexibility.
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