Over the last few years words such as ‘gig’, ‘gig economy’ has been popularised and turned out to be widely used term in the business world today. Over the last few years, we have increasingly become dependent on our smartphones and it’s become an inevitable part of all our lives. With the pandemic, most of our lives turned topsy turvy and the nation wide lockouts forced us to depend on applications for all our needs and necessities. This slowly led to the unprecedented growth of the gig economy of the country. In this article, we shall break down the meaning of the gig economy and everything you should know about the gig economy in India.
What is the meaning of the Gig Economy?
Gig Economy essentially refers to a free market economy where employers hire employees, independent contractors, temporary workers for either short-term or long-term or until the need exists. However, what separates the gig economy from the rest is that the gig economy is aligned towards providing individuals with a temporary fix, where one gets to earn when compared to a full-time team member but doesn’t receive the organisational benefits.
What is the definition of the Gig Economy?
You might now ask me, so what’s really the definition of the gig economy? The gig economy basically encompasses all types of gig workers, freelancers, independent contractors, temporary workers and so much more. A study conducted by the American Staffing Association shows that over 78% of the respondents see the gig economy as a new way to withstand an independent workforce.
What are the Pros of Gig Economy?
The main advantages of the gig economy are as follows;
- Flexibility
Whether you are a gig worker or an employer in the gig economy you have a wide range of flexibility. In case you are a gig worker, you can pick the gig of your choice, work comfortably around your personal schedule and receive your payments. You can switch between gigs and even take up multiple gigs and do it comfortably. On the other hand, if you are an employer, you can hire temporary gig workers for whenever they are in need. This flexible nature of the gig economy also allows employers to hire specialised gig workers, i.e. workers with specialised skills and talents for a brief period of time at lower costs.
- Source of Alternative Income
The gig economy serves as a major source of income for several individuals. Whether you are a college student, someone looking for a part-time job or if you are looking to restart your career, gig economy is a great way for you to earn additional incomes. The millennials prefer the gig economy to a great extent because of the sole reason that it enables them to earn incomes to meet their daily requirements.
What are the Cons of the Gig Economy?
The disadvantages of the gig economy are as follows;
- Irregular Incomes
One of the major disadvantages of the gig economy is that as a gig workers your incomes are often inconsistent since you are paid based on the longevity of the task or the project. You might have multiple tasks to complete over a week and almost only a couple of tasks for the rest of the month. This might pose as a disadvantage for many individuals who are used to getting a fixed pay at the end of the month.
- Lack of Benefits
When compared to a full-time employee a gig worker often doesn’t have equal amount of benefits. However, there are several new rules and policies that have been laid down by the prescribed authorities in order to protect the gig workers and provide them with ample social security benefits.
What is a Gig Economy Startup? Which is the best Gig Economy Company?
We have looked into the advantages and disadvantages of the gig economy, it’s time for us to dive deeper into the gig economy of India. Let’s take a quick look at the different actors of the gig economy and how they thrive in the gig economy of India. On the forefront, the two main actors of the gig economy are gig workers and employers of the gig economy. However, there are several organisations, such as startups, multinational companies and so much more that help in pushing the gig economy forward. With the rising boom in the gig economy and whopping profits, it lead to the birth of several gig economy startups that have paved the path for the gig economy in the country.
With the rising momentum in the gig economy, there are several gig ecoonoy startups today that work around providing specialised services to customers around the clock through their distinctive applications and other technology based softwares. You can go on and list multiple gig economy startups in the world.
Which is the leading gig economy startup in India?
In the service based gig economy, there are numerous B2B startups that offer specialised services to several companies and platform economy owners. Out of the many B2B startups, Taskmo is the best gig economy startup in India offering a wide range of services that include Background Verification, Merchant Onboarding, Partner Onboarding, Vendor Onboarding, Customer Support Services, Telesales and Telemarketing, Picking and Packing, Warehouse Services, Surveying and Sampling and much more.
So why wait? Speak to our experts today!
If you are an entrepreneur, a business owner or want to build your personal brand, speak to our experts at Taskmo today. Visit www.taskmo.com to know more.
Shoot an email to us at [email protected] and book a 30-min call with our experts today!
Original content is published at https://taskmo.com/blog/best-gig-economy-company-india
In this article, we shall look into the nitty-gritties of the gig economy in India and the best leading gig marketplace in India.
The gig economy includes all types of skilled, unskilled and semi-skilled workers who work on completing the task at hand and work on comparatively lesser duration in comparison to a full-time employee.
In a crude form, there are only two actors in the gig marketplace which include the following; Gig Workers - The individuals who work or offer their services fall under the purview of gig workers.
In addition to the above mentioned actors of the gig marketplace India, there is a new addition to the list.
Since the gig economy is in its nascent stage, one can say that it is quite an unorganised sector as of now.
The main purpose of a gig economy aggregator is to help gig employers to reach out to the gig workers within the specified time frame and get the job done on time.
It is easy to log in to the app rather than logging into their website via desktop.
He can also get feedback for the services provided and clock-in his work hours.Payment Facilitation using the SmartphoneCash-free transactions are been encouraged across the world.
They can choose the number of assignments they want to take-up & also cater to their personal responsibilities simultaneously.
Airbnb, for example, allows house owners to confirm guest booking & receive payments easily through their smartphone when they would be trotting across the globe.Beneficial for Business OwnersThe business owner need not invest in office space & get infrastructure for freelance workers or contractors.
Businesses save a huge amount on office space rentals & other infrastructure.
Businesses can invite quotes from professionals across the world & get quotes as per their budget.
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The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
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