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GIG ECONOMY - THE FUTURE OF WORK

People around the world are waking up to a new world of work. A system that distributes millions of jobs, but no stable work. A system that connects bosses and workers, who sometime never meet each other. A system that offers workers freedom,but no security or control this system is known as Gig economy or sharing economy or open talent economy or freelance economy. Gig economy is a platform economy which provides platform where buyers and sellers can come together and can perform their transactions; this kind of economy gives more of non-standard employment rather than standard employment. According to a study by PayPal, ‘Insights into the Freelance ecosystem’, one in every four freelancers are from India and the gig economy in India has the potential to grow up to $20-30 billion by 2025. Digitization, Internet penetration, technologically skilled workforce, advancements in Information Technology, a booming start-up culture and skills in demand are propelling the growth of gig economy in India.

In India,people in almost all metro cities can feel the impact of this system, the way Indians are travelling got changed, and our approach towards home delivery foods got changed. So everything is changing very fast because our World is changing. Innovative business models like Uber, Ola, Uber eats, Zomato, Swiggy and many more, provide great opportunities for employment - here it is gig workforce. The Uber drivers don’t have any employment relationship with Uber; they have only contractual relationship with the Company so in that case job security will be a threat but on another side more flexible and part time work, with fairly good remuneration!In this system, we require good policies to be framed and implemented to deal with the employees and ILO (International Labour Organization) had already started working on it. If we take the employment share of India informal sector is 75% in rural areas and 69% in urban areas. This shows that informal sector comprises an important part of the Indian labour force. Employment in the informal sector is commonly thought of as largely low- skilled or unskilled given low levels of formal education and training. In standardized from of employment men women employment ratio will be 70:30 but in gig economy it is almost 50:50 ratio. In rural India there are lots of women whose capabilities are yet to be tapped, may be they are homemakers but taking initiatives to upgrade their skills so that they can contribute to India’s growth that is possible through gig economy so that our women population will be more empowered. In India gig economy is getting popular because India as a nation with the maximum number of young people though unfortunately our unemployment rate is also alarming.In this situation unemployed youth will be delivering food, involved in parttime work, taxi drivers etc. so they also become part of the system.





Now we can see rise of MSME and startup culture in India they apply more of technology in their work process the working pattern is changing. Collaborative workspace environment is getting popular and the type of leadership we require in this kind of platform is entirely different from the normal mode of employment there comes the most powerful leadership style “SWARM” leadership. Swarm organizations are highly collaborative with collaborative network and they have limited structure governance and regulations and companies like Lab 1886, InnoCentive, Unanimous AI are some of them who fall under swarm category. The platform economy working is entirely different from normal working and more to be given emphasis to employment security, social security, employment laws etc. Will the gig economy prove to be the future of work or just another example of techno- capitalism, it remains to be seen?