Answered Essay: Which of these statements accurately describe(s) the "gig" (or sharing) economy?

Which of these statements accurately describe(s) the “gig” (or sharing) economy?

a Many companies have become more cost-efficient.

b Risk has shifted from the worker to the company.

c In many cases, income has decreased.

d Both A and C, but not B.

Expert Answer

In Gig economy there is temporary and flexible jobs that are given and the hiring process is totally dependent on freelancers and contractors instead of full time employment.

Option a holds true.

In gig economy many companies have become cost efficient, since it does not have full time employment and the work is done on contract or flexible basis the Companies can save money.

Incase of full time employee we need to bear the expenses such as insurance, medicare, retirement benefits etc. but incase of freelancing we can any time switch over to new freelancer or we need not pay anything extra other than the fixed pay

Incase of gig economy the risk falls in the workers as they do not have job security and fixed income for the month etc.

Income as not decreased in the gig economy it infact has increased.

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