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How the Rise of the Gig Economy Influences the Workforce

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Today, many working professionals leave behind the security of their 9-to-5 work for the flexibility offered by the gig economy. You have witnessed the rising numbers of people joining freelance or doing gig work in the past decade. Working at your preferred time and place are enticing incentives for the gig economy.

Contrary to popular belief, the gig economy is nothing new. This working concept has existed since businesses started hiring temporary or seasonal workers. Today, the gig economy refers to the segment of the workforce involved in freelance, contractual or part-time employment instead of the traditional 9-to-5 jobs. Examples of gig workers include freelance writers, online tutors, digital marketing specialists, web developers, cybersecurity specialists and many more.

Gig jobs might not be a new concept, but it has become popular among the younger generation over the years. The pandemic further amplified its popularity since the current health crisis disrupted many businesses and altered the course of many companies.

You can trace the rise of the gig economy to the global financial crisis in 2007 and 2008. It greatly affected many traditional businesses, which resulted in either their decline or completely altering the nature of their business. Consequently, many people turned to freelance or contract work to survive the financial crisis, which is happening again amidst the pandemic.


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