Browse Definitions:
Definition

gig economy

Contributor(s): Ivy Wigmore

A gig economy is an environment in which temporary positions are common and organizations contract with independent workers for short-term engagements.

The trend toward a gig economy has begun. A study by Intuit predicted that by 2020, 40 percent of American workers would be independent contractors. There are a number of forces behind the rise in short-term jobs. For one thing, in this digital age, the workforce is increasingly mobile and work can increasingly be done from anywhere, so that job and location are decoupled. That means that freelancers can select among temporary jobs and projects around the world, while employers can select the best individuals for specific projects from a larger pool than that available in any given area.

Digitization has also contributed directly to a decrease in jobs as software replaces some types of work and means that others take much less time. Other influences include financial pressures on businesses leading to further staff reductions and the entrance of the Milennial generation into the workforce. The current reality is that people tend to change jobs several times throughout their working lives; the gig economy can be seen as an evolution of that trend.

In a gig economy, businesses save resources in terms of benefits, office space and training. They also have the ability to contract with experts for specific projects who might be too high-priced to maintain on staff. From the perspective of the freelancer, a gig economy can improve work-life balance over what is possible in most jobs. Ideally, the model is powered by independent workers selecting jobs that they're interested in, rather than one in which people are forced into a position where, unable to attain employment, they pick up whatever temporary gigs they can land.

The gig economy is part of a shifting cultural and business environment that also includes the sharing economy, the gift economy and the barter economy.

The American Law Journal examines some of the legal implications of a gig economy.

This was last updated in May 2016

Continue Reading About gig economy

Join the conversation

3 comments

Send me notifications when other members comment.

By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Please create a username to comment.

Poor definition. Fails to tell where "gig" came from or what it means.
Cancel
The word gig was a slang word used by people referring to finding a job. "I have a gig with Count Basie. I have a gig working at the docks. etc.
GIG means job.
Cancel
I was on a popular international site, where freelancers from around the world compete for projects or "jobs". Many people in countries with a much lower cost of living were getting the work, because they were much cheaper and non-competitive. Also, because of the time differences, they were able to learn about and complete the jobs much faster.
Cancel

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchCompliance

  • cyborg anthropologist

    A cyborg anthropologist is an individual who studies the interaction between humans and technology, observing how technology can ...

  • RegTech

    RegTech, or regulatory technology, is a term used to describe technology that is used to help streamline the process of ...

  • conduct risk

    Conduct risk is the prospect of financial loss to an organization that is caused by the actions of an organization's ...

SearchSecurity

  • application whitelisting

    Application whitelisting is the practice of identifying applications that have been deemed safe for execution and restricting all...

  • security

    Security, in information technology (IT), is the defense of digital information and IT assets against internal and external, ...

  • insider threat

    An insider threat is a malicious hacker (also called a cracker or a black hat) who is an employee or officer of a business, ...

SearchHealthIT

  • HIPAA Privacy Rule

    The Standards for Privacy of Individually Identifiable Health Information, commonly known as the HIPAA Privacy Rule, establishes ...

  • HIPAA business associate agreement (BAA)

    Under the U.S. Health Insurance Portability and Accountability Act of 1996, a HIPAA business associate agreement (BAA) is a ...

  • telemedicine

    Telemedicine is the remote delivery of healthcare services, such as health assessments or consultations, over the ...

SearchDisasterRecovery

  • data recovery

    Data recovery restores data that has been lost, accidentally deleted, corrupted or made inaccessible. Learn how data recovery ...

  • disaster recovery plan (DRP)

    A company's disaster recovery policy is enhanced with a documented DR plan that formulates strategies, and outlines preparation ...

  • fault-tolerant

    Systems with integrated fault tolerance are designed to withstand multiple hardware failures to ensure continuous availability.

SearchStorage

  • data deduplication

    Deduplication retains one unique data instance to reduce storage and bandwidth consumed by remote backups, replication and ...

  • byte

    In most computer systems, a byte is a unit of data that is eight binary digits long. Bytes are often used to represent a ...

  • Secure Digital card (SD card)

    SD cards use flash memory to provide nonvolatile storage. They are more rugged than traditional storage media and are used in ...

SearchSolidStateStorage

  • flash file system

    Flash file systems are designed specifically for memory devices. A well-designed flash device and flash file system ensure ...

  • IOPS (input/output operations per second)

    IOPS measures the maximum number of reads and writes to non-contiguous storage. It is not an actual benchmark since vendor ...

  • eMMC (embedded MultiMediaCard)

    An embedded MultiMediaCard (eMMC) is a small storage device made up of NAND flash memory and a simple storage controller.

SearchCloudStorage

  • RESTful API

    A RESTful application program interface breaks down a transaction to create a series of small modules, each of which addresses an...

  • cloud storage infrastructure

    Cloud storage infrastructure is the hardware and software framework that supports the computing requirements of a private or ...

  • Zadara VPSA and ZIOS

    Zadara Storage provides block, file or object storage with varying levels of compute and capacity through its ZIOS and VPSA ...

Close