Word of the day: gig economy

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Word of the Day Daily updates on the latest technology terms | April 1, 2020 gig economy A gig economy is a free market system in which temporary positions are common and organizations contract with independent workers instead of hiring full or part-time employees. The term gig, which has its roots in jazz music, is slang for "job that pays." There are a number of forces behind the increased trend of using freelancers, independent contractors and project-based workers, including: An increasingly mobile workforce. Improved broadband internet connectivity. Maturity of the Software-as-as-Service (SaaS) delivery model. Trust in digital payment systems. A cultural shift away from employees working one or two jobs until retirement.   From a worker's point of view, the gig economy can be seen as a way to improve work-life balance. When independent workers are able to select jobs they are interested in, it's more likely they will complete those jobs successfully. The challenge, however, is for the independent worker to get enough short-term work to support his or her desired style of living.   From the employer's point of view, the gig economy allows businesses to save resources in terms of benefits, office space and training. It also gives employers the ability to contract with experts for specific projects who might be too high-priced to maintain on staff.   The challenge for businesses, however, is to make sure the status of contractors as non-employees is always legally clear. Continue reading... Today's Takeaway "A distributed workforce includes both gig workers and full-time employees working either internationally or domestically. Potential benefits of remote work include flexible work-life balance and an easy commute. However, employees who work remotely on a full-time basis can experience loneliness and social isolation, which can lead to decreased productivity and high turnover." - Rachel Meltzer Related Terms You Should Know telecommuting remote access work-life balance employee retention microtrend contingency plan   Buzzword Alert gig workers While organizations typically pay close attention to how diversity affects their full-time workforce, few have considered the issue when they engage gig workers. That may be starting to change.   payroll management A list of the latest trends in payroll management would not be complete without discussing the gig economy. How and when employees are paid is shifting.   digital gig worker Digital gig workers, such as Uber drivers, use software platforms to accept work on a task-by-task basis. An algorithm is used to pull workers from a pool to match customer demand for a specific service at a specific time. Quiz Yourself A _______ contract is an agreement?stating that a given employer is not obligated to provide a gig worker with a minimum number of hours.? a. zero-hours b. responsive Answer Stay in Touch Thank you for reading! For feedback about any of our definitions or to suggest a new definition (or learning resource) please contact us at: editor@whatIs.com FOLLOW US About This E-Newsletter The Word of the Day is published by TechTarget, Inc., 275 Grove Street, Newton, Massachusetts, 02466 US. Click to: Unsubscribe. You are receiving this email because you are a member of TechTarget. When you access content from this email, your information may be shared with the sponsors or future sponsors of that content and with our Partners, see up-to-date Partners List, as described in our Privacy Policy. For additional information, please contact: webmaster@techtarget.com. © 2020 TechTarget, Inc. all rights reserved. Designated trademarks, brands, logos, and service marks are the property of their respective owners. Privacy Policy | Partners List