ISSN: 2226-3624
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On this day, the gig economy's potential to be a principle of social and financial benefits remains unexploited. While for a long time now the pillars of conscious business models that businesses should adopt in this space have been out in the open, many of the same businesses are still responsible for causing and aggravating the pressing ills plaguing gig workers (West, 2020). Although the trend of individuals become involve in gig economy is increasing, not much is known about how workers fare in the alternative work arrangements, which are becoming a prominent feature of 21st-century labor markets. There is no regulation to protect the interest of either the clients or the providers in gig economy arrangements. The decision on charges for services, for example, is not regulated and shall either party decides to back off from the deal, no specific rulings are available for such matters. On top of that, the working hours are not fixed, there is no annual leave, medical benefits, insurance and social support. Despite the drawbacks, the autonomy, unlimited income potential, flexibility and easy access make this line of job an increasing eye-opener to individuals. Under the current circumstance where many individuals face unemployment, gig economy becomes a quick alternative for these people who have dependents to be taken care of.
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