The Gig Economy

Question 1

Question: What are the benefits and disadvantages of gig work for individuals?

Answer 1

Answer: Benefits include flexibility, variety of work, better work-life balance, income potential, and skill development. Disadvantages include income instability, lack of job security, overwork, isolation, uncertain career progression, and limited legal protections.

Question 2

Question: Explain the term ‘gig economy’ and how it has changed the traditional employment model.

Answer 2

Answer: The gig economy is a free market system in which temporary positions are common, and organizations hire independent workers for short-term commitments. It has changed the traditional employment model by increasing flexibility for both employers and workers, but also creating more precarious and less secure job arrangements.

Question 3

Question: What factors have contributed to the rise of the gig economy?

Answer 3

Answer: Contributing factors include technological advancements, the desire for flexible work arrangements, economic shifts, and changes in worker preferences for diverse and independent work experiences.

Question 4

Question: How does the gig economy impact traditional employment benefits and protections?

Answer 4

Answer: The gig economy often lacks traditional employment benefits such as health insurance, retirement plans, job security, and legal protections, making gig workers more vulnerable to economic fluctuations and personal risks.