Abstract
The free-market approach of work has risen for the past few years. The on-demand workforce has a preference to stay in nontraditional employment and are generally satisfied with their income and the elasticity of employment that contingent work offers. Independent workers are also less likely to grow their careers in the same manner as a traditional job ensues, and market prevalence influences their wages comparatively more. This paper analyzes the influence which gig economy has posed on the growth of the employee and examines the benefits and deficits of contingent pay and noncontingent pay. In the assessment of conventional employment, corporate compensations such as retirement plans and health insurance add significant value to organizational service. The uncertainty of payment, as well as variable timelines of compensation, disallow a contingent worker to privately retain insurances and savings plans, whereas an employer in a firm typically offers such allowances as standard. This comparison suggests that the value lost in the gig economy is, in fact, the corporate occupational benefits and not the steady noncontingent salary.
Highlights
The word gig can be considered as slang in the corporate world to describe a job that will only last for a given period, mostly short, mostly used when referring to musicians
The gig economy exemplifies the free market where official positions are temporary, and corporate bodies give out contracts to independent skilled individuals for a short-lived period
Airbnb, and Upwork, among other technical platforms, make it easier for workers to link up with potential consumers and eventually get paid. The availability of these technological platforms allows skilled personnel to find quick, temporary work, regularly referred to as 'gig.' This paper efficiently addresses noncontingent income and corporate employee benefits, taking into consideration unincorporated— and independent contractors
Summary
Abstract- The free-market approach of work has risen for the past few years. In the assessment of conventional employment, corporate compensations such as retirement plans and health insurance add significant value to organizational service. The uncertainty of payment, as well as variable timelines of compensation, disallow a contingent worker to privately retain insurances and savings plans, whereas an employer in a firm typically offers such allowances as standard. This comparison suggests that the value lost in the gig economy is, the corporate occupational benefits and not the steady noncontingent salary. As per the compliance and regulations of: Global Journal of Management and Business Research ( B ) Volume XX Issue III Version I Year 2020
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