Sustainability in the Gig Economy

Abstract

A gig economy is a free market structure in which temporary positions are widespread, and organizations employ independent workers for short-term commitments.The gig economy is fragmented and spans a wide diversity of workers such as independent contributors, freelancers, self-employed, and part-time workers. This chapter deliberates on the major factors that influence the gig economy from a multi-stakeholder perspective (e.g., employers/organizations, gig workers, customers, and economy). The study explores the various common factors such as globalization, digitalization, technological change, financial pressures, and emerging competition including other factors about different stakeholders who are influencing the gig economy, thereby propelling the entry of the next generation of workers in this system. Pandemic due to covid-19 has made survival even harder for gig workers. The chapter also discusses the challenges from different aspects of all stakeholders with due consideration of Industry 4.0 in detail.