The gig economy refers to a labor market characterized by the prevalence of short-term, flexible, and freelance work arrangements. In this type of economy, individuals are hired on a project-by-project basis, often through online platforms, rather than being employed by a single employer on a long-term basis.
In contrast to permanent positions, the gig economy refers to a labor market that distinguishes itself by temporary, self-employed, or independent contractual employment. Individuals, commonly known as gig workers or freelancers, utilize their expertise to carry out assignments or projects for different clients or corporations. This model provides workers with the opportunity to have flexibility, independence, and the option to work from a remote location, which is attractive to a wide variety of individuals.