GIG Economy is speeding up


gig economy, malaysia


Business market is always dynamic due to fair competition. However due to global business cycle, economies are facing continuous Volatility, Uncertainty and Ambiguity ( VUCA). Facing this VUCA, companies, corporations and governments are working towards the welfare of the people. In this business situation, there is another economy getting bloomed, its termed as gig economy ( "a labour market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs.")  or a large number of freelancers.

The trend is to have independent workers. An economy with freelancers such as architects, designer, influence rs, micro-entrepreneurs and consultants.  They are passionate about their job, seduced by work independence, your boss is your customer, and that gives greater satisfaction.

There is a vast number of online portals such as  AirBNB, Atwork, Freelancers.com, Fiverr Zaarly, Peopleperhour, and many many more, that connects these independent workers to get contracts. Interestingly, the majority of them are paid upfront, and platform ensures pay and quality for work.

The challenge is that you to be an expert. Every day, you have to question yourself. Acquire a skill, polish it and upgrade frequently.

Here are some statistics that will tell us that the world of work is undergoing an unprecedented revolution. The life of  full-time employment is no longer going to be the default model:

Another survey was done by , 54% of young Americans showed interest in starting their small businesses and be an independent provider, gig economy model.

Source: https://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20covers/2011/11/millennials_study.pdf

Currently, in the United States,  Independent service providers, generally called freelancers, independent consultants, and independent online services account for 16 million people.   This  number will become a majority by 2020,

Source https://gigaom.com/2011/12/08/mbo-partners-network-2011/

 Next statistics is interesting,  in any country, SMEs hold 80% of the total businesses. According to the OECD, 90% of the SMEs have fewer than ten employees. In Malaysia SMEs hold near 92% out of total businesses.

https://www.oecd.org/cfe/smes/2090740.pdf 

 Similarly, there is plenty of research conducted by policymakers that derive to the fact that self-employment is becoming a trend. According to  McKinsey Global Institute, 11% of the 1.46 billion service jobs in the world could be done remotely with a work from home infrastructure.

Due to infrastructure, and technology support, gig works at a speed delivery are being accepted and promoted. What is interesting about the world of freelance work is that there is a very positive form of dynamics that results from the creation of new and very successful employment and business opportunities.

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