Gigfintions – Understanding the Gig economy



First of all a big thanks to all of you who appreciated my intentions with this blog. I received a lot of nice InMails, both with feedback, tips, and hurrays. And also a lot of questions regarding what’s the Gig economy and what’s a Gig worker?

I will try to help you understand those concepts by some definitions, Gigfinitions, and I hope they make sense to you.

Gig economy

In a gig economy, temporary, flexible jobs are commonplace and companies tend toward hiring independent contractors and freelancers instead of full-time employees. A gig economy undermines the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career.

Read more: Gig Economy Definition | Investopedia

Inspiration: What is driving the gig economy

Freelance economy

A freelance economy revolves around hiring self-employed workers to undertake specific, short-term jobs in return for an agreed upon wage. These jobs typically are too small or infrequent to hire a full time employee or would be too expensive to contract out to another firm. Freelancers are the individuals who make themselves available to be hired for such temporary work. They may find temporary work through classified ads, online, or through temporary staffing agencies. The internet has made freelancing a more attractive pursuit for many individuals in the fields of writing, journalism, design, artistic pursuits, editing, multimedia, consulting, computer programming, and many more. The freelance economy is closely related to the Peer-to-Peer (P2P) economy. However, it is not uncommon for businesses to hire freelance workers, while a P2P transaction involves individuals.

Read more: Gig Economy Definition | Investopedia

Sharing economy

Sharing economy is an umbrella term with a range of meanings, often used to describe economic activity involving online transactions. The Sharing economy describes economic and social activities, involving; online transactions in an open-source community. It usually refers to peer-to-peer sharing via an online market place. The sharing economy may take a variety of forms, including using information technology to provide individuals with information, that enables them to optimise resources through an effective use of excess capacity.

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Gig worker

To keep it really simple, a Gig worker is a different term for Freelancer: An individual serves as a provider to as many different employers as he or she can handle. They work from home, or the local café, or in a multi-gigger environment where each Gig worker can rent a cubicle to work in. Instead of living paycheck to paycheck, they’re living job to job.

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A freelancer is an individual who earns money on a per-job or per-task basis, usually for short-term work. A freelancer is not an employee of a firm, and may therefore be at liberty to complete different jobs concurrently by various individuals or firms, unless contractually specified to work exclusively until a particular project is completed.

Typically, freelancers are considered independent workers and may do such contract work full-time or as a side job to supplement some other full-time employment, time permitting. Freelancers, as independent contractors, typically require signed contracts for the job to be done and will agree to a pre-determined fee based on the time and effort required to complete the task. This fee may be a flat fee or a per-hour, per-day, per-project fee, or some other similar measure.

Read more: Freelance Economy Definition | Investopedia

Independent contractor

An independent contractor is a self-employed taxpayer who controls his own employment circumstances, including when and how work is done. Independent contractors are not considered employees, and they must pay their own Social Security and Medicare taxes. It is up to the payer to correctly classify each payee as either an independent contractor or an employee.

Read more: Independent Contractor

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