Advantages of the gig economy to businesses generally.

[Etini]

The gig economy is a system where there is a pool of manpower that are willing to offer professional services on demand without having to be full time staff of a business organisation. The gig economy has advantages to businesses generated in the following regards:

1) Costs of labour is reduced when a business uses the gig economy to fill in certain job roles as business organisations don't have to keep full time staff and keep paying benefits for them.

2) Flexibility to tweak your workforce as business cycle demands: The gig economy allows businesses to have control over the size of their workforce per time. They can increase their workforce in periods of peak demand and reduce it when demand has shrunk.

3) Businesses can access highly skilled employees that they normally can't afford to keep as occasion demands. This makes a business to stay competitive.

 

[Fidelia1]

One advantage of businesses that operate in the gig economy is that they aren't under any regulation to pay minimum wage. I think it is only in the gig economy that payment structures are completely independent on negotiation and are not bound by regulatory provisions. Sometimes, when staff are on full-time and payroll, they get paid more than they actually input because the law doesn't allow the organisation to pay less than minimum wage. The gig economy has truly created globalisation in it's true form.