Panel IV

Panel IV:
The Gig Economy - Redefining the workplace

In a Gig Economy both temporary &flexible jobs are a 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.

The term has come up with the advent of online marketplaces, apps, and smartphone technology. This concept has taken over the way we work, spend and search for employment. It refers to both independent and freelance positions including those that are both technological and temporary. One massive advantage of such jobs is the immense flexibility of location and timings that they offer. The workers in Gig economy have a special freedom to work as they complete flexibility. It may work for students and older people who could use some extra source of income. However, for others, it may mean low job security, low pay and zero employment rights that come with a standard full-time job.

Experts claim that the gig economy has severely disturbed the conventional workplace and has also redefined workplace expectations of employees. With a lot of people taking the option of work from home and rise of freelancers, the gig economy is here to change the way an industry works thus creating new opportunities and opening up jobs to people even from the most remote locations of the world.

The first and foremost challenge faced by companies here is how to retain an employee? With the millennial generation looking towards building a career and valuing growth more than loyalty, making them stay is the biggest challenge. Another challenge here is how to ensure equitable distribution of benefits for different generations.

The main focus of the discussion would be how to ensure employee retention in gig economy and how to customize benefits to employees from different generations having different value systems.