Gig Economy

What do we mean by "Gig Economy"?

A labour market which is characterised by the prevalence of short-term contracts or freelance work as opposed to permanent jobs. "Being a worker in the gig economy means constantly being at the whim of last-minute scheduling".

A gig economy is a free market system in which temporary positions are common and organisations contract in independent workers for short-term engagements as and when they need them. The trend toward a gig economy has already started. A study by Intuit (the business and financial software company) predicted that by 2020, 40 percent of American workers would be independent contractors. Gig economy 2

In the gig economy, instead of a regular wage, workers get paid for the "gigs" they do, such as a food delivery (Deliveroo) or a car journey (Uber).

In the UK it's estimated that up five million people are employed in this type of capacity.

The rapid rise in the gig economy suggests that this is going to be the norm in the future world of work, raising the debate as to whether lower pay, a lack of job security, and fewer benefits is the future we all want to build? However on the flip side many cite the benefit of being able to work when you want as a factor that outweighs the downside.

And as such many people who work in the gig economy require an accountant who understands there needs. Here at 1st Cloud Accountants all of our accountants are qualified and experienced in this new growing sector.