A CRUCIAL ANALYSIS OF THE GIG ECONOMY AND HOW IT’S RESHAPING THE REGULAR WORKFORCE

A CRUCIAL ANALYSIS OF THE GIG ECONOMY AND HOW IT'S RESHAPING THE REGULAR WORKFORCE

LAKSHMANAN.S

Student, MBA, School of Management of Studies, Sathyabama Institute of Science and Technology, OMR, Chennai, Tamil Nadu, 600119,

EMAIL: lakshmananlatchu03@gmail.com

GAYATHRI. N

Student, MBA, School of Management of Studies, Sathyabama Institute of Science and Technology, OMR, Chennai, Tamil Nadu, 600119,

EMAIL: gayathrinarayanan840@gmail.com

SAHAYA ANTO JEFRY. K

Student, MBA, School of Management of Studies, Sathyabama Institute of Science and Technology, OMR, Chennai, Tamil Nadu, 600119, EMAIL:

Jefry909246@gmail.com

ABSTRACT:

The rapid growth of the gig economy has emerged, which is causing a huge threat to traditional employment. Short-term contracts such as technology freelancing and ride-sharing are gaining popularity due to the flexibility they offer employees and the cost-efficiency they bring to employers. However, this shift poses some basic concerns regarding the broader implications for the traditional conception. In this paper, we aim to discuss the impact of the gig economy on full-time employees, considering job security, work-life harmony, income adequacy, career growth, and overall health. This study looks into the overlap between the gig and the traditional employment models using secondary data and recent case studies to analyse whether the gig structure aids or replaces conventional job models. It also argues that how companies are reacting to the dual-employment contracts is discussed to explain the impact such a shift has on policy-makers, HR professionals, and employees in the modern context of changes in the employment landscape. This paper, thereby, aims to highlight in depth the imbalance between the adaptability and flexibility of the gig economy while delving into how the economy could reshape not only the workforce but also its functions, expectations, and future directives.

OBJECTIVE:

·         To investigate the effect of the gig economy on the job security of the traditional full-time worker.

·         To research the effect of the growth of gig-based work on employee well-being, such as work-life balance, adequacy of income, and career development.

·         To assess whether the gig economy itself is an opportunity or a threat to the traditional workforce.

·         To focus on how businesses are applying the dual aspects and how they are planning to apply the HR policies in the organisation.

·         To analyze the long-term impact of the gig economy on the future aspirations, jobs, and activities of the contemporary workforce.

KEY WORDS

·         Gig Economy

·         Job Security

·         Workforce Transformation

·         Cost-Saving Strategies

·         Employee Well-being

·         Hybrid Workforce

·         Career Development

·         HR Policy Reform