Well, here’s a new word for me!

An old concept, but packaged for a new generation.

A gig economy relates to the idea that people take temporary jobs and institutions contract with independent “contractors” for short term assignments.  Each job is a new “gig”.

With the downsizing of available resources, companies are looking for savings.  A contractor does not receive extra perks – like benefits, sick days, retirement contribution.  A highly experienced and resourced contractor can work for a short period – instead of being on the full-time payroll.

For the worker there is the opportunity to seek out life balance, to do what  you love, to charge what you think you are worth.

Of course, there are downsides to each of these approaches.  I’m not about to dispute that, nor to go into explanations.

The result is an increase in the sharing economy – where we will borrow or rent rather than buy; the gift economy – where we will head towards contributing to society from an altruistic bent; and the barter economy – where we will exchange what we have for what others have in a negotiated agreement.

Tax structures will change to try to assess and gain from these economies.  Workers will need to specialize – or at least be proficient at what they do.  Companies will need to reassess efficiencies.

As if the change from a word based to a visual society were not enough, now try and figure out the change from employer based job descriptions to employee based proficiencies.

And life goes on.