Industrials

<p style="text-align: justify;">The gig economy delivers paid short-term services or tasks, whether remotely or in-person, facilitated by the internet. It is important to note that technology enables this kind of transaction. In an ideal scenario, a client, who can be individuals or organizations, will demand a service or a task to be completed, and gig workers, who can be independent or agencies, will always offer to assist clients on this if they meet project requirements; this means the client should outline their project details.</p><p style="text-align: justify;">The gig economy leverages digital platforms that connect demand and supply by providing an avenue where two strangers can safely communicate, negotiate, transact, etc. In this case, the strangers are gig workers and clients worldwide.</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Project Management in GIG Economy</span></h2><p style="text-align: justify;">While the above outlines how demand meets supply, there is a critical component or a skill that makes the gig economy ecosystem complete. Project management is the key driver for all parties involved during the transaction.</p><p style="text-align: justify;">Project management skills guide the process from:</p><ul style="text-align: justify;"><li>Project scoping</li><li>Planning, execution</li><li>Performance management</li><li>Reporting</li></ul><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">It outlines procedures for gig workers, digital platforms, and clients. It determines the scope of projects and creates details, including requirements such as skills, tools, budget, and timelines for a client, while these details will help gig workers analyze their suitability to bid. PM skills will guide the planning process, such as creating a work plan, SOPs, workflow, quality management process, etc.</p><p style="text-align: justify;">During production, PM skills help assign tasks, monitor project progress to ensure project expectations are met, and manage any risks. PM skills guide the project's progress reports to stakeholders, which is essential in decision-making during the project cycle.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;"><span style="font-size: 10pt;"><em>This article was contributed by our expert <a href="https://www.linkedin.com/in/henry-katam-890b48109/" target="_blank" rel="noopener">Henry Katam</a></em></span></p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h3 style="text-align: justify;"><span style="font-size: 18pt;">Frequently Asked Questions Answered by Henry Katam</span></h3><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">1. What are the benefits of the Gig economy?</span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">Some benefits of the gig economy include the following:</span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Flexibility</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">One of the biggest advantages of the gig economy is its flexibility. Gig workers can choose when and where to work, allowing them to balance their work and personal lives better.</span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Increased Earning Potential</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">Gig workers often can set their own rates, leading to higher earnings, particularly for those with in-demand skills.</span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Variety of Work</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">The gig economy provides access to a wider range of projects and clients, which can lead to more interesting and diverse work experiences.</span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Independence</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">Working as a gig worker allows individuals to be their own boss and take control of their careers.</span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Entrepreneurial Opportunities</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">The gig economy can be a good fit for individuals looking to start their own businesses or become self-employed.</span></p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">2. How big is the gig economy?</span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">The size of the gig economy can be difficult to measure precisely, as it encompasses a wide range of workers and industries. However, various studies and estimates suggest that the gig economy has grown significantly in recent years.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">In addition to the US, the gig economy has grown rapidly in many other countries, such as the UK, India, and China. </span></p><p style="text-align: justify;"><span style="font-size: 12pt;">Overall, while the size of the gig economy may vary depending on how it is defined and measured, it has become an increasingly important part of the labor market in many countries worldwide.<br /></span></p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">3. What are examples of the gig economy and some gig work platforms?</span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">The gig economy includes a wide range of jobs and work arrangements, but some examples of gig work include:</span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Ride-hailing and Delivery Services</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">Platforms like Uber, Lyft, DoorDash, and Postmates provide on-demand transportation and delivery services using a network of independent drivers</span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Freelance and Creative Work</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">Websites like Upwork, Fiverr, and Freelancer connect businesses and individuals with freelance workers who provide services like graphic design, writing, programming, and marketing.</span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Home-sharing</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">Platforms like Airbnb, Vrbo, and HomeAway enable homeowners to rent out their properties to travelers for short-term stays.</span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Personal Services</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">Apps like TaskRabbit and Thumbtack allow individuals to hire independent workers for tasks like cleaning, moving, and handyman services.</span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Pet care</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">Platforms like Rover and Wag connect pet owners with independent dog walkers, pet sitters, and dog boarders.</span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Online Tutoring and Teaching</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">Platforms like VIPKid and Chegg Tutors connect students with independent tutors for online teaching and tutoring.<br /></span></p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">4. What are the challenges of the gig economy?</span></h2><p style="text-align: justify;">The gig economy has its own challenges, such as:</p><ul style="text-align: justify;"><li>Lack of job security</li><li>Limited benefits and protections</li><li>Need for gig workers to take on all responsibilities of running a business</li></ul><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">5. Why gig economy is the future?</span></h2><p style="text-align: justify;">The gig economy is seen as the future of work because it offers new opportunities for workers and businesses alike and has the potential to drive innovation and growth in the economy.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">6. What are the objectives of the gig economy?</span></h2><p style="text-align: justify;">The objectives of the gig economy are often focused on creating more flexible and efficient work arrangements that benefit both workers and businesses.</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p>