Gig Economy Definition
The gig economy is defined as “a free market system in which temporary positions are common and organizations contract with independent workers for short-term engagements”. “Gig” is slang for “a job for a specific amount of time”, and is most frequently associated with musicians.
Future of the Gig Economy
The outlook of the gig economy workforce is extremely good, with various predictions stating that by the year 2020, 40 percent of the American workforce could be a part of it. Numerous factors are driving this rise in growth, with one of the primary culprits being the digitalization of the global workforce. This means that now, anyone can work from anywhere, which dislocates the previously intuitive linkage of location and job type. Now businesses (including FAVR) are able to save resources by minimizing location space and maximizing wages, efficiency, and corporate growth.
Benefits of the Gig Economy
The life of the freelancer is closely associated with freedom: a freedom to choose what jobs they want to do and when. Rather than being forced into a position, the freelancer is able to independently select tasks that find interesting or rewarding. And, since they are the mechanism which drives the engine of the gig economy, they collectively are able to decide how it operates and have the final say in what does or does not get done.
Companies In the Gig Economy
Currently, there is an abundance of companies involved in this rapidly expanding gig economy, with Uber, Lyft, Upwork, and TaskRabbit being the current dominant global corporations. FAVR hopes to start locally and provide the people of Rochester, Minnesota with their own efficient, personal, and safe gig economy, which can eventually be nurtured into a new source of national prowess that is independent from the Mayo Clinic. It is our hope that we can construct a local, digital marketplace that caters specifically to the needs of the people of Rochester.