Exploring the Growth of Freelance and Gig Workforces: Impacts on Employment Models and Business Risks
Year: 2024
Type: article
Abstract: The gig economy, characterized by short-term contracts and freelance work, is transforming traditional employment models. This study investigates its opportunities and challenges for businesses. The objective was to analyze cost-efficiency, workforce scalability, and innovation, while also examining the regulatory, legal, and organizational risks. Methodology involved comparative analysis using secondary data from reports and case studies. Results showed that gig workers can reduce labor costs by up to 30%, but companies relying on them face a 20% higher turnover rate and 30% increase in operational costs. Conclusion: while gig work offers flexibility, businesses must manage associated risks for sustainability.
Author: Mbonigaba Celestin* & S. Sujatha**
Language: English
Subfield: Sociology and Political Science
Field: Social Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W6949720674
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