gig-economy

Vocabulary Word

Definition

'Gig-economy' is a way of working that's based on people getting paid for each separate task, or 'gig', they do, instead of having a regular salary. It's flexible, but can be unpredictable.

Examples in Different Contexts

Many companies rely on the gig economy to hire delivery drivers, allowing them to scale their services based on demand. A business executive might say, 'Our delivery fleet is primarily composed of gig economy drivers.'

Practice Scenarios

Business

Scenario:

We're launching a new project, and we need to build a team quickly. What are some effective ways to bring in talent on short notice?

Response:

Perhaps we could tap into the gig economy and bring on several project-based contract workers.

Tech

Scenario:

Our development workload has been spiking, but only temporarily. It wouldnt make sense to overstaff our tech team.

Response:

It sounds like a scenario where leveraging the gig economy would be helpful. Contracting freelance developers could be an option.