The gig economy refers to a labor market that relies heavily on temporary and part-time positions filled by independent contractors and freelancers rather than full-time permanent employees. Gig workers are independent contractors, online platform workers, contract firm workers, on-call workers, and temporary workers. They enter into formal agreements with on-demand companies to provide services to the companys clients. The gig economy is based on flexible, temporary, or freelance jobs, often involving connecting with clients or customers through an online platform. Examples of gig work include driving for a ride-sharing service, painting someones house, freelance work, coaching, fitness training, and tutoring.

The gig economy can benefit workers, businesses, and consumers by making work more adaptable to the needs of the moment and the demand for flexible lifestyles. However, the gig economy can have downsides due to the erosion of traditional economic relationships between workers, businesses, and clients. Gig workers are typically classified as self-employed, rather than employees, for tax purposes, and they don’t receive regular employee benefits such as health insurance, retirement plans, or paid time off.

The gig economy is a fundamental component of todays economy, and it is unlikely to disappear anytime soon. The most effective independent workers navigate the tension between viability and vitality by cultivating four types of connections: to place, routines, purpose, and people. The gig economy is growing worldwide, and as it grows, strategies for success in the gig economy are increasingly relevant.