The GIG economy and its effects on the labor market

Jinyoung Hwang *

University of edinburgh MA Social Policy and Economics, United Kingdom.
 
Research Article
International Journal of Science and Research Archive, 2024, 13(01), 3394–3404.
Article DOI: 10.30574/ijsra.2024.13.1.1231
Publication history: 
Received on 22 June 2024; revised on 16 September 2024; accepted on 19 September 2024
 
Abstract: 
The objective of this study is to enhance comprehension of the gig economy, its ramifications, and its significance for labor market dynamics and public policy. This research offers practical insights for different stakeholders, such as politicians, enterprises, and workers, in effectively addressing the obstacles and capitalizing on the opportunities posed by the gig economy, utilizing a rigorous quantitative analysis approach. The study employs a quantitative research design, which entails the collection and analysis of numerical data to derive significant insights regarding the influence of the gig economy on the labor market. The chosen research design is in accordance with the requirement to quantitatively assess the economic and social ramifications as well as the legal and regulatory obstacles presented by the gig economy. Based on the empirical evidence and its consistency with prior scholarly investigations, a number of inferences can be made pertaining to the influence of the gig economy on the labor market. Findings suggest it is imperative for policymakers, businesses, and gig platforms to prioritize the development of strategies aimed at alleviating income inequality and establishing avenues through which gig workers with lower incomes can enhance their earnings. The well-being of workers is contingent upon their income and the balance between work and personal life. Gig workers prioritize both income and work-life balance as significant factors. Policymakers should consider measures to ensure fair compensation, while businesses and platforms can promote flexible scheduling to support work-life balance. The categorization of employment holds significant implications for the rights and overall welfare of workers.
 
Keywords: 
The Gig Economy; Gig Workers; Work-Life Balance; Labor Market; Freelance Employment
 
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