Capterra Glossary
Gig Economy
The gig economy refers to the practice of working short-term, freelance jobs instead of traditional, permanent jobs requiring a 40-hour workweek with set hours. Typical “gig” workers in the gig economy include delivery drivers, freelance writers, web developers, or virtual assistants. Companies often hire them to avoid paying the costs associated with full-time employees, like health insurance, vacation time, and retirement contributions.
What Small and Midsize Businesses Need to Know About Gig Economy
SMBs can take advantage of the gig economy by hiring gig workers to perform tasks that may overwhelm the in-house staff. For example, they can outsource writing blog posts to a freelance writer, or they can work with a freelance web developer to enhance their websites. Gig workers negate the need to hire additional full-time employees when their services may only be needed on a temporary or part-time basis.
Related Terms
- Big Data
- Attrition
- Software as a Service (SaaS)
- Furlough
- Intranet
- Business Intelligence (BI) Services
- Enterprise Resource Planning (ERP)
- Analytics and Business Intelligence (ABI)
- Security Orchestration, Automation and Response (SOAR)
- Identity and Access Management (IAM)
- Managed Service Provider (MSP)
- Advanced Clinical Research Information Systems (ACRIS)
- Business Analytics
- Augmented Reality (AR)
- Customer Relationship Management (CRM)
- Remote Work
- AMO (Application Management Outsourcing)
- Procurement
- Go-to-Market (GTM) Strategy
- MSO (Management Services Organization)