Independent Contractors and Gig Jobs

(What is the Gig Economy "Contract Jobs")

The gig economy is a labor market characterized by the prevalence of short-term contracts and freelance work, facilitated primarily by digital platforms that connect buyers with sellers. In this economic model, organizations typically engage independent contractors and freelancers rather than employing full-time staff. Such arrangements are often more flexible and temporary, allowing companies like Uber, DoorDash, and Airbnb to operate without fixed schedules.

Verity One Ltd. has a system call the Verity V Validators who are vetted, trained and specialized Gig workers they are high sought after and have unique skill sets.

The growth of the gig economy has led to the availability of more affordable, efficient, and flexible services. These benefits have made it especially popular among younger demographics, who often access these services through the internet.

In the United States, it's estimated that around one-third of the workforce is engaged in some form of gig work. This proportion is expected to grow as more companies turn to freelance and contractual labor as a cost-saving measure.

Over the past five years, the gig economy has gained significant traction, becoming a popular avenue for people seeking additional income. Globally, it is estimated that approximately 1.6 million workers derive their earnings from gig-related activities. 


What Is a Gig Economy?

In a gig economy, temporary, flexible jobs are commonplace and companies tend to hire independent contractors and freelancers instead of full-time employees. A gig economy undermines the traditional economy of full-time workers who often focus on their career development.

  • The gig economy is based on flexible, temporary, or freelance jobs, often involving connecting with clients or customers through an online platform.
  • 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.
  • At the same time, the gig economy can have downsides due to the erosion of traditional economic relationships between workers, businesses, and clients.