Evaluating Gig Economy In Industry 4.0 – A Sustainable Perspective

Document Type : Primary Research paper

Authors

CHRIST (Deemed to be University), Bengaluru, India, Hosur Road, Bangalore 560029, India

Abstract

Industry 4.0 is a term used to refer to the fourth Industrial Revolution. This era is identified with two powerful forces: the growing adoption of technology in the workplace, and the changes in the demographic of today’s workplaces to include temporary and contractual workers. The basic tenet of Industry 4.0 - which looks at increasing the efficiency of every step in the business process in a human environment - is enshrined in gig economy. Gig economy is characterized by an increased use of technology, which results in efficient use of resources and financial welfare for all. Gig economy workforce consists mainly of temporary or contract workers who leverage information technology to work efficiently. This paper highlights the relationship between gig economy and sustainability. The challenge of sustainability is to strike a balance between economic growth and concern for the environment. Gig economy is sustainable, as it meets the profit, planet and people related concerns. This form of work leads to increased financial welfare and quality of life for all, with a concern for environment and the people. This paper focuses on the challenges faced by the gig economy in order to remain sustainable. The opportunities which are inherent in the challenges are also delineated. Finally, gig economy has the capacity to build a roadmap for this new form of work, challenging the age-old business practices.

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Int. J. of Aquatic Science
Volume 12, Issue 2 - Serial Number 2
June 2021
Pages 3409-3418

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