Sustainability in Gig economy: Socio-Economic Perspectives

Abstract

The gig economy, which is rapidly growing due to the digital platform and the flexibility of the work process, has dramatically transformed the modern labor market of developed and developing economies. Although the employment opportunities provided by gig-based jobs are economically effective due to the ability of diversification of income, cost effectiveness, and access of the market, the issues of its sustainability in the long-term are under-researched. This paper analyses the concept of sustainability within the realm of the gig economy by using a triangle economic, social, and environmental (triple bottom line) model. Economically, the paper assesses the stability of income, productivity, and value creation on platforms by workers and firms. The social sustainability has examined under aspects of job security, labour rights, skill development, inclusiveness and wellbeing of the workers. The environmental aspect evaluates the resource efficiency, less commuting emissions, and green practices that the gig economy facilitates, and the new ecological issues, including more congestion in cities and ewaste. The study utilizes an extensive review of empirical studies, policy reports and platform data to point out major trade-offs and interdependencies across the three pillars of sustainability by considering the quantitative and exploratory research techniques on collecting secondary data and projected data. Descriptive statistics tools and correlations have been shown among GDP, Employment, and gig workforce. The results imply that the gig economy can contribute to inclusive growth and environmental efficiency, but it has to be sustained by favorable regulatory frameworks, responsible governance of the platforms, and the incorporation of social protection systems. The paper adds to the current policy and scholarly discussions by suggesting an inclusive approach to sustainability in the gig economy and identifying the future areas of research to achieve balanced and robust platformbased working ecosystems.