Gig economy, freelancing revolution not without its enablers and enigma – Financial economist

The digital revolution has transformed industries, spawning internet enterprises and remote labor, among other things.

However, with the emergence of the gig economy and the freelancing revolution, the traditional borders of employment have blurred, enabling agile, project-based engagements and empowering individuals to diversify income streams through platforms such as Uber, Airbnb, and Upwork.

According to Akenten Appiah-Menka University of Skills Training and Entrepreneurial Development (AAMUSTED) Financial Economist lecturer, the environment of disruption is not without its facilitators and enigmas.

Dr Evans Duah stated that, while automation and AI improve efficiency, they have spurred discussions about the significance of upskilling and adaptability in the face of potential job displacement.

“Concomitantly, the COVID-19 pandemic has accelerated the adoption of remote work and virtual collaboration tools, prompting us to reconsider company culture, work-life balance, and office space utilization,” he said.

A gig economy is a labor market in which independent contractors and freelancers fill temporary and part-time roles rather than full-time permanent workers. Gig workers get flexibility and independence at the expense of job security.

The name comes from the music industry, where performers schedule “gigs” that are single or short-term commitments at numerous places.

Many people work in part-time or temporary jobs, or as independent contractors, in a gig economy. A gig economy results in cheaper, more efficient services for those willing to use them, such as Uber or Airbnb.

Dr. Duah observed that entrepreneurship and startups are creating their own change narratives.

“Entrepreneurship has become more accessible, with lowered barriers for startups and an influx of venture capital and incubators fostering innovation.”

Dr. Duah was speaking at Innovation, Creativity and Entrepreneurship Seminar at the Beulah SDA Church at Kwadaso Estate near Kumasi in the Ashanti Region.

Franklin Karikari, Director of Business Support NEIP, initiated the three-day conference, which drew over 300 daily participants who came to gain knowledge and plan for their future financial freedom initiatives.

America, for example, is well on its way to building a gig economy, with projections indicating that up to a third of the working population are working in some form.

Experts such as Dr. Duah predict that this working number will climb in Ghana as these types of jobs promote independent contracting employment, with many of them not requiring a freelancer to come into an office. Gig workers are far more likely to work part-time and from home.

“Gig work is one of the catalyst to unemployment reduction. Ghana should maximize this opportunity as we are well positioned to leverage this. I expect an incremental change but I would prefer the government to accelerate it for an exponential increase,” he further explained.

“…. a wave of creative minds and innovators are taking center stage, fueling disruptions across sectors, from E-commerce and Retail to Healthcare Innovation. The vanguard of young professionals is weaving Sustainability and Energy Innovation into the fabric of their pursuits, redefining industries with renewable energy sources, electric vehicles, and groundbreaking health tech,” he indicated.

In the midst of these changes, he explained that the emphasis on social entrepreneurship and sustainability has paved the way for enterprises that have a positive societal impact while also making a profit.

“In this orchestra of change, Lifelong Learning and Upskilling underscore the urgent need for continuous education to remain relevant in a rapidly evolving landscape. Concurrently, Blockchain and Cryptocurrencies emerge as the quintessential disruptors in the arena of digital identity, as the discourse surrounding Data Privacy and Security serves to underscore the paramount importance of safeguarding sensitive information.”

Dr. Duah urged young professionals to be visionary as well as adaptable.