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The Rise and Challenges of the Gig Economy in the Philippines
The gig economy involves hiring independent contractors and short-term workers, often referred to as freelancers or gig-workers. In recent years, many professionals have joined the gig economy to seek additional income or a change in work pace. Technology has enabled these workers to take on freelance work from anywhere in the world, allowing them to work from home and enjoy a flexible lifestyle.
Companies are also embracing this setup, employing freelancers for specific projects to save costs, drive innovation, and maintain a competitive edge. A report by KellyOCG revealed that 84 percent of hiring managers in the Asia Pacific outsource to freelancers, with 43 percent of global organizations saving at least 20 percent in labor costs.