The Impact of the Gig Economy on Traditional Employment and the Necessity for Revised Business, Hr, and Legal Strategies

The entrance of the gig economy into the employment field requires many innovative business strategies from both players as well as from the government. This study appraises the management of the freelance workforce from the theory of resource-based view (RBV) and transaction cost economics (TCE), which are helpful theoretical tools. RBV considers freelancer calls, and TCE does benefit and cost analysis when hiring freelancers or home staff. Given the qualitative nature of the research, a combination of interviews and focus groups with the stakeholders operating in the gig economy platform, as well as an analysis of documents of a strategic and legal nature, will be taken to investigate the inner articulations of gig employment. The preliminary results show that having organizational flexibility, personalizing personnel management, and the strategic inclusion of gig workers are the main factors that can ensure business success in a rapidly changing market environment. Nevertheless, without the gender pay gap and legal safeguarding, it becomes evident that there is a further need to work on these. The focus of the study is to bring up topics to be implemented in gig employment, such as the creation of HR policies and legal standards which would promote the sustainability of gig work and, at the same time, protect worker rights, which can contribute to a balanced and fair gig economy