Uncovering the Challenges and Opportunities of Gig Economy for Small Businesses

Mikaela Palada, Paul Christian B. Pamor, Jasmin Rose B. Sulit and Renica Lourielle C. Villegas
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Mikaela Palada: Bachelor of Science in Office Administration, Polytechnic University of the Philippines
Paul Christian B. Pamor: Bachelor of Science in Office Administration, Polytechnic University of the Philippines
Jasmin Rose B. Sulit: Bachelor of Science in Office Administration, Polytechnic University of the Philippines
Renica Lourielle C. Villegas: Bachelor of Science in Office Administration, Polytechnic University of the Philippines

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 8, 2348-2367

Abstract: The study examines the impacts of the gig economy on small businesses and focuses on the Philippine context. The study aims to explore the nature of gig work and its implications for small businesses, highlighting both benefits and challenges. The paper`s findings indicate that the gig economy offers small businesses benefits such as reduced operational costs, access to a diverse talent pool, and increased productivity. However, it also presents challenges, including legal and tax issues, financial risks, and concerns about the quality control of gig workers. To navigate these complexities, the study suggests strategies such as enhancing digital literacy, improving worker competency through training, and implementing comprehensive risk management solutions. Additionally, it emphasizes the importance of developing supportive policies and frameworks to address the challenges that small businesses face. The significance of this study lies in its potential to inform policy development and provide practical recommendations for small businesses seeking to leverage the advantages of the gig economy while mitigating its inherent risks, supporting small businesses in making informed decisions, and fostering a more resilient and adaptable economic environment. The research employs thematic analysis to evaluate the gathered data. The sources are carefully selected from published articles from various databases as well as online resources, finding valuable insights such as the importance of policies and strategies for the successful management of gig workers in small businesses.

Date: 2024
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