The gig economy may be growing, but that's not a good sign for workers.

A new Prudential Financial white paper finds that while the gig model is beneficial for employers, thanks to its ability to convert many fixed costs to variable, cut benefits costs, and allow for resource flexibility, it's not such a good deal for workers.

Although gig work provides flexibility and allows workers the chance to be their own boss, it's changing how employers and employees interact—as well as making the work stream unpredictable, cutting employees off from benefits and subjecting them to lower average pay than that collected by traditional full-time employees

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