The term gig economy is everywhere and people seem to be raving about it. We can also find a growing number of people who are professionally associated with it. One might think that the term is new in the collective industry but in reality, that is not the case. Even before the days of application-based on-demand services and gigs that would work on everyone’s phones, the gig economy was present around us but with a different name. Freelance economy, temporary work, or agile workforces were some of the most common alternate names for gig economy.
It is also common to see a person balancing their jobs along with small businesses or hustle on the side. On the other hand, it is also very common to see that many people have left their high-stress job profiles to engage in gig economy which pays equally or even better in some cases with much less stress. High-driven jobs and the overall dynamics of the professional scope of different industries can be gruesome at times. But the concept of gig economy does include more than just on-demand jobs.
Gig Economy and Jobs
You must have heard about musicians playing gigs at different places. The concept of gig economy is pretty similar to that. Instead of going to the office following traditional working hours and deliverables, gig economy jobs entail employees to work short-term, temporarily, and on a contractual basis for one or more employers.
The term gig economy is comparatively new in the scope. However, these types of work arrangements have been around for many years. As per surveys, people are more optimistic with such a culture that would gradually encourage a bigger resurgence of an independent workforce.
How It Works
Gig economy can exist in any industry. It usually consists of small assignments, jobs, or tasks that the workers have to complete. These tasks may include anything from writing a blog to designing a website, chore assistance or garnering roles, and every kind of job that comes to mind. For a gig worker, the working hours are often flexible as they can hand over deliverables in shifts based on a fixed time or by completion of the whole project. Once the job is done and payment is processed, the gig worker moves on to the next. The next gig can be under the same employer or different ones altogether.
The biggest advantage of gig economy is that employees mostly get flexible projects or shifts. Gig workers can easily manage their 9-5 jobs alongside their gig jobs. Others can also include multiple gigs to financially suffice as a full-time job. But they work in a flexible schedule. Gig workers can also opt to work between 9 to 5 and treat the gigs as professional jobs in totality.
Usually, in the professional scope, the company is called the employer. However, in the gig economy scope, it is different. Many companies out there who send out gigs such as Uber or TaskRabbit do not officially employ the worker. Here, the company works as a connector between the clients and the contractors.
Gig Workers
No one can ever officially put a number on how many people are gig workers around the world. The term gig worker can define a large number of designations and roles. These roles may include freelancers, contract workers, and temporary workers. All these people are part of the bigger gig economy. So, to actually define who a gig worker is what their job entails, the answer is never definite.
There are several studies and surveys that examine the approximate value of workers who are associated with gig economy.
In May of 2017, BLS or the Bureau of Labor Statistics came out with a study that said about 10.6 million independent workers or contractors, or in other words, about 6.9% of all workers in the U.S. are currently employed in gig economy. In the same survey, it said that less than half of that number relies on these shifting gig jobs are their primary source of income.
Studies around the world have tried to define a typical gig worker. However, there are no single profiles that would describe or define a gig worker accurately.
The scope of gig economy is thriving with both men and women. However, the kind of gigs they are getting may differ. According to surveys, men are more inclined towards taking labor gigs whereas, women towards marketing or online selling gigs. With time and the expansion of gig economy, many people consider these gigs as their full-time and only source of income. It was also revealed in studies that in the case of women, they tend to work part-time jobs or gigs more for an additional, secondary income source.
With technologies and conveniences making remote working a thing of reality, it is possible to take up gigs from anywhere and anytime. The gig economy also comes with its set of pros and cons. However, if you are considering this breakthrough from a legislation perspective, there is still a long way to traverse.
Pros and Cons
Like any other job in the world, the gig economy also has its pros and cons.
Pros
Flexibility
Flexibility is the biggest advantage of the gig economy. A gig worker gets to choose the shifts and accordingly take gigs from clients. The rates are also set based on shifts and working hours. Some people can also opt to work only on weekends or work a few days a week depending on their schedule and earning target.
Chance to Test Drive
Sometimes, many people take up gigs for additional income sources. But it can be a great way to test one’s skills before starting a new career. For example, if someone wishes to pursue a career in writing, they can start by taking up small projects related to writing or content and test their liking for the same. A gig worker can explore their passion and new career options before abruptly deciding to leave their current employment. More than that, they can make some money out of it too.
Cons
No Benefits
A gig worker is on their own. They retain their business as if it is their own. So, it means that there are no scopes of getting benefits. Although one can choose with whom they want to work, the reality is that they get paid only after the deliverables are achieved. So, one can forget about health insurance and the benefits that normal employers offer.
Income Inconsistencies
Gigs are paid by the task or project. So, the worker may not initially make an understanding of how many deliverables they have lined up in a day or a week. So, if the target is not achieved, there is no payment for the worker.
Burnout
Gig jobs often demand random odd working hours or multiple live projects. Although it promises flexibility, the randomness of shifts and projects can be tiring and taxing.
Industries Best Suited for Gig Economy Jobs
There are seven major industries or career categories that hire gig workers who can work remotely.
IT and Computer
- Network Analyst
- Information Security Engineer
- Linux Middleware Administrator
- Graphic Designer
- Website Developer
Writing
- Content writer
- Press release writer
- Editor
- Proofreader
- UX Copywriter
Software Development
- Game Engineer
- DevOps Engineer
- UI Designer
Finance and Accounting
- Specialists
- Accounting Assistant
- Representative
Project Management
- Manager
- Project manager
Administration
- Virtual assistant
- Pharmacy technician
- Administrative assistant
Education
- Teacher
- Tutor
- Instructional Designer
Conclusion
The gig economy comes with its advantages and disadvantages that can be a boon for someone looking for similar features in a job. But for others, it can only be a source of secondary income. But making the right choice is what is necessary. Build your career through the endless opportunities of gig economy and realize your passion and dreams with a new beginning.
