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Hearing the word gig economy the first thing that comes to an individual’s mind is being one’s, own boss. Added to it, flexible working hours, the comfort zone is other things people can think of.
What is Gig Economy?
So, what is the gig economy? Let’s put it as ‘it involves the short-term and on-demand relationship between independent workers’, instead of the traditional full-time, in-office job. Examples of gig workers are freelancers, independent contractors, part-time hires, and project-based workers.
The question which arises here is how does the gig economy work? Here, the gig workers are expected to complete certain tasks within a time frame as both independent workers decide. Once, the task is completed the worker can move onto working on the next gig.
Major industries which are part of the gig economy are the IT industry, the management industry, Accounting and Finance, Art and Design, Writing, Communications, and many more fields that continue to be a part of this rising economy.
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The job profiles within these industries include engineers, analysts, developers, writers, copywriters, consultants, designers, photographers, instructors, etc.
With such rising popularity of the economy, it is important to make a list of PROs and CONs for the same.
Pros of the gig economy:
1. One’s own boss: It is in the workers’ hands to accept certain kinds of work, choose working hours, and have a direct conversation with the clients. He/she is independent in taking decisions.
2. Flexibility: One of the most prominent features of the gig economy is that you get to choose when and where to work. Instead of being the nine-to-fiver, one can work late nights or early mornings too as per convenience.
3. Exploration: Being a gig worker you get to explore a variety of things ranging from clients to work you do. You get to gain an ample amount of experience.
4. Breaks: Being a gig worker you can easily take a break from work if you do not wish to accept any more contracts.
Cons of the gig economy:
1. Lack of benefits:
The gig economy has been around for quite a while and has been gaining importance recently. If you have the aptitude and interest for being a part of it, many apps offer you the same.
Pros of the gig economy:
1. One’s own boss: It is in the workers’ hands to accept certain kinds of work, choose working hours, and have a direct conversation with the clients. He/she is independent in taking decisions.
2. Flexibility: One of the most prominent features of the gig economy is that you get to choose when and where to work. Instead of being the nine-to-fiver, one can work late nights or early mornings too as per convenience.
3. Exploration: Being a gig worker you get to explore a variety of things ranging from clients to work you do. You get to gain an ample amount of experience.
4. Breaks: Being a gig worker you can easily take a break from work if you do not wish to accept any more contracts.
Cons of the gig economy:
1. Lack of benefits:
The most certain disadvantage is that in the gig economy you are for yourself. You won’t get the benefits that a company gives to its employees including health insurance and other benefits.
2. Inconsistent income:
2. Inconsistent income:
Gig workers get income only if they accept contracts. If no one is offering you contracts it certainly will lead to inconsistent income.
3. Burnout:
3. Burnout:
Working multiple jobs and odd hours may lead to burnout after a while and will lead to feeling stressed and tiring.
Conclusion:
Conclusion:
The gig economy has been around for quite a while and has been gaining importance recently. If you have the aptitude and interest for being a part of it, many apps offer you the same.
Some of them are mentioned here. Freelancing apps include Upwork, Fiverr, Peopleperhour, Malt, Freelancer. Thumbtack, Handy, and TaskRabbit being home improvement apps. Uber, Mytaxi, and Lift are some of the transport apps. Food delivery apps are Globo, Ubereats, Deliveroo, and Jinn.
With the right skill and available opportunities, you can create your place in the gig economy.
With the right skill and available opportunities, you can create your place in the gig economy.
Written By - Jasmine K
Edited By - Daniel Deepak Charles
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