I am sure you all have heard about gigs but have you heard about Gig Economy?
As you probably know The term ‘gig’ originates from the world of performing arts, where comedians, musicians, and performers are paid for individual performances, called ‘gigs.’
The gig economy is a free market in which individuals earn income from on-demand, short-term assignments, tasks, or jobs.
It's been said that task-based labour came into being around the time of the 2008 global financial crisis, when unemployment rates were at an all-time high. Many companies had to let go of their permanent employees, and becoming independent was one of the only ways to make ends meet. Nowadays, more and more people are turning to part-time work, freelancing, or consulting as a means to find a better work-life balance..
Thanks to modern technologies, we now have the freedom to work in new and innovative ways without other place leaving their friends and families behind. Clearly the rise of gig economy is inevitable.According to Statista it’s projected that 85.6 million people will be freelancing in the United States by 2027. As a result, freelancers will make up a whopping 50.9 percent –over half– of the U.S. workforce. Though in India the concept of gig economy is still at infant stage already seven million(approximately) workers in India have switched to working as independent contractors or freelancers contributing to the gig economy.
Though there are some drawbacks in gig economy like modest pay, no permanent employee benefits like sick leave, health insurance etc., inconsistent income, taxes and expanses & potential stress and burnout , the pros as given below, easily outweighs the cons.
1. Low barrier to entry-It’s very easy to join the gig economy. There are many gig
economy jobs that
are simple and don’t require qualifications or previous experience.
2. Flexibility-Gig economy workers have the opportunity to choose when they work
and the clients
they take on (or don’t take on). As a result, many gig economy workers choose to work from home.
3. Variety-Gig economy workers often perform many jobs for different clients,
which can help to
stave off monotony and keep work interesting.
4. Independenc –gig economy workers are self-employed. In other word , a gig worker
is his/her own
boss.
5. Opportunity to try new jobs-Many people have small business idea they’d like to
try, but it
doesn’t make sense to quit their main source of income to give it a go. Working in the gig economy
is a great way to try different jobs on the side with minimal risk.
Freelancing or gig economy has been proved extra beneficial for college students. Since many college students have to relocate to study, they often face money shortage. Gig economy for them is like killing two birds with one stone. With it they can earn money and also gain work experience. There are many platforms that empower college students to monetize their skills and talents. Some of them are:
• Freelancing platforms-Websites such as Upwork , Fiverr, and Freelancer connect freelancers with
clients who need their skills.
• Online tutoring- Websites such as VIPKid, Chegg, and TutorMe connect teachers and tutors with
students who need their help
• Online marketplaces-Websites such as Amazon, Etsy, and Shopify allow people to sell their own
products or promote other people's products
• Blogging and YouTube: if you have an expertise, you can start a blog or a YouTube channel and earn
through ads, sponsorships and affiliate marketing.
Uber, lyft, instacart, amazon flex, postmates, WAG, taskRabbit, handy etc. are some other apps through which you can find in-person works.
SO WHAT ARE WE WAITING FOR? IT’S TIME TO STEP INTO THE FASCINATING WORLD OF GIG ECONOMY!!