Gig working in today’s world is temporary work where various organizations hire people to work for them for a short period. Gig workers enjoy more freedom than the people who work full time. This turns out to be beneficial to them. But it is also crucial for them to have another gig lined up before their current contract is up. This can be challenging. Thus, the gig economy does not come without its pros and cons. This article covers the advantages and disadvantages of working in the gig economy and if it is worth it.
What is a Gig Economy?
The gig economy is a free market system where companies and organizations hire workers for a limited period. The gig economy’s growth is due to easy access to an experienced, cheaper, and more efficient workforce. Moreover, several banks and credit lenders today offer loans for gig economy workers to help them with their finances. Also, the gig economy lets workers work from remote locations. This enables employers to select efficient workers from anywhere in the world.
Pros of Gig Economy
Flexibility
In the gig economy, workers can work at their desired time. Gigs usually come with a fixed deadline. Once the gig is assigned, the gig worker decides how they want to dedicate the time, which is not the case for a full-time employee. Gig workers can be flexible with their time without sticking to a routine.
Independence
People not interested in traditional office life find working as a gig worker more advantageous since they can enjoy the freedom and independence to work remotely from anywhere they are comfortable. Working from their own space gives them the confidence to do their work in a very efficient way.
Income
The gig economy is a rapidly growing market. The flexibility and independence attract a lot of individuals to take up gigs with multiple contractual companies and organizations. Gig workers have various clients that can lead to a steady income.
Low commitment
The gig working economy is for individuals who do not want the traditional office life. Companies and organizations hire gig workers for a limited period. If the gig workers do not find their work satisfying, they are free to leave the company and look for work elsewhere.
Ability to choose gigs
Working in the gig economy gives the workers the freedom to choose the project they want to work on. Gig workers are hired by companies based on the skills that are required for the job. They are not full-time employees and can choose the projects they want to work on.
Cons of Gig Economy
Lack of Benefits
Companies hiring gig workers do not often consider them full-time employees. This keeps them from various benefits that full-time employees enjoy. The income is always unpredictable, and the lack of benefits like health insurance, retirement savings, and vehicle insurance causes a lot of strain on workers to work more hours.
Isolation
Gig workers often work remotely from their own space. Working from home might prevent the workers from having social interactions. For some workers, it creates a feeling of isolation which can negatively impact their productivity.
Personal Expenses
Gig workers are not often considered full-time employees. This makes them responsible for the personal expenses that are associated with working. They do not get laptops or phones like full-time employees.
More Stress
Working in a gig economy can often be tiring and stressful. Gig workers have part-time contracts with companies. When their contractual time is up, they have to find other gigs. Constantly searching for other jobs can be very stressful for a gig worker.
No safety-net
A gig working contract will be at risk if a company is going through a tough time and needs to reduce the payroll. If the worker does not have another gig lined up, they might not have any work, jeopardizing their income source.
Is Gig Economy worth it?
Individuals looking for independence and flexibility while working might find gig work beneficially. This enables them to be picky with their work. They choose which work to take on. Gig working gives them the freedom to work from their own space and at their own time. This gives them time to plan their own life.
On the contrary, gig working is a hard job. It does not have a safety net, and the workers do not get the benefits as full-time employees. Making a name in the gig working community can be a tough job. But gig work can become a very satisfying career with the right skills.