With the changing of the times comes the changing of the guard. A new generation of workers has come, and they prefer to work smarter and only when they need to. When workers tend to look for temporary, flexible, and freelance work, the gig economy is born.
The gig economy, the growing trend towards temporary, flexible, and freelance work, has both advantages and disadvantages. While it can provide opportunities for flexibility and independence, it also carries risks and challenges that need to be carefully considered.
Why should you consider joining the gig economy?
Firstly, you get flexibility. Gig work allows you to choose when and where you work. It makes you feel like you are your own boss. If you have other commitments, like providing care or chores, it’s a great help too.
It’s an extra source of income. For some workers, gig work can provide an opportunity to earn additional income or supplement their primary source of income. Either your job is just not paying enough to make ends meet, or you’re just saving for that PS5, getting a gig on the side would be right for you.
The gig economy can also provide opportunities for people who have limited access to traditional work, such as those who have disabilities or live in areas with high unemployment, as well as those who are too far or unable to move to another place for work.
Gig work can provide an opening for your creativity and new ideas. This can lead to innovation and improved productivity for businesses. If you’re planning to shift jobs, it’s a way you can get your feet wet without losing your current employment.
The gig economy is not all positive. There are still some things that need to be fixed:
It’s still not a stable job. There will be times when work is abundant and times of scarcity. You can, however, take in several loads to offset this, but it requires multiple skill sets on your part.
Second, gig work often does not come with the same benefits as traditional employment, such as health insurance and retirement savings plans. This can be a significant disadvantage for workers who rely on these benefits to protect their financial well-being. There are also no leaves, no overtime pay, and no extra hours.
Gig workers may also face challenges in accessing credit, as they may not have a stable income or a traditional employment history. Credit that you may need when applying for loans.
As gigs are not always available, income is not constant. Without constant income, you may not be able to plan for future stuff. And some gig workers may be vulnerable to exploitation by companies or clients who take advantage of their lack of protections and benefits.
The gig economy is an excellent source of extra income for everyone. The fact that it is slowly becoming a trend in the youth may be a reflection of things to come. It is not yet generally viewed as a constant source of funds and tends to force people to look for traditional work. DCC’s Talent Development program can help employees find better paths within their current employment so that they have little need for gig work. We help find you a path to better employment, whether it be to another post that fits you better or a ladder to your promotion. Our Talent Development program is holistic, encompassing the entire work-life cycle of an employee, from hiring to outplacement. Let’s talk about this in more detail. Please email us at info@davidcouperconsulting.com.