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The Gig Economy: Sorting Out the Pros and Cons for Workers

The Gig Economy: Sorting Out the Pros and Cons for Workers

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Let’s talk about the gig economy today. When COVID slammed into all of us, things changed dramatically in tons of different ways. Places closed and people were laid off. Schools and daycares closed and at least one parent had to stay home to take care of the kids. Closures led to more closures in a trickle-down effect that rippled through the economy.

Large numbers of people turned to the non-traditional work of the Gig life with high hopes as a way to possibly bring in some income that paid more than minimum wage while dealing with their financial crisis. This side gig that they used to replace that full-time job for a while seemed to be highly popular.

The Gig Economy: Sorting Out the Pros and Cons for Workers
The Gig Economy: Sorting Out the Pros and Cons for Workers

That was just last year – people found supplemental income for specific projects while still being there for the kids, or trying to make ends meet as even temporary jobs were difficult to find. The rate of gig economy workers skyrocketed as people didn’t want to hit the grocery stores, restaurants, and department stores. People had everything from groceries to their favorite meals delivered by people willing to do these odd jobs.

The Gig Economy: Sorting Out the Pros and Cons for Workers

The gig economy is a trendy buzzword that has been getting a lot of attention in the last few years. It’s not just for millennials anymore, as this type of work arrangement is becoming more popular with workers from all generations. What are the benefits and drawbacks of being a part-time freelancer? In this article, we explore some pros and cons of this growing trend.

What does the gig economy mean?

The gig economy is the term for a world of work where many people have jobs that are short-term, project-based. These types of gigs offer flexibility and creative opportunities–and they’re gaining popularity with those who don’t want to commit long terms or be tied down to one location in order to make an income.

The gig economy refers both broadly, as well as more specifically, but its most popular incarnation has been linked largely with delivery drivers, Uber drivers, and other ride-sharing services–meaning anyone on their phones picking up fares driving from point A to B can easily get classified under this umbrella definition. It started as a side hustle for many and is starting to become a way of life for others.

However, scholars argue it’s not only about transportation; rather it encompasses any industry which utilizes temporary workers via independent contractors like farmers hiring day laborers during harvest season or people working as one-time event planners for festivals.

What is the gig economy?

The gig economy is becoming the new norm in America. So, what does it really mean to be a freelancer? It means you get paid for your work and can decide where you want to live. The majority of freelance jobs are temporary positions lasting anywhere from months or weeks long up until just hours at a time!

If that doesn’t sound like something for you, then we have plenty more options available as well- there’s never been such an amazing opportunity before with so many job opportunities out there waiting for people who need them most.

The gig economy is the way of the future. Companies are hiring more freelancers than ever before to get things done, not wanting to deal with full-time employees or those who only work for one company all day long. If you have a talent and want something flexible that makes sense financially, then this type of working arrangement might be perfect for you.

The gig economy means having many different types of jobs in order to make as much money as possible while balancing other commitments– it’s less about what an employer wants from their workers and more about flexibility on both sides so everyone can do what they need without too much hassle.

There are both pros and cons to this type of worker arrangement, but it mostly revolves around the lack of benefits available–like health insurance, vacation time, retirement support–and the potential insecurity in not knowing how much you’ll be earning on a month-to-month basis.

gig economy

What factors drive the gig economy? 

Many people are opting for the gig economy, as it offers many advantages to traditional employment. Advancements in technology have made this a popular choice by allowing workers from all over the world to work remotely and set their own schedules without relying on an employer who may not be able or willing to accommodate them.

The internet has been one of these advancements that revolutionized how we communicate and do business with each other online; now more than ever before remote employees can live anywhere they want while still finding opportunities wherever there’s a WiFi connection available.

The gig economy is here to stay. A recent study reported that nearly 18% of workers in the United States are freelancers, with over 34 million Americans being self-employed and working remotely each week.

Many people today have a different attitude about work than those from previous generations; this includes less dedication to one company for life or strict nine-to-five schedules which many choose not to follow nowadays as they turn instead towards pursuing their own happiness through other means such as travel, hobbies etcetera. All things considered, possible thanks largely due to remote employment opportunities available on sites like Fiverr or UpWork which make it easier for employers and employees alike while also giving more options when deciding how long someone will be needed around before moving onto something else.

However, the gig economy is not without its own drawbacks and one of these includes a lack of job security or benefits that come with traditional work arrangements which can be worrisome for some who fear being left behind if they’re unable to keep up due to personal commitments such as taking care of children at home, caring for elderly loved-ones etc.

Who would benefit from a gig life?

Working as a freelancer in the gig economy can be pretty stressful, but it is not for everyone. As your income isn’t guaranteed due to the lack of job security and you may earn less than others at times, this lifestyle could potentially lead to high levels of stress or loneliness.

To succeed working alone in an unregulated environment like this requires motivation from within yourself; self-motivation will help you get through periods where earnings are low and work becomes lonely when feeling disconnected from other members of society.

gig economy

How it works

In order to work within the gig economy, you’re going to need numerous clients. You’ll take on a variety of “gigs” with each one contributing a small percentage towards your income.

If you want it full time, then be prepared because there will always be something new and different for you to do in order for more gigs which contribute even less money than before.

It would seem that people who are willing can enjoy this type of job as long as they don’t mind searching constantly or working part-time while looking out for other employment opportunities at home and elsewhere; however if not done correctly these same individuals may find themselves downgraded into poverty levels due to lack of experience.

The gig economy has been set up in such a way that you work for yourself, as opposed to working for an employer. This means if you have skills, knowledge, and time then it is possible to do some freelancing on your own terms without needing anything else than a laptop or smartphone.

The gig economy is a sustainable way for all generations to work and earn. The pros of the gig economy are that you can stay at home with your kids, never miss out on family time or events, avoid traffic jams in bad weather conditions; however, there are cons too: take care of personal needs like cooking food and cleaning up after yourself as well as making sure any necessary bills get paid!

The Gig Economy has both pros and cons. Some people love it because they’re able to be close with their families without giving up full-time employment but others might not want this kind of freedom cause they have responsibilities such as paying the household bills while working from home

What Makes the Gig Life Appealing?

Today’s pace of life has led many people to leave the security and stability that comes with a regular job for the appeal of working on their own terms. The gig economy is fast growing in popularity, but what makes this type of work so appealing? Here are some key reasons why more and more people are starting to ditch traditional employment for independent gigs:

The Gig Economy: Sorting Out the Pros and Cons for Workers

Freedom and flexibility

The side hustle of gig life provides a variety of benefits. One perk is the freedom and flexibility it offers you as an individual. You can work when, where, or how often that suits your needs best because you are in charge!

It also helps to have more “you time” which will improve your satisfaction with life overall by giving yourself space from other people’s schedules and making genuine connections with others instead of just meeting up for obligations like school or family events.

The ultimate work/life balance

One of the main goals we all have is to develop good work and life balance. However, with today’s 9-to-5 jobs this can be difficult for many people in society who are juggling family commitments or other obligations outside of their day jobs such as parenting or caregiving duties.

Working within the gig economy gives you more flexibility on when and how long you do your part-time work which means that it will fit around what else may come up throughout your week without sacrificing any precious free time by working longer hours at regular employment!

This allows for greater satisfaction because if someone does not enjoy their current lifestyle they don’t need to feel obligated to stay there – instead, they’re able to find something better suited while still maintaining an active social group, hobbies, and more.

Cost-effective for businesses

More and more companies are starting to see the benefits of hiring gig workers, as it saves them money. This is because gigs usually require less pay than having traditional full-time employees would. The availability of positions available makes this an attractive choice for people who want to earn extra income outside their 9-to-5 jobs while still maintaining some job security with another company. Having contract workers means that no full-time workers, less unemployment insurance, fewer payroll taxes, and the easiest way to try to maintain staff in a labor shortage.

Let’s face it, as a business model – they had nothing to lose and everything to gain. They don’t really have to pay a living wage and their job seekers rely heavily on tips to hope to pull in a full-time income.

The potential to earn more

Working within the gig economy is tough, but can be worth it. Depending on the job opportunity, you get to set your own rates and work longer hours if you want more money or a better life balance.

gig economy

More variety

There’s more variety in gig working than there is in full-time employment. As you work for lots of different clients and businesses, the jobs that you need to carry out can be extremely varied. This is a major advantage if your job bores easily as it makes it much more enjoyable when the roles are constantly changing every day. It isn’t just what type of client or business either; meet new people from all walks of life with this lifestyle too!

The appeal of gig life is undeniable. The flexible and free lifestyle it provides can’t be found with most traditional jobs, but there are many other factors to consider before diving into this new field full-time. This article will explore the pros and cons so that you may make a more informed decision on whether or not it’s right for you!

Typical gig economy jobs

What places do people normally turn to in the gig economy? Ones with a mobile app and gig platforms already built in to save them from having to hunt down clients.

Let’s look at a few of the most popular examples of gig employees :

  • Drivers – like Lyft and Uber
  • Postmates Courier or Amazon Flex delivery services
  • Deliver Food – Uber Eats, Grub Hub. East Street just to name a few
  • Storage Host – rent out your parking space
  • InstaCart – many grocery stores need people to shop and deliver grocery orders to their customers.
  • Taskrabbit – a ton of different things you can do with them from mowing the lawn to painting a house
  • Are you a writer? Try Fiverr or Upwork
  • Rover – all about dog walking, etc
  • Online trainer – from teaching kids around the world on VIPKid to helping someone fix their car on YourMechanic
  • Have space to rent out for travelers? Think VBRO or even AirBnB hosts.

You get the idea – there are pretty much demand services and types of work for any niche in the labor market.

From owning a food truck to driving for Uber, grooming pets to delivering weed, CNBC Make It breaks down these top gig economy jobs and if they’re really worth the effort.

Important Things to Consider When Living the Gig Life

It’s not all roses in the “gig life” with its many perks. There are some downsides of the freelance economy to consider before you make your decision and they can help steer clear of disaster if this is something that turns out to be a bad fit for you.

Understanding the pros as benefits of the gig economy

There are a lot of pros that come from living a gig life. This is largely why it has become such a popular option. The main advantages of a gig life include:

·        Flexibility

·        A more varied job

·        Potentially higher pay

·        Greater work satisfaction

Would you like to have the world as your workplace? One of the perks that come with a gig-based lifestyle is maximum flexibility. You are no longer tied to an office or given a set list of tasks, but can decide on when and where work will be done based on what best suits your personal needs for each day.

Your job options grow exponentially because there’s now so much variety in types of gigs available (you could find yourself writing songs one week then going out into nature another). No two days would ever feel bland because our jobs change every time we go back on duty! Lastly, this type of life becomes more fulfilling by choosing which kind of projects align well with who you want to become – whether it be inventing new technology or making music.

There are a variety of benefits to the gig economy. One such opportunity is being able to earn more money because companies recognize that freelancers and contractors have become increasingly important in today’s workplace environment. You can also set your own rates as well; you choose which jobs intrigue you and work solely with those employers who offer competitive salaries for their employees.

All of the benefits that come with working in a gig economy also add up to greater life satisfaction. When you enjoy what you do, it makes your life much happier overall.

What about the cons?

While the pros are pretty compelling, there are a few cons you’ll need to consider. These include:

·        Cash flow challenges

·        Unstable work environment

·        No employment benefits

·        Sorting out your own taxes

One of the major downsides to gig life is cash flow. Every month isn’t going to be as good as every other one, and some months you might end up with a lot more money than others. This means that if you aren’t careful about your spending habits, then there’s a risk that comes November or December time when most people are getting comfortable at home for Christmas because they’ve been lucky enough not to have their jobs cut back on them in January like so many do—you’ll find yourself without any work whatsoever!

The unstable environment can also make it hard for workers too; often times gigs will only last six weeks (or less) before being laid off due to company restructuring decisions made by management who don’t understand the gig model.

Sooo — not thrilled with the gig economy

Working as a gig worker can really be challenging. You won’t get any employee benefits, so you’ll have to fund your own healthcare and taxes will also come out of your pocket when you take time off work. Maybe not the best job if that is something important to you! Sick leave? Forget about it. As independent workers.

The gig life is all about finding your own path. But most of the time, it’s not for everyone. The best way to find out if a career as a freelancer will suit you is by looking at both sides – benefits and disadvantages – before making up your mind on whether or not this as a lifestyle suits you well enough.

There are ways that people can prepare themselves in case they need some extra cash fast, but those who have never thought much about living without full-time employment might want to consider how permanently sacrificing their security would affect them personally.

How to Start Living a Gig Life

Working within a gig economy can provide a lot of awesome benefits. However, if you’re looking to live a gig life, there are a few factors you’ll want to consider.

Here, you’ll discover how to start living a gig life to capitalize on its benefits.

Hone your gig life skills

If you’re thinking of diving into the gig life, you’ll first want to hone your skills. Those looking to thrive in this kind of economy need to have:

·        Self-motivation

·        Organization

·        The ability to accept and deal with failure

·        Good financial skills

·        Sales skills

For many people, the struggle to make ends meet means that they need a job with some stability. For these individuals who are looking for something more than just “gigging” around town, there is an option available: part-time work. This type of employment comes with all the benefits you would expect from any other traditional full-time position such as health insurance coverage and paid time off days.

For those willing to give up certain aspects of their lifestyle in exchange for potential financial rewards (or even security), it’s important that one fully understands what this potentially life-changing decision entails before making any hasty decisions or assumptions about whether gigging will be right for them specifically.

Being able to organize different projects is a skill you’ll need as an entrepreneur. You may work on more than one project at once, so it’s important to prioritize and manage your time effectively.

You will also have inevitable setbacks in the future – but that doesn’t mean they define or take over who you are! Pick yourself back up every time something goes wrong and come up with solutions for overcoming them instead of stagnating because of fear of failure.

Having good financial skills is going to help you in the gig economy. You’re going to need to be able to budget and prioritize your spending, as some months are a lot quieter than others. This leads us to another skill: sales!

Working within this new flexible career means that if you aren’t naturally gifted at selling yourself or communicating with clients, now’s the time to start improving those communication/selling skills so they can aid in finding more work opportunities for when it gets quiet again.

Begin with a side hustle

A good piece of advice is to start with a side hustle. Rather than jumping into the gig life right away, test the waters by offering freelancing or contract services around your full-time job.

This reduces the risks and allows you to build up a client stream before you quit your job. Getting started can be a slow process, so if you want to ease the stress, you’re going to need to start off part-time and work up to quitting your full-time job.

Work out how much you’ll need to earn

An important factor to consider is how much you’ll need to earn to make a decent living. Ideally, you’re going to need enough to cover all of your bills and expenses, while having money left over to live your dreams.

These are some of the best tips you can follow when you’re looking to get into gig life. Doing your research and planning ahead is the key to success in this flexible yet uncertain economy. Taking the time to hone your gig life skills will also ensure you’re prepared for the challenges that come from this type of work environment.

The gig economy is flexible, but it can be unpredictable. You have to do your research and plan ahead in order for a successful transition into this type of work environment. To make things easier on yourself when you’re looking towards the future, hone your skills so that you are prepared for anything!

The Gig Economy: Sorting Out the Pros and Cons for Workers

What are my thoughts?

I see the Gig economy like I see MLMs – they prey on the people who really need money and make them work really hard for it. The real winners? The companies themselves. That being said, I am a firm believer that you can do anything for a short period of time and if this kind of a side hustle can help you out in a pinch – go for it.

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