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Gig Economy: Considering the Pros & Cons

Gig Economy: Considering the Pros & Cons

The days in which one is limited to a single source of income are over. Many people can now monetize their skills and make money in their free time. The gig economy is increasing rapidly, and the recent lockdown forced many people to consider it. 

If you are thinking of venturing into the gig world, here are the pros and cons to help you weigh your options:


 Working in the Gig Economy: Pros 

There are many opportunities for extra income in the gig world. Here are the associated pros 

Flexibility 

In the Gig economy, you get the flexibility and freedom absent in other jobs. People who prefer to make a career out of this are free to specify their working hours, location, and rate. They can shape their professional career around their preferences, and the flexibility gives them the time to pursue other things. 

With freelancing, people get to pursue their passion and do the things they love. You are literally your boss living on your terms. You are not restricted to punching in and out as long as you meet all specified deadlines. 

Work Varieties 

The gig world provides professionals with ample opportunity to work on a series of projects. With this, you are not limited to a single boss and one project. There is the opportunity to work with clients and various deadlines, which brings out your creativity.

With this, gig workers can boost their skills and remain relevant in their respective industries. In addition, people that love solving a problem that will challenge their creativity will find the gig economy tremendously helpful. 

In the gig economy, you can build your resume and portfolio, which allows you to showcase your skills to many. This opens doors of tremendous and endless possibilities to you. 

Inexpensive Option to Hire the Best Talent 

Many firms prefer working with freelancers compared to full-time employees due to the savings. As a result, many companies get to work with various firms without restricting themselves to the typical 9 to 5 common in today's corporate world.

 

Working in the Gig Economy: Cons 

Before you are carried away with the freedom and flexibility that comes with Gig economy, here are some cons one need to be aware of:

Absence of Benefits

Many professionals are attracted by employer benefits, which explains why they seek job security and a full-time position with a firm. Benefits like life insurance, health care, retirement planning options, overtime benefits, etc., are some of the perks.

For people working full time in the gig economy, you are on your own regarding retirement saving and funding your health care plan. 

Freelancers do not get a fixed income, meaning that the funds are solely on you when going on vacation. Paying taxes and others are solely on you. Whereas when working for a company, they will typically take care of such for you 

In other words, there is more responsibility associated with working as a freelancer than working for a firm. 

Exhaustion and Burnout 

It is easy to be tempted with multiple offers and commit yourself to them. However, there is the risk of burnout, which makes it essential to schedule your time, take time to relax, and take time out at times. 

Absence of Guidance 

Often in the Gig world, there is no initial training on how to effectively do your job. Instead, you will typically be supplied with all essentials and left to figure out what to do. 

With this, you are solely responsible for your success and figuring out how to navigate your way in the industry.

 

Conclusion

The gig economy provides a perfect opportunity to earn more cash and create multiple streams of income. However, for you to make it a full-time job, you need to be ready to shoulder the responsibilities. This article has shed light on the pros and cons of the gig economy, so you have all you need to decide. 


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