Thinking About Entering the Gig Economy? Learn Why You Should and Why You Shouldn’t

The “gig economy” has developed in the modern market unexpectedly throughout the years. The Bureau of Labor Statistics didn’t give an exact number of how many independent contractors and contingent workers there is today but according to them, an estimated 34 percent of the workforce is represented by “gig” workers and by 2020, it will grow even more to 43 percent. But what exactly is the “gig economy”?

Gig Economy Definition

Instead of being a full-time employee, independent contractors and freelancers are hired by companies for temporary, flexible jobs. This is what the gig economy is all about. It is completely different from a traditional economy where full-time workers rarely change positions and typically work on a lifetime career. There is an increase in the availability of workers for short-term arrangements over the years. The internet greatly helped in giving more opportunities for gig-based worked as well.

Although the gig economy presents awesome potential especially for millennials who are just starting to create their own careers, it also offers few and more difficult opportunities. In this article, we will discuss the factors as to why you should and why you shouldn’t join the gig economy at the same time.

Why Should You Join The Gig Economy

• High Opportunities. Since there are numerous small, part-time jobs that are available, even those non-full time employees can find gigs to help make ends meet. Employers find independent contracts as affordable thus, more and more contracts are given to them.
• Independence. It’s common for millennials to desire independence in the workplace with more flexible hours and remote work opportunities as much as possible. At the same time, they want to work for an employer who keeps the same values close to them and most of the time, they prioritize values over compensation when working on a new job. They find freedom in working alone and employment is no longer an anchor but a shackle that can be broken as long as they put their mind to it. They are able to experience what living is really all about.
• Flexibility. This is directly related to independence in the workplace. Contractors are given more control over the work they do and in their overall career. Because of this, it’s easier for them to build their own career and have the right to choose business partners, clients, and vendors who share the same value that they have. This is probably the best reason anyone needs to find the gig economy the best for them.
• Increased Productivity. May contractors and independent workers claim that working in the gig economy made them feel more successful professionally. They were able to create their own identity and helped them face their struggle rather than find ways to avoid it. Because of this, there is an increased productivity for individuals who think for themselves and are working effectively alone. There is no discomfort and uncertainty is not only tolerable but also affirming.

Why You Shouldn’t Join the Gig Economy

• Not a full-time job. The gig economy can be frustrating for young workers who are cash-strapped therefore strives for a full-time job. Employers, on the other hand, may find it hard to hire independent workers because 91 percent of them still wants to work full-time. This is because millennials, in spite of the growing gig economy and endless nontraditional career opportunities, are still traditionally minded when it comes to finding and keeping a stable job.
• Insufficient Compensation. Part-time jobs are mostly insufficient to provide the basic needs and pay for making student debt payments for millennials. Others may be fortunate or vigilant enough in finding more part-time work, the income still remains inconsistent which makes it hard to plan for the future.
• Social Isolation. Human beings are social creatures and people who work in the corporate setting demonstrates the importance of other people in our careers. Co-workers can show whom we can become and can help us succeed by sharing our path. Independent workers are therefore prone to get hit with “loneliness epidemic. However, most of these workers are well aware of the risk their taking which is why they look for direct role models and supportive collaborators, sometimes family members and friends, who can always offer some working advice and push them through challenging times.