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Manonita Rathore
Gig economy and behaviour &soft skills Expert
Asked a question 9 months ago

What are the benefits of gig economy ?

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Manonita Rathore
Gig economy and behaviour &soft skills Expert

It’s unlikely that you’re here to simply learn the backstory of the gig economy. If you’re one of the thousands of Americans who are contemplating the jump from the traditional workplace to the gig economy, then there’s a handful of things you’ll want to consider.

There are many reasons for the shift to gig and freelance work whether it’s leaving a toxic workplace, career burnout or need for workplace autonomy. For many, low median incomes and increased living and housing costs necessitate the second income  . Older workers can also use freelancing and gig earnings to supplement their savings and pension plans. Supplementary income aside, you might consider these reasons to take on a gig job:

  • Build your portfolio—Creating a portfolio of steady clients is arguably more reliable than a single employer and can be a great way to draw in future clients or work.
  • Flexible pay schedule and availability—Freelancing and gig work allows you to have unlimited possibilities pay scale configurations. It also means that you can take vacations and sabbaticals without being held to an expectation of availability.
  • Variety in work—The gig economy promises constant variety from the types of people you will meet to the kind of work you will do. Never having the same day twice can be a motivating factor for many people.
  • It mimics entrepreneurship—Instead of shelling out time and resources to create a website hoping someone will seek out your services, gig economy platforms help you build an attractive and well-designed profile that makes it easy for potential clients to find and hire you. You can experience some of the benefits of entrepreneurship without the time and cost of building websites and customer acquisition funnels.
  • Provides an outlet for personal growth—For those who hold a conventional job and are content there, the gig economy also offers opportunities to not only earn an additional income but also work on skill sets or passions that your workplace might not allow for.

While the gig economy can be used as a way to make ends meet in-between traditional jobs or supplement your current income, it has become far more than that. Workers are starting to morph the gig economy into full-time professions.

  • Working on projects for multiple companies simultaneously can help to grow skillsets and expose workers to more opportunities
  • More independence and freedom to choose when and where to work
  • Less risk of job and income loss with multiple employers
  • In some fields, gig workers can earn more while working less than FTE counterparts

Benefits of the gig economy for corporations:

  • Ability to hire experts for services not needed on a regular basis
  • Agility in scaling their workforce up and down quickly to meet business demand
  • Reduced cost of providing healthcare and other benefits
  • Lower space costs