PROS AND CONS OF THE GIG ECONOMY
In the gig economy, individuals and businesses look to hire temporary, short-term, or freelance workers to take on certain projects or tasks, or fill a vacancy in their company. Why? FLEXIBILITY.
Flexibility on both sides, for the Giggers and for the employers. It is not a surprise that the Gig Economy has been booming for years now. According to a research stated in Smallbizgenius, 90% of freelancers think the industry has an even brighter future ahead of it. This is partly true because wayback in 2017, Wonolo reported that the gig economy’s growth rate is speeding up by the year. The total number of freelancers in the US increased by 4.2% in 2017, compared to 1.3% in 2015.
Still not convinced but wanted to try freelancing?
If you’re looking to get started in the gig economy, and perhaps turn it into a true personal business, here are some things you must know.
CONS OF FREELANCING
- No Job Security
We cannot hide the truth that being a freelancer is a seasonal offer. If you are a regular employee in a company, you are confident of income, benefits, health care and have some security (unless you get terminated or decide to resign).
- Isolation
Although being a freelancer involves having to independently manage your time. Truth be told, most giggers feel isolated from the rest of the world as they tend to have a work-from-home set-up.
- Chances of not getting paid
This is unfortunately common in the gig economy. There will always be some instances when some clients tend to run and hide from the project they told you to do. Which is why it is smart for a freelance beginner to protect yourself from non-paying clients and follow our invoice advice in a previous article.
And now that you have an insight of the negative sides of being a gigger, let us now see the advantages of being part of the gig economy:
PROS OF FREELANCING
- Flexibility
As a gigger you have the freedom to choose your location of work, dress code, lunch breaks, and even have the power to decide for how much your skills cost, control your income and your work-life balance. #WorkLifeBalance.
- Financial Control
A freelancer has the ability to control his/her cash flow by controlling the number of projects to take on and to negotiate the agreed rates.
- Work Independently
Some colleagues in the office are simply difficult to work with. In the gig economy, it is not necessary to compromise. You have full control over who you work with, where you work, when you work and how you work, as long as you are meeting the clients needs and maintaining the relationship.
In the Gig Economy, the employer and employee can be at any distance, at any geographical point, even in different countries and working different time zones. Which is why demands of this kind of work are increasing especially when the COVID-19 pandemic hits our society. As the gig work becomes our new normal, there are some individuals that are still hesitant to be part of this type of set-up. If you want more info, keep on following us, we are here to guide.
