The Gig Economy Has Its Benefits

Appearing for the first time in print in 1926, the term "gig" referred to an entertainer's engagement. Later on, the word started to be used to describe a temporary job. That's why today, the term "gig economy" implies the existence of independent workers who are in charge of their own time and workload.

With the latest technological advancements, it comes as no surprise that the gig economy is expanding three times faster than the entire US workforce. However, it's just the beginning of benefits that it can bring.

Gig Economy Enables Better Work-Life Balance

More clients mean an improved portfolio for gig workers, and a better portfolio leads to better clients. That's why it's no wonder that these workers focus on landing multiple gigs. Eventually, they can end up doing business with high-paying clients, cashing in on their skills even more. They've gone from the classical promotion in one company to the freedom of choice, demanding more flexible work arrangements.

In return, they can manage their own time, earn extra income, and achieve better work-life balance. Furthermore, it's no secret that gig workers are more productive than traditional workers. They are focused on results and let their creativity kick in while working on the projects they love. It seems that employers love it too.

More Benefits for Employees

Aside from the fact that a happy worker achieves better results, companies that support gig work see other benefits. Saving money spent on hiring and office space is a huge plus, as that budget can be used for other purposes, such as marketing.

Another benefit that companies see is the ability to scale their workforce, depending on the momentary needs. With gig workers, they don't need to open permanent job positions, which means that they eliminate the costs of healthcare and other employee benefits.

What Are the Issues with the Gig Economy?

As any other system, the gig economy also has some downsides:

Low hiring rates of gig workers negatively affect full-time employees since they might find it hard to grow their careers.
Inconsistent and unstable payment also means fewer opportunities for bank loans. Therefore, some gig workers have difficulty planning for the future.
Gig workers often lack protection and fair payment, and they aren't entitled to paid holidays or sick leaves. Moreover, some gig workers also struggle financially.

Summary

The economy is ever-changing. Today we are witnesses of the rise of a new kind of employee. Gig workers are ready to tackle almost any issue within their scope of capabilities and work on-call to provide their services. In return, this enables them to have improved work-life balance and increased earnings that come with many clients.

On the other hand, companies also benefit. With gig workers, there's no need for office space and additional expenditures. Nevertheless, there are certain disadvantages of the gig economy, such as a lack of fair payments and no paid time off. The gig economy has enough time to sort these concerns and continue to improve the lives of both employees and employers.

Be part of the conversation. Share!









