What is a Gig Ecomony?

August 10, 2022

What is the Gig Economy?

A gig economy describes the situation in the workforce where employers hire freelance contractors instead of actual employees to do work for them. Most of these contract jobs are either on a one-time or short-term basis. The freelancer taking the job is typically someone who does contract work for a living and is not a traditional employee of any one organization. Instead, the freelancer will likely have multiple employers who are giving them short-term jobs at an inconsistent rate.

Before the age of the internet, freelance and independent contractors were not so common. You might see them bidding on construction contracts at a real-life job location, but that was it. Now, everything has changed because the internet has opened an array of opportunities in the world of freelancing. Business owners and companies no longer need to hire part-time or full-time employees into their organization just to handle simple odd jobs and tasks. These organizations can just go online and pay a freelancer to do these jobs whenever they need to be done. This saves the company a lot of money by not having to hire employees and pay them benefits.

Opportunities

As for the freelancers, a gig economy creates job opportunities that they can do anytime and anywhere. Since it is tough to find jobs in the traditional job market, more young people have turned to freelancing on the internet to make an income for themselves. There are lots of different freelancing jobs which contractors can do, such as writing, web design, photography, video editing, graphic design, programming, music composition, and so much more. Contractors just need to find a skill that they have and turn it into a freelancing service which is in demand.

The best part is that freelancers do not need any special credentials to get hired. Most employers are not going to ask freelancers for a resume which shows their college education and work history. At the most, they will just ask to see a portfolio of previous work and that is all. If you can provide that and it looks good, then you will get hired. Some positive reviews from previous clients will also make it easier to get hired as well.

As the world becomes more automated and we become more digitalized as a society, the gig economy is only going to expand to greater heights. People are already seeing traditional jobs being eliminated because of computer and automation technology. It may get to a point soon where people will have no choice but to become freelancers if they want to make an income and earn a living.

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