In today’s competitive world it is hard to find a job that pays sufficient to meet all your needs. Thus, millions of people today earn their income through different streams and work independently. According to a survey, the US workforce is made of 34% freelancers or gig workers. Companies nowadays are increasingly seeking gig workers because of covid -19 induced remote working. According to an ASSOCHAM report, the Indian gig economy is expected to grow to $455 Billion at a CAGR of 17% by 2024. This growth rate has the potential for 2x pre-pandemic estimates.
India is now the fifth-largest country to offer flexible working. The most growth opportunities are in Haryana, Mumbai, Bangalore, and Andhra Pradesh. Gig jobs present a tremendous opportunity for job seekers to adapt and capitalise on the changing work environment. India is currently home to 15 Million gig workers in various sectors including retail, fintech, edtech, and many more. This workforce will grow by 4 million in the forthcoming year. The gig workforce mainly consists of millennials increasingly interested in gig contracts.
Women are often in a vulnerable position at work, through gig working women can take advantage of the flexibility to escape the constraints of male dominance. The rise and participation of women in the gig workforce will help improve the key decision-making positions.
There are various forms of gig jobs offered by companies that aim to offer convenient services to their customers. But before connecting to a platform that connects you to a company, let’s find out the pros and cons of the gig economy.
Pros of Gig Economy:
Flexibility: Once you start gig working, you are basically your own boss. You can choose where and how long you wanna work. In some instances, you can even decide the rates for your clients.
Independence: Gig workers are mainly expected to work independently in their own availability of time without any supervision. They are mainly hired on the basis of the skills required for that particular service.
Wide range of work: Compared to traditional 9-5 jobs, the gig economy allows you to take up on multiple tasks to keep you busy and help in developing your creative and problem solving skills.
Business-friendly: Gig workers are an affordable alternative to full-time employment. This has allowed businesses to hire new talents and give them varying pieces of their abilities.
Cons of Gig Economy:
Tangible Benefits: Gig workers are generally not eligible for retirement plans and insurance, unlike traditional workers. All compensation on behalf of the company is not available to gig workers.
Job Stress: While financial independence and flexibility can be rewarding but it also leads to job stress and burnout sometimes. Multiple gigs can drain your energy affecting your lifestyle.
The tech drive companies have enabled the gig economy to develop and grow. Gig working is beneficial for workers as this is most convenient and flexible rather than a set pattern in full-time employment. The productivity, and efficiency of workers in the gig economy is much higher than those of full-time workers.
Start-ups with limited financial resources can also grow their business with the help of gig workers. This has also increased the competition among workers. Despite everything, a systematic evaluation process is essential to ensure consistency and high-quality work.