Are you a freelancer or are you still working traditional job .

Does it pay you well or are you still struggling to pay your bills?

Freelancing has grown a lot in the last year. COVID-19 was a contributory factor for freelancing as people were able to do everything online starting from delivery of groceries to office meetings and especially online exams.

There has been an increase in freelancers, resulting in the gig economy.

As part of the gig economy or the gig market, individuals provide their services through an online platform where payment is made per task. It helps people generate additional income with flexibility of time and place.

As quoted every cloud has a silver lining, and freelancing has its cons as well.

 Balancing innovation with the number of workers increasing every day , and freelancers are not provided with any employer benefits .AA

AN INSIGHT TO THE GIG ECONOMY –

The word ‘gig’ was first used in the 1920s, by jazz and dance-band players, but no one knew its origins: perhaps it came from 'engagement'. In America, 'gig' refers to any short-term job; we've only learned that usage recently.

The gig economy involves a service seeker paying the gig worker based on the work they perform. These jobs are done remotely and most of them consist of work from home [WFH].

According to statistics, it has been estimated that about 50% of the US workforce will participate in the gig economy by 2027.

The gig economy generated $204 bn from worldwide customers in 2018.

Top highest gig economy paying jobs [per hour] are machine learning/deep learning jobs , blockchain development , robotics , ethical hacking and cryptocurrency .

It has been said that people working in the gig market are extremely satisfied with their work , income and flexibility which comes along with the gig economy .

The evolution of digital platforms has guided the creation of numerous on-demand jobs along with which the rise in human capital has resulted in the growth of the gig economy.

Service seekers are shifting towards the gig economy as they get a range of reliable skillsets at a cheaper cost than any employee at a traditional job.

MAKING THE MOST OUT OF GIG ECONOMY –

Rise of unemployment, increased cost of living , budding desires of students and growing frame of mind of homemakers .

Due to the following advantages many people have shifted their work towards the gig economy.

COST EFFECTIVENESS- as freelancers work from their space, it reduces the costs of office servicing.

Also the service seeker is not responsible for providing them with employer-based benefits such as retirement and paid sick leaves.

From an employer's point of view, working from home reduces commuting from home to the office. Thus lowering the cost of living as well.

BETTER OUTPUT – Gig workers have flexibility in their work which means working according to their convenience, according to their comfort zones and as per their timings. This has a powerful impact on their productivity which results in better output production.

Gig workers work not according to days but hourly.

DECREASE IN THE LABOR FORCE -it removes the middlemen required to hire the person for the particular jobs .

NO LONG TIME COMMITMENTS – people who do freelancing , project work , independent contractors are all considered Gig workers . They can take up any number of jobs without worrying about long term commitments.

One month they can take a limited number of assignments, and the next month they can take many more diversified jobs.

VARIED EXPOSURE – Traditional employers have a limited exposure in their workplace where they cannot improve their skills. While gig workers have the flexibility to try their hands at different jobs while upskilling.

CHALLENGES OF THE GIG ECONOMY –

As mentioned previously, a cloud has a silver lining, and the gig economy has its benefits but also disadvantages.

UNSTABLE INCOME – the gig economy consists of high-skilled gig workers and low-skilled gig workers, which makes a major difference in their pay scale.

Lower payments result in longer hours of work which can be called unethical business practice.

BALANCING THE EQUATION OF NUMBER OF GIG WORKERS AND DEMAND OF JOBS – the gig workers' job is flexible and provides them with many choices to choose from e.g. Work from home, script writing, projects.

If there is a greater likelihood that highly skilled labor with experience will be hired, then poorly skilled laborers have less opportunity to negotiate for their payment.

Even on platforms such as Fiverr gig workers are rated by their customers according to their performances.

Gig workers are not provided with employee benefits such as protection perks, insurance travel benefits, housing benefits, and retirement savings.

Due to opaque transactions that occur through online platforms, gig workers may encounter problems with payment.

Due to the fact that the piece of content has already been provided, the gig worker has fewer chances of bargaining for compensation.

ENTITLEMENT BURDEN – the gig worker's payment is determined by its customer reviews, ratings, experience, and number of skills.

A gig worker with more ratings will get paid more than one just starting.

Sometimes beginners even have to provide free services in exchange for referrals.

ABSENCE OF GOVERNMENT POLICIES – the government hasn’t considered this part of the economy significant even though its relative rise in recent years and high contribution to the digital gig economy.

Governments are still focused on traditional jobs and have not addressed the difficulties people face in the gig market.

GIG WORKERS FACE LONELINESS – gig workers work from remote places, especially from their comfort zones but it restricts the interpersonal interaction that takes place at traditional jobs.

People in traditional jobs have a work environment where they make friends. The gig market provides the chance of networking through digital platforms which can be difficult at times.

TIPS FOR SUCCEEDING IN THE GIG ECONOMY

KEEP IT SPECIFIC - thriving in the gig market is all about exhibiting skills you are skilled at as it further helps you outstand competitors.

Gig workers should be specific about their strengths. Their portfolio should represent the major skills that they have. mostly it is advised to the freelancer’s to be specific about their niches which increases their chances of being hired immediately.

BE FLEXIBLE AND ADAPTABLE – Flexible doesn’t only mean flexible with the pay on task or with the places they work from , it is also about inculcating flexibility in work – for e.g. trying out different types of content writing or switching between different topics .

A no from the freelancers side may disappoint the person who needs the service and lower their pay.

You can simultaneously learn and work on any assigned work.

Implementing learning is always a bonus in an intricate ecosystem.

Updating is also called upscaling or upskilling which means constantly improving your skillset.

It gives a diverse portfolio which attracts more clients, resulting in a higher salary.

BEING PATIENT WITH THE GIG – Success is never immediate.

It takes a lot of patience, discipline and commitment. Consistency is essential to excel in the gig industry. Consistency brings perfection to ones skills contributing to the making of a strong gig workers portfolio which can create a strong customer foundation.

For beginners especially it could be difficult as sometimes it takes weeks to months to get your first client.

BE PROACTIVE -In the rise of gig economy it is necessary to be enthusiastic about work , grab every opportunity you can and give your everything while doing it .

This gives you a chance to create opportunities and set yourself apart from the competitors in your niche .

SEEK FEEDBACK – after the completion of your work , seek feedback about your performance and the areas in which the employers might like you to improve in .

As said constructive criticism is the path to learning.

The feedback you receive will contribute to your growth.

SOFT SKILLS – also known as core or power skills. These add value to the work.

Soft skills are mostly correlated with how you work and interact.

Soft skills mostly consist of communication, problem solving , public speaking and work ethic .

These skills will help you in the gig market e.g. having communication skills will help bargain for a better pay , hours of work .

Networking with people and showcasing your personality traits and qualities will greatly increase your chances of being hired.

Gig economy is rapidly growing providing opportunities to individuals which who wish to achieve financial freedom or even those who like working in a particular niche. Entering the gig market and getting started can be tedious but it is worth the time and effort.

Individuals should consider the pros and cons of the gig economy and establish a healthy lifestyle along with working in the gig market. This is while preventing burnout.