What's the Future of the Gig Economy?
Does the future of the working world look like millions of individuals sitting behind a desk from 9-5 every day? After the changes that the coronavirus pandemic continues to make globally, more of us are starting to realize that the modern working world will transform. It’s not just going to be us ol’ sasquatches hanging out behind a computer working side hustle after freelance gig. Will the gig economy drive the future of employment? And what is the future of gig work? Let’s dive into what could be next in our ever-changing workforce.
Many traditional job positions included lengthy contracts, ongoing work, and salaried pay. But gig economy is the labor market where individuals take on shorter contracts or work as
freelancers for companies rather than working underneath a corporation. You get to be your boss in these scenarios and do not have to be tied down to any place or
person. Clearly, it’s the perfect world for the simple sasquatch, but many humankind realize how great the benefits are, too.
Plenty of us are wondering how the gig economy is changing the workforce. Before the pandemic, about 34% of the workforce worked for the gig economy in
some capacity. With so many layoffs and an increased need for short-term and freelance opportunities, this number has continued to rise. If you’re asking, “Will the gig economy grow?” The answer is an astounding “yes!” This increase in gig workers has significant impacts on the corporate world as a whole. But is it all good news?
We love many of the benefits that the gig economy can provide. Notably, flexibility and endless growth opportunities are some of the most
significant upsides. There are also so many different routes to take in the gig economy, as explored in our guide to
the top 10 freelance jobs. With so many virtual spaces to earn a reliable income, it makes sense that we’re flocking to this type of career.
Unfortunately, the gig economy cannot provide a picture-perfect world all of the time. There is significant instability within this type of work. It can be challenging for people not to have the safety net of things like extended health care or salaried benefits. There is also a constant need for adaptation. While this presents a fun challenge for many, it can be exhausting having to keep up with the constantly changing demands of different markets.
These pros and cons relate to how and why the gig economy will drive the future of employment. For starters, it has helped provide opportunities for thousands of gig workers who might not have otherwise found a stable position due to lack of formal education, location barriers, or other unique needs. The ability to hop on a freelancing website like Upwork or Fiverr makes employment and freelancing more accessible. Though, there remains the constant risk of an oversaturated market.
The heightening status of new freelancers and positions available in the gig economy makes it more crucial than ever to stand out via incredible services or, alternatively, low prices. But to keep up with ongoing inflation, it’s not often possible to compete with workers offering similar products and services for cheaper. With fewer protections than those with extended contracts, it falls on the freelancer to stand up for their work.
Our ultimate question is, “Will the gig economy drive the future of employment?” And we’re confident that it will. Though, its exact rollout of transforming the workforce remains up for debate. As many as one-quarter of North Americans utilize the gig economy as some sort of side hustle in addition to their other full or part-time jobs. Could this reliance on freelance jobs and gigs as a second source of income be the future of the gig economy? We think so.
The gig economy will be around for the foreseeable future, and it’s going to continue to grow at a rapid rate. It’s incredible to live in an economy where working for ourselves is no longer a pipe dream, but it comes with exceptions. How many of us can stand to sit behind a computer alone for weeks on end? It comes easy to a sasquatch like me, but it remains a pretty big change for many past office workers.
Joining the gig economy is a worthwhile endeavour, whether you’re looking to replace your full-time job or just want something fulfilling to do on the side. If you’re looking for a place to start, take our quick quiz on which online freelancing platform is right for you or read our guide on
how to become a freelance writer. What is the future of gig work? Well, it might start with you!
