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What is a gig economy?

A gig economy refers to a free-market system that employs workers on short-term contracts. These temporary positions are prevalent, and many organizations hire independent workers to do website design, logo design, social media marketing, among other tasks.

Most of these contractors work on agreements as freelancers, independent contractors, project-based workers, and part-time. There has been significant growth in the gig economy in recent years, and this can be attributed to the fact that the workforce has become mobile.

Work has become increasingly remote, and a vast majority can be done via different digital platforms. As a result, jobs and locations are being decoupled. This allows that any gig worker can choose among many temporary jobs and projects around the world. In return, the advertising organization or individuals can select the best students for the specific careers from a big pool of applicants worldwide.

Again, the fact that many things have been digitized has contributed immensely to the decrease in government offices or ministries as many are replaced by software.

That modernity and technology don’t rule out that many people are also getting into the gig economy from the fact that there is a lot of financial pressure on businesses that has forced many to take up a flexible workforce.

That has contributed immensely to the flooding of millennials into the job market, and as such, competition has become stiff, and there are no jobs. So the only hope is to learn new skills and position yourself to be hired by firms abroad and in different locations from where you live. This then forms the gig economy.

Who is part of the gig economy?
This industry is made up of many major players. To be precise, it is an industry that accommodates any kind of skill. Such skills can range from technical positions to transportation positions.

Here is a list of some of the industries that accept gig economy jobs:

• IT
• Software development
• Project management
• Accounting and finance
• Education
• Construction
• Media and communications
• Freelance writing
• Arts and design
• Transportation
• Material moving

This is not everything that involves the gig economy, but these major industries support the lucrative venture.
In a recent study conducted in 2019 by Forbes magazine, it was discovered that 6.8% of all US workers were independent contractors. Although it is not easy to identify this population that works in the gig economy, a majority of them rely on these gigs as their only source of income.
The onset of COVID-19 changed the dynamics of business and forced many organizations to try this gig economy. The lockdowns increased and facilitated the use of gig economy workers, and it seems the trend will stick with us long enough.

Common gig economy jobs and industries
As stated earlier, the gig economy is a big industry that has many key players. Here are some of the key players in the industry:

• IT Gigs: These gigs may range from freelance work on Information Security for engineers and network analyst jobs.
• Software development gigs that include DevOps engineers and UX designers.
• I am writing gigs that range from ghostwriting, content writing to copywriting gigs.
• Accounting and financial gigs independent consultants and mortgage experts do.
• Transportation jobs can include ride-share drivers.
• Construction gigs can include carpenters and other construction workers.
• Art and design gigs can include musicians or graphic design.
• Administrative gigs can include pharmacy technician and design administrative assistant jobs.
• Media and communications gigs can include technical writers and photographers.
• Education gigs can include substitute instructors and tutors.

Benefits of the gig economy
1. This economy brings so many benefits apart from it being a primary source of income to many. Here are some of the help:
2. The gig economy saves resources that come in the form of office space and employee training.
3. One can hire experts for specific projects on contracts which might be too expensive to maintain as staff in an organization.
4. A gig economy improves a work-life balance, which is not common with typical 8-5 jobs.
5. The working model allows individuals to choose and work on projects that they have an interest in. It doesn’t limit one to anything specific.

The downside of the gig economy.
There is a bad side to the gig economy. Here is what you should be aware of:

1. The gig economy has no benefits like health insurance or retirement benefits. So you have to be sure to save on your own.
2. Unlike full-time employment, the gig economy doesn’t pay workers minimum wage or pay for overtime.
3. The gig economy can be challenging if the worker isn’t used to making their schedules.
4. The gig economy makes it difficult for full-time workers to develop their careers because most temporary workers are cheap to employ.
5. The gig economy is full of inconsistencies, especially when it comes to income. There is no job security and, as such, no constant flow of work.
6. Taking on too many gigs may also add to difficulties in scheduling and may lead to burnout.
7. It will be more challenging to maintain relationships between workers, employers, and clients long term.

Conclusion
The gig economy is a great way to venture and get jobs to sustain yourself and become something in the end.
All the subsequent articles will address how these industries employ and pay gig economy workers.[/vc_column_text][/vc_column][/vc_row]