A househusband who freelances on an online writers’ platform, a dance teacher who drives for a cab aggregator to supplement her income, and a college student who works for a food delivery app during her free time are all remarkable examples of how the future of work will be reshaped by allowing employees the freedom to organise their schedules and balance their work and personal lives smartly. The gig economy is frequently hailed as the most significant development in this era, whether as the most recent advancement in work-life balance or as a vast new sector that will modify established working relationships.
A brief about Gig Economy
According to a NITI Aayog report on “India’s Booming Gig and Platform Economy,” by 2029–2030, there would be 2.35 crore (23.5 million) gig workers. Many employees are considering expanding their education, finding new and diversified sources of income, or even intentionally changing their entire professional path. Unquestionably, the pandemic has affected the employment market on a worldwide scale, but it’s intriguing to observe how it’s positioned the world for what comes next!
A few of the most common job categories that shape the gig economy at present are as follows:
- Online freelancing platforms
Online freelancing platforms like Fiverr, Freelancer and Upwork provide a lot of opportunities for professionals to generate income by selling their skills to a diverse set of clients. These platforms match professional workers with clients who require expert writers, programmers, artisans etc. You can list your specialities on your chosen marketplace where buyers will bid to avail of your service or the other way around.
- Food delivery apps
Since the COVID outbreak in 2020, there has been an increase in the demand for online orders from food delivery apps. This demand is still on the rise and is expanding steadily. Typically, businesses provide their delivery partners access to an official app through which they can access information about the consumer and the restaurant’s locations to collect and deliver the food package to the customer.
- Cab aggregator services
The way we think about commuting quickly is being transformed by the taxicab industry. Easy access, quick availability, and affordable prices increase end users’ comfort and flexibility while also bringing in money for the vehicle, finance, and taxicab industries. Players like Uber, Ola, and other businesses are expanding their taxicab aggregation operations thereby also creating more job opportunities.
Benefits of the gig economy
Now, let’s go through some major benefits of the gig economy, primarily the online freelancing platforms that you may find amazing.
- New doors to diversity
The gig economy, which is based on the tenets of flexibility and freedom, opens doors for people who were previously shut out of steady employment. You will see talent pools from remote places working remotely as independent contractors and contract employees rather than moving to big cities. The workplace becomes more inclusive and varied by allowing for the growth of a diversified workforce that represents skilled professionals from all walks of life.
- Easier to organize schedules
When you start working in the gig economy, you might find it easier to organise activities around your flexible employment, such as taking care of your family members, engaging in your hobbies, or travelling as you will not be bound by contracts or always facing deadlines. You have the freedom to choose what you want to accomplish and when which lets your creativity flow more naturally. You may simply go into vacation mode, extend your delivery windows, or stop the work completely if you get too many orders. You don’t need anyone’s approval to do something, and you are not responsible to anyone but yourself.
- Scope to work on multiple projects
Monotony is a major deterrent to creativity and work satisfaction. For eg:- When you work on one project and one industry for a long time, you may get bored and feel monotonous. As a freelancer, you will frequently receive requests to work on multiple projects in different industries. For example, you may be designing posters ranging from your client’s pet’s birthday invitation to a global conclave. This will not only keep you interested but also help you learn a lot at work and involve in a wide variety of national and international projects.
- The proliferation of digital platforms
As gig workers, you may connect with desirable projects and established businesses due to the rise of tech recruitment platforms. The digitalization of knowledge allows you to upgrade your skills to compete for the most in-demand employment categories, similar to how businesses can use hiring digital platforms to bring on freelance workers as needed.
- Multiple sources of income
The growth of the gig economy benefits you vastly by providing new job options and different sources of income. You will have access to a sizable market that seems to always be in need of your skills. If one loyal client leaves, another one quickly fills in. Platforms like Fiverr, Upwork, Truelancer, Freelancer, Twine etc have multiple opportunities that you can utilize to source your clients.
- Freedom to change the payment
The majority of micro-freelancing marketplaces are indeed focused on independent contractors who are willing to sell their skills for a low price; this is the secret to their attractiveness. However, as a freelancer, you are in charge of how much and at what pace you work. As a freelancer, you are always free to change your payment based on your experience, schedule and the importance of the project.
- Work-life balance
Compared to a typical job, gig opportunities allow you to take on low-intensity tasks while gaining complementing talents, permitting you to devote more time to learning new skills. From a worker’s perspective, a gig economy can improve work-life balance over many traditional positions, which is what the majority of millennials and GenZ are looking for.
There is reason to believe that the gig economy will expand significantly over the coming decades. A tech-savvy generation of Millennials is becoming more and more interested in and able to find gig work as a result of the emergence of new freelancing applications and a growing unemployment issue. Numerous studies conducted over the years have found that gig workers are happier, leading to lower absence rates and turnover. The gig economy empowers employees by allowing them flexibility in their schedules and day-to-day routines, allowing them to maximise their potential in both their professional and personal lives.