Gig Economy- Downsides and Advantages

Advantages:

The gig economy is growing faster than before offering excellent opportunities to its workers. It has work flexibility, freedom, remote working privilege, and the taste of being your own boss. Unlike traditional jobs, there is no strict routine to follow every day. One can decide when to work and how much. It's also a cost-effective solution for companies.

As there is no geographical boundary to follow, gig workers/freelancers can work from anywhere in the world remotely using just a laptop and a stable internet connection. There is an option to decide the type of work people want to perform according to their interests. Gig workers are privileged to work with multiple companies or clients at the same time. However, the practice is not that simple as the gig economy has its downsides too.

Downsides:

Gig workers have their own challenges as well. If the clients don't offer them sufficient work, their income falls. They don't have PF, gratuity, or fixed monthly salary. There are chances of dry months as well. Moreover, gig workers or freelancers always remain busy searching for more clients, out of fear of losing clients or a low amount of work.

The selection process is also tough and competition is quite high sometimes as applicants from around the world apply for the same job. Of course, in the gig economy, there is a FREEDOM and flexibility unlike traditional 9-5 jobs- however, there're also hard times when a gig worker stays FREE from getting any income. So, unless there is a consistency of quality work and stable clients- gig workers struggle a lot for regular earnings.

Also, gig workers or freelancers don't get assured health insurance, pension, or other facilities from the companies they work for. If something wrong happens with the company and it decides to cut down the number of crowd resources, gig workers can be jobless in a moment. There are also some clients offering time-consuming work that pays below the basic wages to exploit the freelancers.

The difference is, that traditional employees enjoy leaves in their jobs while freelancers/gig workers don't want to take leaves. Because it's no work, no pay industry. There is no fixed salary. That's why people working in the gig economy always tend to stack work for tomorrow.

Final Thoughts:

Still, above all freedom is always incomparable. So new generation workforce is showing interest in joining the gig economy. Though, in the near future, some important areas like health insurance benefits, worker commitment, and industry-standard payments need to be addressed and rectified in the gig economy work culture.

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