Gone are the days when 9 to 5 working that too from the office was the only mode of acceptable job. Today, with technological advancement, the way people work has drastically changed. Now the world follows ‘Gig Work’! Don’t know what Gig Economy is? Well, a gig economy is a form of the job market where businesses hire autonomous contractors or freelancers for brief assignments for temporary positions.
For example, freelancing, contractors or any side hustle jobs are a part of the gig economy. Although the idea of the gig economy is not new, the expanding digitalization has allowed many people to make side hustles their primary business in recent years. If you are new to this industry and don’t know what gig jobs are, hold on! Here we bring 5 facts you must definitely know about the gig economy.
5 Truths of Gig Economy in India —
1. How does Gig Economy work?
In a gig economy, workers take up small temporary projects. On a job portal, clients seeking a specific service uploads a job description. The job could be anything, such as proofreading content or taking a client’s dog for a walk. They can choose to work on projects or impose a deadline to finish a specific activity. Since gig jobs are flexible, you can choose the times that work best for you. After completion, gig workers can take up new gig projects. In fact, many a time, you can even take up multiple gigs at a time if you can manage your schedule and complete all of them in the given time.
2. What jobs are considered gig jobs? Examples of Gig economy!
Numerous job roles come under the gig economy. Here we give you a broad range of jobs you can consider to take up gig projects –
- Web Development
- Content Writing
- Digital Marketing
- Graphic Designing
- Entertainment: Video/Audio production, translation, etc.
- Food delivery such as Uber or Swiggy
- Grocery delivery; for example, Dunzo Delivery
- Ecommerce delivery; for example, Amazon or Myntra delivery
- Parcel Delivery; for example, WeFast delivery agent
Housing and Hospitality
- Airbnb services by homeowners with extra property or rooms is one side hustle that brings them a good income.
- Renting furniture is common gig work in the metropolitan region.
- Nurses and doctors can take up freelancing projects for hospitals or clinics running short of qualified professionals.
- Tutoring students
- Fitness training, yoga classes, meditation, etc.
- Uber or Ola services: Either you can rent your car or take up the driving task.
- If you own a heavy vehicle like a truck, you can start towing services.
- Help in delivery services.
3. Which gig job pays the most? High-paying gigs!
- Renting a property is one of the most profitable businesses in the gig economy.
- Digital freelancing in the tech field such as Data Visualisation, Web Development gives you good returns on your knowledge and efforts.
- Even healthcare professionals, especially freelance doctors can earn lucratively for every consultation. For example, Anaesthetist can simply take up projects where they have to visit the hospital for surgery. And for every surgery, they quote an amount. In that way, they can attend 3-4 surgeries in a day and earn accordingly!
4. What are the pros of the Gig Economy?
Pros of Gig Economy –
Freedom and flexibility
Flexibility is the biggest benefit of the Gig Economy. You can work at any time, from anywhere. You don’t have to follow the rigid, strict rules of the corporate world.
Versatility in job roles
In any regular job, you apply for a designation and then serve your entire employment journey doing the same monotonous work; here, that’s not the case. Every day you can take up new projects and different job roles. For example, you can simultaneously be a writer and video editor if you hone these skills. You are not restricted to one specific job.
As a freelancer, you can literally make a good income with the number and type of projects you work on. Furthermore, you don’t have to wait for any yearly appraisal; just a few good works in your portfolio, and you are ready to charge insanely! So if you are lucky enough to find some good, high-paying loyal clients, don’t turn back; work diligently and earn lucratively!
5. What are the cons Of the Gig Economy?
Cons Of Gig Economy —
Always play with uncertainty
In most cases, gig jobs aren’t a secure job. Unless you have a solid freelancing background with an excellent portfolio and reputed clients, gig work is a risk. Therefore, you must constantly look for more clients and continue networking to dodge the risk of uncertainty.
Losing out on organisational exposure
Though working remotely under your comfort is a boon, but office tea breaks and lunchtime chitchats have its own essence. If you are a people person, then you might miss out on all the fun and social elements of the office culture. Furthermore, organisational exposure helps in learning work ethics and developing a strong professional personality.
Lack of benefits
Gig employees miss out on benefits like health insurance, team outings, home rent allowance, or investment options in the business shares. Since no PF is included in your paycheques, you must carefully plan your budgeting and retirement plans.
Gig Economy is growing day by day, and most individuals prefer to take up freelancing projects on a regular basis than a full-time corporate job. So, if you are planning the same, hone your skills with the right expertise and just join the gig economy!