How the gig economy is reshaping traditional careers

The gig economy is a growing sector in our time, with 150 million workers in North America and Western Europe, where employers can hire independent workers for short-term jobs. This can facilitate more efficient work as employers do not have to hire full-time workers when they only need a person to complete one job.

It can be difficult for the Bureau of Labor Statistics to estimate the number of gig workers in the economy. Much of the tracking of this kind of work is based upon the workers’ personal perception of the type of work they are doing when they fill out the Census. Men and women participate equally in the gig economy, so this work can be lucrative for anyone. However, the gig economy is expected to continue to grow in coming years and may even become the norm.

How Does Gig Work Function?

Gig workers vary in the way they work. Some work only freelance and others do gig work on the side while maintaining a full-time job to have extra cash. Examples of gig work that are commonly known are rideshare services such as Uber and Lyft. People can choose their hours and are matched to clients, a win-win-win for those involved.

Especially in the current, mostly virtual setting, gig work can be helpful in allowing people across the globe to be connected to employers for short-term jobs. There are two types of gig work: knowledge-based gigs and service-based gigs. Knowledge-based gig work includes areas like data analysis for statistics, coding, and management consulting while service-based gigs include delivery drivers and personal shoppers.

This type of work helps to support more traditional careers in that delivery service and the ability to bring in knowledge experts can help those who work in the “shut-in” economy to function more efficiently. This phenomenon of people who rarely leave their offices at work or their home offices has made gig work even more necessary. This has only been augmented by the COVID-19 pandemic.

What is Changing About Who Thrives in the Workforce?

 Being a gig worker requires drive and proactivity. It is a self-motivated type of work where people need to put themselves out there to get jobs. “Building your own brand” is an asset in this industry and can help with receiving more gigs. The idea of one’s own brand spans into the decisions people are making of what companies to work for. Younger generations have a tendency to seek out organizations whose values they believe in. With gig work, people can ensure that they are only choosing to work for organizations that align with their beliefs.

Being a gig worker requires flexibility, as there are many types of jobs one could be working and it is hard to know when a job will come one’s way. People who enjoy spontaneity and freedom will thrive in the gig work world. Gig workers often do not even have a human boss as they are connected through platforms (like Faveo!) and therefore are able to choose their own management style. The desire for flexibility is increasing as the population gets younger, with 43% of people listing flexibility as the most important reason to work independently in recent statistics.

Younger people have a tendency to want to work in more than one field during their lifetime. We are moving away from a world where people stay in the same sector from when they enter the workforce until when they retire. The gig economy allows for constant change if that is what the worker desires.

People who enjoy managing their own work-life balance will also particularly enjoy gig work. The ability to choose when one works allows them to determine their own priorities. People can choose to spend more time with family and friends; on their hobbies and passions; and on vacation. The time commitment is up to the worker, when to work is up to the worker, and when they are in a comfortable position to not work as much is up to the worker.

How Are Gig Workers Connected to Employers?

As in basic economics, there is demand and supply in the gig economy. Employers look for workers and workers look for jobs. To solve this problem, there are digital marketplaces that facilitate the connections between employers and workers. Faveo is one such digital marketplace. These kinds of connections between employers and workers allow for efficiency in job-matching and a mutual fit system. Employers and workers can decide whether or not the partnership is right for them without having no other options to turn to. Platforms like Faveo allow both the companies and the workers to save time and money, improving the efficiency for all that are involved.