What is the Gig Economy?

It’s Impact and it’s Future.

Photo by Vlada Karpovich from Pexels

We’re starting to see the emergence of an alternative career path — one where you can choose how much you work, what you do and when you do it.

It’s an exciting time for those who want to embrace this new world — but it also means there are challenges around training, employment rights and how we fund retirement and pensions for people who move in an out of self-employment several times over their career or live multi-generational lives in one household at different times in their lives.

Is it really worth it to be a freelancer?

Not everyone is cut out for being a freelancer. It takes a special type of person to balance multiple jobs while working around other commitments such as family, friends, and health. If you are considering turning your back on full-time employment, make sure that you have enough financial security in place before making the jump into freelancing.

Can freelancing really be your full-time job?

Full-time freelancers are not a new phenomenon. However, the number of people who are choosing to work as freelancers has increased substantially in recent years. These freelancers are getting into the gig economy in order to supplement their income or to make ends meet.

What are the important drivers of the gig economy?

Technology: The gig economy is widely thought to have been made possible by the development of the internet and other forms of technology. The internet has allowed for easy connection between employers and freelancers, which means that work can be outsourced anywhere in the world.

What are the economic consequences of the gig economy?

Benefits and drawbacks: The gig economy is great news for buyers, but it’s pretty bad news for sellers. Freelancers lose out on a lot of benefits that full-time employees receive, including healthcare and retirement plans. But they also get more freedom in terms of where they can work and what kind of work they can do. On the other hand, companies benefit from having access to a cheap labor force with low overhead costs. In fact, many companies claim that hiring freelancers has improved their company’s image — and its bottom line!

Does the Gig Economy increase the income gap?

The gig economy has been blamed for widening the income gap between low-skilled workers and the tech elite. Those who are not able to leave their full-time jobs for freelance work must contend with income stagnation and high levels of underemployment. But employers of gig workers have a different story to tell. They claim that freelancers bring in more money than they cost as part-timers, while also improving their company’s image and increasing employee morale. It’s up to you to decide who’s telling the truth — but either way, the gig economy has certainly changed the dynamics of work.

What are the social consequences of the gig economy?

Changes in society: The gig economy is reshaping society in a number of ways. It’s making it easier for people to work from home and for companies to hire cheap labor force regardless of where people live. And as more people turn to freelance gigs for their income, it will also make it easier for large companies to monopolize entire industries. This means that there will be less competition — and fewer opportunities for workers looking to start a small business or sell an extra service online.

What’s next for the gig economy?

The gig economy is still in its infancy, but it’s quickly gaining momentum.

As employment rates continue to fall, more and more people will be forced to live off of their freelance gigs.

For companies looking for a cheap labor force, this is great news. And as the gig economy grows, it will become even easier for employers to take advantage of this cheap workforce. Freelancers are typically forced to work on a project-by-project basis — rather than being hired on as full-time employees — which means that workers have very little job security and no protection from employers who refuse to pay. As for workers looking to break into the gig economy, they’d be wise to keep a close eye on their finances and their work. It may seem like a great deal now, but the gig economy is not all it’s cracked up to be.

The gig economy has been hailed as a revolution in the way people work.

But it’s also been criticized on many fronts: from its effect on the unemployment rate to its influence on income inequality. The gig economy has already made a big impact on society, and it will likely continue to do so for years to come. As a consumer, you should be aware of what you’re getting into when you decide to turn to freelancers for your online services and products — and as an employee, you should make sure that you are protected from unscrupulous employers who refuse to pay their freelancers.

Founder of Cudy Technologies (www.cudy.co), a full-stack EdTech startup helping teachers and students teach and learn better. I am also a mentor and investor.