What Is ‘Gig Work’ And Why Is It Trending?

Jobs have been traditionally understood as the 9-to-5 routine. But what if you feel you ain’t cut out for following the same routine and doing the same kind of work everyday? With the demands of people, industry, and largely the world having significantly evolved, the option to choose what all one wants to do, where, and how, is now available to people.

Defining ‘Gig’

The times we are currently in are the era of what is called the ‘Gig Economy’. The word ‘gig’ literally refers to a performance by an artist. After each performance, the artists move to another location for another performance. However, with the occurrence of digital transformation and technological advancement, much has been added to what the word ‘gig’ means. Today, we understand this term as a performance by any talent. ‘Gig’ is typically a slang used to describe a job for a specified period of time. Owing to its effectiveness and relevance, the word has penetrated into business vocabulary.

A ‘Gig Economy’ is a free market system where opportunities are open to all. Freelancers, independent contractors, project-based workers, and temporary workers are all part of this and could be from any industry.

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Who Are ‘Gig Workers’?

Let’s now define who ‘gig workers’ are.

Contrary to popular perception, gig workers are not necessarily Uber drivers or Swiggy delivery partners. Anybody can be a gig worker, all you need is a mobile phone/laptop, good internet, and clients who are looking to hire freelance workers. Gig workers could be:-

• Professionals such as lawyers, architects, financial consultants who are not employees of any particular firm
• People associated to a firm for a single project, product, and/or term
• Independent resources working as a consultants without being on payroll of the firm they work with
• Freelancers providing services to other individuals or groups, for instance, writers, journalists, wedding planners, photographers, and the like
• Full-time employees of a company but doing other part-time work as well

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How ‘Gig’ Began Trending

Some aftermaths of the 2008 economic crisis were recession, unemployment, and financial strain on the common man. The impact of the crisis rippled across the globe and showed that businesses can crumble under the weight of a failing economy, affecting both employers and employees. As a result, the demand for temporary workers grew and people opted to seek contractual service providers for projects and tasks they needed help with. Thus, the demand for freelance workers grew.

Cut to 2020 when the Covid-19 pandemic struck the world, the economy was at an all-time low, unemployment increased, businesses shut, and people started looking for new ways again to earn money. A large number of people started to look for part-time job opportunities again, which was possible to execute also since all businesses began running online. Thus, gig workers became the new ‘cool’

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Inside India’s Gig Economy

According to ASSOCHAM, in India there are 15 million gig workers. Worldwide, gig economy will be worth 455 billion dollars by 2023.

Platforms like Ola and Zomato have contributed to the rise in the number of contractual workers for best gig jobs. Social media platforms like Instagram and Facebook have enabled people to easily showcase their talent, products, skills, and services to others and reach out to them. They can market themselves and sell their services via these portals at a much cheaper cost than traditional advertising. Today, there are numerous platforms connecting gig workers with clients. Some of the best gig jobs being the following:-

• Fiver
• Upwork
• Wework
• Behance
• Remotely

This can be an alien concept for Gen X making them wonder why anybody would not want to be employed full-time.

Fiverr Is Another Popular App To Look For Gig Work

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Fresh Out Of The Oven?

As a student, you could be contemplating if you are ready to enter the job market. If that’s the case, working gigs is an option that you can explore as having a set 9- to-5, stable, full-time salaried job is no longer the only norm. With the changing times, norms about work and jobs are also changing, and freelancing is being accepted as a voluntary choice some people make vis-a-vis having a full-time job.

Let’s decipher the ‘coolness quotient’ of gig working. Some of the benefits of being a gig worker could be those discussed below.

Cut Constant Competition

As opportunities and talent in the market increase, so does competition. This may bring job insecurity and take away the satisfaction of holding a stable job. A lot of people no longer want to be attached to one particular organisation. In such cases, gigs work as a boon as you are not tied to constant office politics and the need to constantly prove yourself.

Own Your Schedule

Work-life balance is sought by millennials and Gen Z alike. Gig working offers flexibility and freedom to work from wherever you want and whenever you want. Technology has made it possible for people to own their schedules better. Somebody who prefers to burn the midnight oil no longer has to worry about marking attendance at the office at 9 am the next morning. Huge number of opportunities have come up for stay-at-home mothers, single parents, caretakers, students, people supporting their families by working two jobs.

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Be Your Own Boss

You become your own boss. You can work multiple roles and do everything by yourself and for yourself. You can generate extra income through multiple streams and have multiple clients at once. Side hustles to make extra money are a popular choice among the young workforce. There’s freedom to select jobs and projects you are truly interested in.

Income No Bar

While you may not be working from paycheque to paycheque waiting for the ‘salary credit’ message to pop on day 1 of every month, you will be working for a set income every month. In freelancing, there’s no bar to the income you can generate. You can calculate your monthly expenses and accordingly decide on the number of projects you want to take. You could earn more than the target you have set for yourself, pause and do things you like, travel, or learn a new skill.

In Freelancing, There’s No Bar To The Income You Can Generate.

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No Geographical Constraints

Like income is no bar, so are opportunities. You could be working for clients around the globe by telecommuting. With optimal use of technology, you can work best across different time zones and locations. There are no geographical constraints, allowing you to work with anybody in any part of the world.

More Savings

When you work from home, you save on commuting, and renting an office space. The same goes for businesses who save on providing benefits, training, seat cost, and rent. Thus, it is becoming popular for start-ups to hire project-based freelancers.

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Other Side To The Coin

While gig working does come with several benefits, it has its own pitfalls which you should be aware about.

No Benefits

You may not be able to avail benefits like health insurance, corporate discounts, etc. since you will not be a full-time employee of any organisation

Financial Insecurity

There could be days, weeks, or months, when you don’t have enough work to meet all your expenses.

As a student, you should test the waters and try to get a short experience of gig working first, so that you are able to make a more informed decision for your long-term career. The catch here is to evaluate if you value flexibility over stability. If yes, then working gigs is your calling. If you excel at a talent that’s high in demand but low in supply, pays well; you will surely be sought after in the gig business.

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Parisraja Bajpai is an Organisational Psychologist, with extensive hand-on experience in talent acquisition, talent management, employee counselling, employee engagement, training and development. She is currently heading HR department at Nexstgo. The views expressed in this article are solely the author’s and do not reflect the opinions of the organisations she is associated with.