Gig economy comes from the well-known term for musicians and jobs where one would secure a gig to earn money. Since 2009, the term has been used for professions such as photographers, delivery people, and freelance writers.
The main issue with part-time work is that the laws surrounding benefits like retirement packages and medical aid are not included. To be offered a subsidy towards these packages, employees have to be full-time workers. Here is everything you need to know about the gig economy and why it has become so popular that it’s rapidly changing the global working market forever.
Increased Flexibility for Jobs
There are short-term contracts for on-demand services and products. Essentially, it is a free market system where professional jobs are made available continuously and independently. This way of securing work is beneficial for many people working in industries that don’t rely on office buildings and many employees to function.
Shorter-term contracts are becoming popular because people are no longer forced to remain in a position that they are not comfortable with. Each job only lasts for a short period and is separate from all other gigs. Even with increased flexibility and the power to manage one’s work schedule, this type of employment is not always viable in the long run. The demand must be there.
Bigger Rewards for Work
Over the last decade, more and more people around the world have been seeking out alternative sources of income to the traditional ways of business. Some employees work flat out but continue to show initiative and go the extra mile. They will not necessarily get paid for putting the additional effort in, and financial incentives can only go so far. When working for yourself in the gig economy, you don’t have to rely on massive company costs. The amount of work you put in can yield much bigger rewards than if you were being paid a standard salary. The negative aspect of this is that some gigs pay very little per hour, such as food delivery drivers and house movers.
Reduced Company Overheads
Running any business, whether successful or not, will have static overheads that are compulsory. To keep employees happy and reduce staff retention, business owners have to provide certain incentive packages and benefits. When you calculate annual increases to inflation, end-of-year bonuses, retirement annuities, or medical aid, the costs build up quickly.
By employing private contractors temporarily, businesses don’t have to file UIF, pay overtime, or provide financial incentives to keep working. Part-time contract workers are also efficient in cases where full-time employees are not skilled enough, and development would be too costly.
Opportunity to Pursue a Favoured Career
Everyone knows that phrase about never working a day in your life if you do something you love. Up until about 40 years ago, most of the professions that people chose were doctors, lawyers, and teachers. This involved obtaining a university degree and possibly studying for the rest of your life, but it was a worthy career that would support your family. The market has changed so drastically that a single income can barely support a growing family like it did in the 60s.
Those older professions, although still very much needed in today’s society, are much harder to achieve due to growing university fees and massive interest rates on student loans. People are starting to find ways to use their time and talents to grow in a career that they can start right out of high school and won’t cost a fortune.
The best way people obtain this is to offer products or services that they can do every day, all day, and will be satisfied doing so. This could mean playing international online games for big money, or writing children’s books and publishing your work. As long as it is financially viable, the possibilities are vast.
Juggling Family and Work
One of the downsides of gig work is that it can be tricky to draw a line under work when you work different shifts or from home. This can create a lot of extra stress, especially when you have kids to support.
It’s important to make time for relaxation. Experts recommend activities such as reading a book, meditation, exercise, and even gaming. Check out Play Live if online games appeal. Play Live is South Africa’s largest online casino with a partnership with more than 20 popular game providers. Play Live offers a fast-paced environment with online slots and table casino games, so you will feel like you are there in person.
The gig economy has enabled thousands of people to find additional streams of income with the freedom to work flexible hours. The market is expanding so much because people now have multiple options to earn money and work in almost any industry. Gig workers have the advantage of setting competitive prices, working globally, and offering a unique service; however, there are limits to how financially reliable it can be and it’s important to set boundaries between work and your family life.