You’ve probably heard the people around you mention the term ‘Gig Economy’ a couple of times. So what exactly is it? To put it simply, the Gig Economy is a term used to refer to a labor market distinguished by a prevalence of contract work or freelance work instead of permanent jobs. In times past, the labor market was characterized by job opportunities that were stable and permanent. Today, however, things have changed. Short-term opportunities or opportunities whose duration is not certain seem more readily available. Freelancers are on the rise and on-demand positions are more readily available. Implications Of A Gig Economy This has called for a workforce that is more flexible around the world as the trend seems to be on the rise in Asia, Europe and America. There are different reasons given for this shift, including a rising need to balance the needs of the family and one’s career. With the benefits availed by the Gig economy come some of the concerns that have been raised by the older generation that held, and continues to value traditional jobs. Some of their concerns include: Fluctuating income: When you have a gig, there is money to be made, but when gigs dry up, even temporarily, finances become tight. This calls for better personal financial planning. Lack of benefits: Most of the older generation held on to their jobs not just for the steady paycheck, but for the benefits as well. They were permanent and pensionable and enjoyed other benefits including medical insurance. However, the Gig economy does not offer these perks. This is all considered instability by the older generation, while Generation Xers and Millennials would rather see the cup as half full, focusing on the other advantages they enjoy. Jobs Commonly Found In the Gig Economy Caregiver jobs: These jobs are ideal for people who enjoy helping others. The options are endless, so you simply pick the job they are most comfortable in. Some of the positions available are pet-sitting positions, babysitting, elderly care and home care positions. Delivery gigs: Most businesses have had to go the extra
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