Jobhop Jobhop's blog : Are There Any Good Things About the Gig Economy?

Welcome to the Gig Economy...

...a more recently developed world of work where businesses are increasingly seeing the need of having a highly flexible workforce to match the rapidly changing economic and business environments in which they operate.

Over the last few years, the trend of using online platforms to source small, on-demand jobs has accelerated and shows little signs of slowing down. There are now an estimated 1.1 million people in Britain's Gig Economy, which is nearly as many workers as the NHS England. In a survey undertaken by the RSA, they find that young people (aged 16-30) are especially attracted to the idea of gig work - and 1 in 4 said that they're likely to consider some form of it in the future.

What is the Gig Economy?

The Gig Economy is all about organisations enlisting workers who operate on a more flexible basis in order to better manage their ever changing, weekly, daily and hourly business needs.

The gig economy comprises enterprises such as Airbnb, the accommodation-sharing platform, Deliveroo, the online food delivery company, and Uber, the driver hire app. These businesses allow people to use digital platforms to buy services from and sell services to, each other.

Try and picture the world where experienced workers can complete your full-time team whenever there are unplanned absences, peaks in demand, or one-off events such as weddings, conferences, concerts or product launches. Flexible and highly qualified staff are able to be requested within a few hours' notice, carry out a job, and then walk away when their services are no longer needed, to work for other companies.

How big is the Gig Economy?

Bigger than you think.

More people than ever before are suddenly realising that they don't have to lose the perks of normal full-time employment when trading for flexible work. The increased freedom, control and job satisfaction associated with the flexible voluntary work are making it a popular alternative to the permanent positions.

Businesses are also reaping the benefits from flexible employment, reducing costs, increase worker satisfaction and helping them optimise their staffing needs. They do this by effectively adjusting their staffing levels to match business and customer demands.

Why is the Gig Economy appealing to workers?

Once upon a time, a full-time position with a reputable company representing lifetime career security was the ultimate dream. Today, the tables have turned and more people are starting to believe that a good job is one that doesn't stand in the way of your personal life goals, self-growth, and being the boss of your own time. Considering people still need to pay their bills, a lot of them have started moving towards flexible and temporary positions, treating these jobs as a journey that fits their current period of life. They can also access multiple sources of flexible work assignments that provide them with the necessary income level and security.

How can businesses benefit from the Gig Economy?

The benefits of temporary staffing are as equal for employers as they are for the workers.

Having the ability to hire additional staff flexibly around business needs allows businesses to optimise staff levels according to the fluctuations in revenue. It's all about gap management and optimising staffing needs to capture the full revenue potential and maximise the profitability.

Employers are also able to hand pick individuals - from novices to experts depending on their needs, filling skill gaps by using a more job specific and dynamic approach. Gig workers also bring a wealth of market intelligence and can stimulate existing operations with new ideas and methods.

The temporary nature of their job means flexible workers are very eager and highly motivated to prove their value to their new employers, therefore consistently producing high-quality services.

People's opinions towards the Gig Economy depends on the perspective from which you look at it, but here at Jobhop, we fully embrace the gig economy and the benefits it's creating for employers and workers around the world. Here are the pros and cons of working in the Gig Economy:

Pros:

- Freedom with a flexible schedule, hours and location

- Selectivity with clients and choosing who you want to work with

- Unlimited earning potential

- Ownership

- No commute/commuting costs

- Casual work attire

- Getting to pursue your passion projects

- Running every business aspect

- Tackling a variety of projects and clients

Cons:

- Feeling isolated