There are several pros and cons of the gig economy worth considering if you or your business are thinking about getting involved in this relationship. If someone works for a platform like Fiverr, Uber, or Lyft, then they are part of the gig economy. Businesses are able to quickly contract with experts for individual projects without the overhead costs like office space, training, and benefits. The Pros of the Gig Economy. While some online ride services now lock out their drivers after certain number of hours behind the wheel, drivers often work for more than one service and simply switch back-and-forth, thus allowing them to drive for extended hours. An aspiring chef may fill in when a restaurant’s head chef is out sick. Using If you are an expert in your field and are looking for more freedom in your life, try entering the gig economy using a reliable platform like There are both positive and negative points for using the gig economy as a company owner. Since we get paid based on projects that we get, how much we wi… And if you want to take a vacation, you have to save up and make arrangements, or otherwise work while you travel.What I’m saying is, gig work isn’t some magical solution to the tedious office life of the past.

Flexibility. According to Nation 1099 and information from the Bureau of Labor Statistics, roughly 11% of U.S. workers are getting their full-time income from the gig economy. Understanding the gig economy Defining the gig economy has proven difficult. Wish you a beautiful week.Great article. Even though it’s the year 2020, companies still prefer working traditionally — in other words, having employees inside the company office. A lot of gig workers start their careers by hopping on a project because the employer is desperate and in need of help now.

This headline had made me particularly curious. While the growth of the digital economy shows that consumers relish and demand the convenience, choice, and potential cost savings of gig services and sales, the gig economy also poses a threat to public safety. They have to be prepared to keep learning and anticipating trends so they don’t find themselves unexpectedly out of work. For the business, that’s an advantage, obviously.The cost saving is definitely an advantage as long as it doesn’t affect the business’ ability to attract and retain skilled workers. The rest of his working hours, he drives Uber to keep himself occupied.When you’re a young creative just starting out, and your resume is more or less a blank slate, gig work can help you get a foot in the door.The gig economy allows creatives to pay the bills while also giving them time to pursue their passions.

If you have health concerns or kids to feed, freelance might not be ideal for you. Gig Economy: Pros and Cons. Another downside of the gig economy is lack of benefits. You’re able to make choices that suit your personality and unique needs.But this degree of freedom requires a corresponding amount of discipline, and that doesn’t come easily to everybody.With no boss to make sure you’re on task, it’s all on you. Likewise, there’s no minimum wage, and most contractors don’t offer any kind of insurance to freelancers.However, seeing how the gig economy is growing at an exponential rate, it’s only a matter of time before employers and gig workers sit down and come up with new terms of work beneficial for both parties.The second disadvantage applies to the person hiring the worker.

But in the gig economy, we don’t have that stability.