The Gig Economy is Upon Us: What Will it Mean for Your Future Career Prospects?

gig economy

If you know anything about business, you know that the Gig Economy isn't going anywhere! Have you embraced it yet? If you haven't, it's time you did!

The gig economy is the new hot button topic in the media and public discourse. It’s a place where temporary positions are the norm of employment and organisations, and companies engage with contracted workers for short-term work.

A growing trend has started, and a recent study by Intuit predicts 40 percent of American workers will be working as contractors by 2020. The same prediction can hold true for multiple countries around the world.

Rise of Temporary Work

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The digital age has led to an increasingly mobile workforce that can do things from almost anywhere in the world. The notion of physical location and work has been severed. Freelancers can do this from the comfort of their own home or anywhere of their choosing.

Software has decreased the time it takes to do certain jobs as well as eliminated other traditional jobs. The ones usually resigned to a physical worker have been taken over by online freelancers. Financial pressures on a business allow for staff cuts and a digitally savvy workforce. Millennial workers are more apt to forego working at a location for an extended period, so this type of work suits them extremely well.

Replacing Traditional Professions

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Look at any ridesharing company. Uber is a prime example of the rise of a temporary gig-based economy. One minute you could be driving the kids to school, then switch on an app and take someone to their destination. Once reserved for the heavily regulated taxi service, it has spread across many nations into metropolitan cities.

It’s also netting the temporary workers money. Of course, some criteria must be met to become a driver, having a relatively new car, being a competent driver, undergoing a background check and so on. Hopping into a Dodge Charger isn’t an uncommon experience. The people of this economy can support themselves. Take that new muscle car out for a spin and use it to make some untraditional money.

New Role of Companies

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Everyone in a way can be his or her own business. The top companies who contract out the work can receive the benefits and be a necessary framework for the work to be done, such as the case as Uber. Companies then become like Elance or ODesk, where contractors of all disciplines can connect with a customer base and vice versa. Etsy has become a marketplace for this as well. It’s a necessary forward step from the early likes of Craigslist and eBay. The new gig economy is creating a space to unleash innovations and platforms to do things that were once reserved for large conglomerates.

People enjoy the idea of being self-sufficient and their own boss. The idea of a gig economy doesn’t rule out the need for large traditional companies either, but instead a coexistence between the two mediums of what a career can be.

Do you work in the new Gig Economy? Do you find it financially rewarding? Let us know in the comments section below...