How is the working lifestyle changing around the world?
We are witnessing a change in the modern economy's working lifestyle. For decades, 9 to 5 has been the storyline for most individuals. Nine is when you punch in, five is when you punch out. Well, not anymore. Some people also work, what’s in the news industry, known as The graveyard shift.
During the Covid, a lot of things have changed- that includes how people do business, have people get employed, how people like to work etc. People are looking to earn per project rather than working a fixed time as employees. The reason behind this is simple — In Covid, when people were stuck at home, everyone found new modes of employment, and understood that working on a per-project basis is not only more comfortable but also more rewarding. The companies pay freelancers more (on a per-project basis) than they pay existing employees.
Today, people want to work on projects rather than full-time employment. Now, you can work from wherever you want, thanks to technology, which has given rise to remote working and hence to the concept of “The Gig Economy”.
The word gig means a performance by any artist. Let’s say you are a professional — umm, a lawyer perhaps, and want to work alongside a company, not for a company, but alongside one — for a single term, a single project or a single presentation, helping the company achieve its goals. Thus, you are a gig worker working as an independent resource for the company.
In US alone, 57 Million people are working gigs and estimates say that by 2027, 50% of the US workforce will be working on gigs. The entire scenario gives rise to a single question — Can you really freelance for life? There are 15 million gig workers in India this is as of 2021, in the UK the size of the gig economy has doubled in three years and worldwide the gig economy is expected to be worth 455 billion dollars by 2023.
You can work as a freelancer and an independent contractor or a project-based worker you can be a full-time employee at a firm and still work gigs. All you need is a smartphone and high-speed internet to connect to those looking for freelance workers/ gig workers. Today there are numerous platforms doing that job for you the likes of fiverr, upwork etc., where one can connect to the headhunters and choose whatever project that suits their liking.
The freelancers today charge around twenty-one dollars an hour. Data from the US show that some freelancers are reporting an annual income of more than US$ 100,000. The very idea of working freelance and in a gig economy will blow the minds of boomers and Gen Z — Why would someone prefer gigs over stability? The answer is — the job market is changing and it’s imperative for us to change with it. It’s the era of social media, everyone is connected to one another and the value of time supersedes the value of security. It’s the flexibility that it offers — work from any location, work according to your schedule and it provides work-life balance.
Approximately 79% of the independent workforce claims that they are happy working on their own than in a traditional workplace. Another benefit of working a gig is that you don’t have to leave your workforce. You can work in your workforce and work on a gig at the same time, earning that extra income. A Deloitte study found that 64 percent of full-time workers want side hustles to make money. the gig economy is developed around the idea of symbiosis — If you’re a company, you get to work with the best talent in the market, without hurdles like location or time zone etc. and you can find the best resource irrespective of where you are placed. You can connect with talent online and hire them for a project or for a specific time period and pay them for the job required.
The big question about “the gig economy” is stability. Everything boils down to numbers which lead to anxiousness. A study found that the gig workers ar more anxious than the traditional workforce. The gig workers constantly bur upon if they would get enough projects every quarter, if not then how the bills will be paid, and so on.
If you excel in a high paying and high demand skill, then it may just be worth the risk because the gig economy at the end of the day is a gamble if you win you get to be your own boss if you lose, you can always go back to a regular job. Either way looks like the gig economy is here to stay.