3 Facts You Didn’t Expect to Hear About the Gig Economy

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3 Facts You Didn’t Expect to Hear About the Gig Economy

The pandemic revealed to many just how uncertain life could be. Providing for yourself and your family is one area where uncertainty creates fear and panic. Many Americans were forced to come up with different ways to make money. The gig economy appears to some as a way to make money for their families. Individuals can be drawn to gig work for a number of reasons. With the rise of gig work like Uber and Lyft, the gig economy has come to the forefront of many conversations. With every option, there are some downfalls. Here is a list of things to be aware of when considering taking up gig work.

1. Gig economy is not the majority of the workforce

Many may consider picking up gig work with the comfort that many others are also engaging in this kind of work. For some, entering a new type of work is less stressful when they know it is a field that has been relatively explored already. While there is nothing to worry about regarding the gig economy becoming extinct, it is important to note that it is still not the biggest field of work. Traditional 9-5 jobs are still the go-to for many Americans. Full-time gig workers make up 10 percent of the workforce. This number has not changed much in the last 20 years. If you consider taking up gig work, then be aware that it does not make up the majority of the workforce.

2. Gig economy requires effort and creativity to keep steady work

In the last year, many people have lost their jobs. This has caused people to examine new ways to make money. Some assume that gig work is an alternative to a traditional job and will provide the same level of stability. However, gig work is not proven to provide a steady income for workers. Many freelance workers struggle to find payment when there is no demand for their work. Additionally, jobs like Uber and Lyft are dynamically changing the cost of rides on-demand, which adds to the unpredictability of gig work. If you are looking to enter into the gig economy as a worker, you should be aware of this.

3. Gig economy requires discipline and ample scheduling

One would assume that having freedom comes with the territory of freelance work. This is not always true. A lot of gig work still forces workers into a box of when and where they can work. Gig employees still struggle to receive adequate pay for their services. When using apps to find work, algorithms and notifications push people to accept specific jobs. Jobs such as Uber and Lyft implement procedures that pressure workers to work during certain times of the day. Flexibility is seen as one of the biggest pluses of gig economy work, and without it, many workers are left feeling unsatisfied with the field of work. Especially with companies with traditional workers, allowing their employees to pick their hours, gig work may not work for everyone.

You should consider many things when making decisions on your career. “The gig economy works for many workers, but it is essential to do your research on it. Finding the right job and the right gig setup is very important,” says Hisham Khaki, Owner and Founder of HapiGig. Once you have considered the pros and cons, you will be able to choose what is best for your household. Keep in mind these facts when you are making your decision.