Gig Economy
July 18, 2022

Is Today's Gig Work Economy Taking Over the World?

The gig work economy is rapidly evolving in today’s fast-paced and high-tech culture. Find out why!

Bacon Inc

How the Gig Work Economy Is Taking over the World

Sometimes we all need a side hustle to help us meet our personal and financial goals. The good news is, with the plethora of apps and smart devices today, finding temporary work is easy and simple!

The gig work economy is rapidly evolving in our fast-paced and ever-connected culture. If you’re thinking about venturing into the gig world, buckle up as we provide helpful details on what gig work is, its benefits, and why it’s growing. 

What Is Gig Work? 

Instead of a traditional, full-time employment with one company, gig workers work as short-term, temporary, or independent contractors for one or a variety of employers. There are usually three elements to gig work: 

  • Independent workers paid by the gig (as opposed to traditional workers who are paid on an hourly or salaried basis)
  • Consumers who need a specific service (cleaning, deliveries, accommodation, administrative tasks, etc.)
  • Companies (Lyft, Airbnb, TaskRabbit, Etsy, Bacon, etc.) that connect the consumer or business to the independent worker 

Gig work can involve a wide variety of roles such as temporary or seasonal warehouse workers, administrative assistants, and delivery drivers. These positions generally tend to focus on specialty skill sets that easily help fulfill services consumers and/or companies need. 

Why Is Gig Work So Popular? 

It’s worth noting that the gig economy is not new. Musicians, photographers, and tradespeople have traditionally been gig workers. In fact, the term gig originated from the music industry, referring to jazz musicians in the early 1900s

Now, when people refer to the gig economy, they’re often pointing at new technology-enabled kinds of work—jobs where you’re not necessarily working for a human boss, but companies that run their business primarily through technology or an app. This growing nontraditional sector has risen in popularity for the following reasons: 

  • Ease - The rapid growth of technology has produced numerous on-demand services and apps that have unleashed direct and easy access between producer and consumer. This has ultimately allowed people to perform direct services for businesses and strangers in real-time through the touch of a button.
  • Extra income - The ease of tech-based gig work makes earning extra money easy as well. Many people gravitate towards gig work to supplement their main income, to find alternative financial opportunities when the long-term employment hunt is challenging, or to find roles that better fit their personal schedules. 

What Are the Benefits of Gig Work? 

Millennials have taken advantage of the gig economy the most (approximately 48 percent of millennials express that they earn money through side gigs). Many of these millennials use their side gig to pay down debt, earn extra money for living expenses, and/or boost their savings. Apart from providing some financial cushion, there are a variety of other benefits the gig economy offers:

  1. Flexibility

Flexibility is one of the biggest draws for gig workers. Gig work allows people to work whenever and wherever they want. Individuals can fit their work around personal engagements and activities, while making the amount of money they desire. Not to mention, it provides employers the benefit of hiring people on an as-needed basis, which brings them more control over resources and budget. 

  1. Career Opportunities/Growth

There are more options for people to get their foot in the door through freelance work. The gig economy can be an outlet to explore and profit from interests that extend beyond day jobs. This provides opportunities to bootstrap new skills and grow into more competitive employees/candidates in specific industries of the workforce. 

  1. Variety

Side jobs keep things different and interesting. Instead of doing the same thing every single day in a traditional office job, gig work spices it up, allowing you to immerse yourself in a variety of projects/tasks. Short-term employees may find themselves more intrigued and excited about projects that can spark job performance and creativity. 

  1. Independence

Many gig economy workers find that they are left alone to complete their assignments, giving them the freedom and ability to complete projects in a way that they feel is best. Many individuals find this empowering, and this autonomy can boost their confidence and engagement in the role. 

As technology continues to evolve, the gig work economy will continue to rise. The gig economy provides a new business paradigm that fuels independence and empowerment to help individuals shape their own destiny and leverage their talents. 

Keep the Hustle Efficient and Simple

No matter what your education level is or what field you have experience in, there’s always something out there for you. If you’re interested in diving into the gig world, be sure to learn more by signing up for access to Bacon’s short-term gigs. Through our app, you’ll get alerts on job opportunities and be able to apply with a click of a button!

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