What is the Gig Economy in 2018?

What is the gig economy? While in the past, ShiftPixy believes the majority of the workforce may have been employed by businesses and government agencies, in the near future it’s predicted that up to 40 percent of citizens will work as independent contractors, instead of being employed by a business on a full time or part-time contract. To learn everything you need to know about the growing gig economy, simply continue reading.

Everything you need to know about the gig economy?

1. It will be increasingly more common for organizations to hire independent workers for short-term contracts

Why are businesses starting to hire more independent contractors to complete short-term contracts? There are numerous reasons why businesses may choose to cut down on the number of full-time employees which they choose to employ, in favor of hiring contractors.

As an example, businesses will be able to cut down on spending on employee training and will not have to pay for their contractors’ health insurance or vacation pay. As another example, businesses may be able to able to free up valuable office space, by opting to employ more independent contractors.

2. Choosing to become an independent contractor can offer individuals a wide array of benefits

Individuals who choose to become independent contractors gain more freedom and flexibility over their work-life balance. As contractors can pick and choose which contracts they’re interested in signing and which contracts they’ll decline. Instead of being forced to work a traditional 9 to 5 job, where they’ll be forced to complete tasks which they have no interest in completing.

3. Contractors who excel at their contracts will have no trouble attracting lucrative contracts

Furthermore, independent contractors who excel at their contracts will start to establish a name for themselves and will find that they’re offered more lucrative contracts than they can handle. Whereas contractors who are incapable of providing a high level of service will struggle to pick up contracts. In short, a gig style economy is beneficial for businesses and independent contractors who can provide exceptional services.

4. Businesses may choose to offer repeat contracts to their favorite contractors

If a business finds a contractor who performs their contract to a high level, they may want to consider offering future contracts to an individual who they’re interested in working with on a long-term basis. As many contractors may want to seek out regular clients, there is a high probability that a contractor would choose to accept contracts from businesses which they’ve worked with in the past.

5. A gig economy allowers workers to explore different career opportunities

While in the past individuals may have devoted their entire life to a single career path, in today’s fast-paced society an individual may choose to try out several career paths in their lifetime instead. As an example, an independent contractor may choose to work from home as a freelance web designer during the evenings and may work as a financial consultant during the day.

While some individuals may fear the age of the gig economy, the reality is that it will offer great benefits for businesses and independent contractors alike.