The Ever Growing Gig Economy

Money is a necessity for survival but having to do a 9:00 am-5:00 pm job (or beyond 5:00 pm in most of the cases) to make money is not a compulsion for many, today. Because a lot of people in this millennial era have moved their focus to gigs and freelancing. 

Representational Image: Pexels

Freelancers:

Freelancers are generally 'own-account workers' and are considered as self employed workers who work on contractual basis for an organization for a particular short term or an ad hoc project. They are responsible for their own marketing and have their own fee/compensation structure with terms and conditions set by them. It's good to hire freelance workers if you are looking for some specialized work. 

The best part about being a freelancer is that it gives you flexibility as you choose your own working hours and place of work. 

Gig Worker:

A 'Gig' refers to any one time paid project. It is technically a freelance work but it is mediated through a specialized app or platform. Gig workers are freelancers who earn money independently but do not entirely run their own business. The marketing for the gigs is usually done for them by the company that runs the gig platform and it routes the jobs to them randomly if they are registered on the platform that offers paid gigs. 

For example, an Uber driver is responsible for providing a car, paying for gas, maintaining the vehicle, and driving passengers to their destinations. However, that driver cannot decide the rates and who they pick up on their own. But in this gig, he can give time availability as per his convenience if he is also into some other profession.

Important Reasons for the Growth of Gig Economy:

• Flexibility: Many youngsters are drifting away from the monotonous culture of routine job. Gigs offer a lot of flexibility incase you don't want to be a part of the mundane 9:00 am to 5:00 pm job.
• More time: Since paid gigs offer more flexibility, you have more time at your disposal that can be utilized for personal well being.
• Dual Income: With the rising cost of living, every penny that you earn, makes a difference. In spite of many people being in regular full time jobs, they still indulge in paid gigs to make more money.

How & Where to Hunt for Paid Gigs:

Understand your Competence: Understand your strengths to decode your core Competence (expertise). It could be anything ranging from technical skills to basic proof reading or even strategic consulting or planning.  

Understand the Market: Invest some time and effort in understanding the market outside pertaining to your core competence. Try to analysis the industry and the organizations in that industry that would need your services.

Register on the Gig Platforms: There are various platforms where one can get paid gigs. Google out and you will get the names of the best gig platforms. Some of the popular ones are fiverr.com, upwork.com, guru.com, urban company (formerly urban clap) and so on. Every website has its own terms and conditions. For example, on Upwork, you have to bid for a particular project. Alternatively, you can also join groups related to your expertise on Facebook or LinkedIn where many keep on posting their requirements and looking out for an expert to do that job.

Be Active: Getting gigs overnight is not a child's play! It needs patience and endurance. Be active on your preferred platforms and try to understand the complete mechanism of that platform. 

Word of Mouth Strategy: If you are good at something, try publicizing it through your social media handles. Ask your friends to promote your work. It leads to a snowball effect that would offer you benefits in multiple ways.

Gig Economy is growing rapidly with more than 70% of corporates in India using Gig workers to do the task. It's time people start analyzing their core competencies to sustain in this millennial era.