Gig economy as you may gather from the word ‘gig’ is an opportunity for a job that forms a temporary accomplice for someone who is a part of it. ‘Independent contractors’ is the term used to describe workers bound by opportunities that come as part of the gig economy. The economic gig market is characterised by companies and businesses hiring employees off the record and paying them for their timely services and never as a permanent employee.

Advantages

Two-Sided Agreement

Gig economy has created a surge of freelancers, who get paid for their work. The employers, because of the temporary nature of the job are not responsible if work at any point comes to an end and the employers are to be left off the hook. Both parties on either side remain well versed in the repercussions that come along in this agreement which serves as an advantage on both sides.     

Availability Not an Issue

Any temporary project you might be working on makes you a part of the gig economy. The absolute advantage of this is to begin, complete and submit work through a virtual office with flexible working hours. Attendance is the least of your worries when it comes to working in this field.

No Strings Attached

Millennials pursuing their studies and looking for a career may find solace in the flexible working environment of the gig economy. The non-committing nature of these gigs allows a smooth experience with less burden and rule following that otherwise comes with a permanent job. This would serve as a filler used to complete free parts of the schedule a student has and earn money for it, increasing their networking web and fostering a great insight on how social connections are made. Furthermore, as the experience heightens the individual has opportunities to choose employers from their previous gatherings with better prospects.

Disadvantages

The Right You May Never Get

As the word gig itself represents its offering sufficiently, it is ultimately a temporary job. Therefore, it remains devoid of terms commonly associated with office jobs i.e. paid leaves, action on dismissal without notice and other employee perks. If you are expecting even the slightest bit of acknowledgment working as an independent contractor your plate shall remain empty, the gigs require zero expectancies from you.

Inconsistency

People especially the millennials pursuing a career in the gig economy get instilled with an inconsistency aura that affects their future career endeavors. The inconsistent nature of the gig becomes that of the gig worker creating an incompetent mindset for a future permanent job.

Non-fulfillment

People working as gig economists never feel and receive the satisfaction otherwise associated with full-time employees. A temporary status and inconsistent salary isn’t the only disadvantage. Independent contractors also go through non-fulfillment phases where neither the job is sufficiently providing nor there is an expectancy of a career that could be furnished further.

To sum it up, gig economy with its advantages and disadvantages has provided people with part-time jobs. It’s safe to say that the advantages definitely overweigh the disadvantages and with the help of gig economy advancing unemployment will be overcome.