WHAT IS GIG: What Does Gig Mean in Business?

The gig economy is currently one of the segments of the American labor market that is expanding the fastest, and this trend is only anticipated to continue. As more people learn about and take advantage of the opportunities presented by contracting and independent employment, businesses must adapt to accommodate this growing trend. Read further for you to know more about the gig economy. We also added some tips on how to become a gig worker to the article. Enjoy the ride!

What Is a Gig?

A “gig” is essentially any short-term activity or assignment that is executed for a predetermined cost. This word encompasses everything from temporary office jobs to freelance IT consulting. As more people hunt for flexible employment opportunities, the “gig economy” has exploded in popularity in recent years. Due to its adaptability, the gig economy has many potential applications, from the arts to the sciences. Consequently, an increasing number of people rely on the gig economy. Rather than being full-time employees of a single organization, gig workers are independent contractors who take on work as needed.

What Is Gig Economy?

Numerous people work as independent contractors, temporary employees, or in part-time jobs in a gig economy. In a gig economy, customers can save money and time by using services like Uber and Airbnb. The advantages of the gig economy may be inaccessible to those who do not use technical services like the Internet. The gig economy is the most established and has the most developed services in major urban centers.

A gig can refer to a wide range of different types of jobs. Driving for Uber, delivering food, and freelancing as a writer or programmer are all examples of such work. Unlike tenured or tenure-track professors, adjunct and part-time faculty members are considered temporary workers. Hiring more adjunct and part-time faculty is one way for institutions to save money and better meet the educational demands of their students.

What Is a Gig Worker?

A gig worker is someone who works for various clients on a project-by-project basis. Individuals or corporations alike can be among these patrons. Gig employment encompasses a wide range of activities, from errand running to computer programming. A gig worker’s focus will shift to the next assignment as soon as the current one is finished.

Some people in the gig economy get paid by the hour, while others get paid by the job. When a gig worker’s pay is determined by the hour, they have more leeway in determining their work schedule. Many people who work gigs do so as a supplement to their regular income; they already have full- or part-time jobs.

Types of Gig Workers?

Gig workers can specialize in a wide range of areas and work for a wide range of companies. The following are some of the most typical categories of gig workers:

#1. Freelancers

Freelancers are employed in a variety of fields, including the IT sector, marketing, consulting, and the literary arts. These experts typically work on one-off assignments, such as creating content for a company’s website, designing a web app, or providing career guidance. Some of these workers are contracted on a project-by-project basis by regular customers, while others are always working with fresh clients.

#2. Tutors and Teachers

Private tutors and teachers in the classroom now have more opportunities than ever to work in the gig economy. Teachers, especially those teaching overseas, may have seasonal opportunities available to them. Likewise, tutors may work on a per-project basis. Many education-related temporary workers have a say in where and when they put in their hours.

#3. Construction Workers

Numerous contract positions are available in the building sector. Many workers find high-paying work on a project-by-project basis as electricians, plumbers, welders, and carpenters. The gig economy also presents opportunities for highly skilled professionals such as architects and site engineers.

#4. Finance Professionals

Some professionals who may work in the gig economy include accountants, financial planners, and stockbrokers. They can help their clients with a variety of financial tasks, including accounting, investing, and planning. Due to their specific knowledge, many freelance finance experts have the ability to make a respectable salary.

#5. Administrative Support Professionals

Temporary positions are also available in the administrative services industry. Administrative gig workers include secretaries, assistants, data entry professionals, and appointment setters. Freelance administrative workers may find work depending on the specific needs of corporations, nonprofits, and other potential clients. Employees in this category often work in support roles, such as at an office’s information desk, in file organization, or in human resources.

#6. Hospitality and Food Service Personnel

Jobs in the food service and hotel industries pay well and are accessible to many people looking for flexible work. Food service specialists such as caterers, personal chefs, bartenders, and prep cooks are common gig economy occupations. Weddings are only one type of special event where a bartender might be needed. Hotel concierges, airline attendants, and building maintenance employees are a few other examples of people who work in the hospitality and food service industries on a more temporary basis.

#7. Logistics and Transport

The gig economy relies heavily on drivers of various stripes. These workers transport passengers and provide essential services such as package and food delivery. Online ride-sharing companies provide drivers with access to employment prospects.

How to Become a Gig Worker

Follow this advice to break into the gig economy and obtain steady work:

#1. Understand the Profession

Get a grasp on your target industry, field, or job function first. A background in programming, for instance, could come in handy if you wish to work on web development projects and create websites for clients. Earning a professional certification in the field is another option to boost your marketability as a contender for open positions.

#2. Build a Portfolio of Your Work

It’s critical that you can demonstrate your expertise and abilities to companies, regardless of the industry you intend to work in as a gig worker. You can achieve this by making a portfolio. A freelance writer, for instance, can compile samples of their best work to demonstrate their abilities and specializations. Gig workers in highly specialized sectors, like building or IT, may also keep logs of their projects. Customer reviews and employer feedback can serve the same purpose as a portfolio of work in other areas like hospitality and transportation.

#3. Make Use of Online Job Boards to Find Work

Check out internet employment boards to see what opportunities are now available in your field of choice. Register with the boards and complete your profile to get the most out of them. Describe your professional qualifications in-depth, including your talents, job experience, education, and other relevant background information.

#4. Join Gig Networks via Web Apps

If you’re interested in picking up extra work on the side, you might want to sign up for a gig worker app. More and more clients can attest to your competence as you amass a portfolio right there on your profile. In the long run, this may open up new doors. Community forums are also available on these sites, so you can talk shop with other people working in the gig industry.

Tips for Finding Work in the Gig Economy

The following are some things to keep in mind when looking for freelance work or gigs:

#1. Develop Your Skill Set

Make a long-term commitment to learning and growing in your field. If you’re a freelance writer, for instance, make it a point to improve your writing skills by reading up on new techniques, cutting down on typos, and working harder.

#2. Make Connections in Your Field

Meet up with other experts in your field and talk shop. The connections you make in the business world can help you land more gigs down the road.

You should actively seek out opportunities to showcase your portfolio and discuss your projects with anyone who might be interested in hiring you. Keep duplicates of your resume, profiles on gig sites, and profiles on employment boards to promote your abilities. Get recommendations and referrals by asking around. Request a recommendation and a review after completing a job or project for a client. Your standing in the industry and access to new clients can both benefit from this.

#4. Attend Networking Events

Attend some gatherings geared toward the independent workforce. The best places to meet potential customers are job fairs, conferences, and professional development programs.

Pros and Cons of the Gig Economy

There are several advantages to working in the gig economy that aren’t present in more conventional forms of employment. There are, however, a few major drawbacks to consider.

Gig Economy Pros

#1. Easy to Get Started

The process of entering the gig economy is simple. Many gig economy employees are entry-level and don’t require any training or expertise.

#2. Adaptability

Workers in the “gig economy” often get to pick their own schedules and decide who they will work for. Consequently, many people who operate in the gig economy want to do it remotely.

#3. Distinctness

Workers in the gig economy frequently switch between different types of labor for various clients.

#4. Independence

Members of the “gig economy” do not work for a traditional company. Gig workers, in other words, are independent contractors. Therefore, most gig workers don’t have to worry about office politics, workplace gossip, or progress reviews.

#5. The Chance to Explore Other Professions

Many people would like to try out a side business they’ve had an idea for, but they can’t afford to give up their current employment. The gig economy is a fantastic opportunity to dabble in numerous types of work on the side.

Gig Economy Cons

Every profession comes with its share of difficulties. Here are the cons of the gig economy:

#1. Low Pay

It can be difficult to build a substantial income from part-time or freelance employment, despite the fact that many people in the gig economy do so. Work that requires little training, such as operating a delivery truck or being a grocery store clerk, falls into this category.

#2. Unpredictable Income

With a versatile schedule comes a variable salary. The income of those who operate in the “gig economy” might be highly variable from one week to the next.

#3. Inadequate Benefits

Self-employed people must take care of their own health insurance and retirement planning, as they do not have access to these benefits through their employer.

#4. Taxes and Other Costs

The money earned from gig employment must be managed and taxed by the self-employed person as well. Workers in the gig economy must also pay for and take care of their own transportation, computing, and communication devices and services.

#5. Possibility of Exhaustion and Stress

Putting in a full day’s work in the gig economy is no easy feat. Not everyone thrives in an environment where they must juggle multiple tasks and clients. Not knowing when your next paycheck will come is a source of stress for many people.

Gig Economy Platforms

The following are some gig economy platforms you can opt for:

#1. Upwork

In the freelance economy, Upwork is a major player. Established in 2013, the platform’s marketplace model allows businesses to publish open positions and independent contractors to “bid” on them using cryptocurrency tokens. All freelancers start off with ten “Connects,” the platform’s token currency, each month at no cost.

Upwork is well-known in the freelancer community for its abundance of high-paying job possibilities and its stringent safety precautions. Upwork is a useful and simple-to-use platform for freelancers. It has numerous time-management and accounting functions. Freelancers can advertise their abilities and experience through recommendations on this platform before submitting a bid for work.

#2. Freelancer

Freelancer is an online marketplace where businesses may find freelance workers, similar to Upwork. This website is a top choice for finding work. Independent contractors also submit bids based on thorough proposals and can get to work as soon as they are accepted.

The freelancing platform usually takes a cut of the earnings from each engagement, and the employees have the option of boosting their profiles to get more business. Freelancer is the greatest alternative for people looking for a wide variety of listings because it doesn’t cost anything to post a job or service. With Freelancer, you have access to a full suite of B2B communication features, including instant messaging and the ability to share files. You can feel safe using any of the several payment methods offered by Freelancer.

#3. Fiverr

Fiverr is an alternative to traditional freelancing platforms. Freelancers build profiles on this site to advertise their qualifications and experience, and companies can then find and hire them. By doing away with the need to submit bids and proposals, Fiverr saves freelancers time but makes it more difficult to consistently get business.

Also, consider the benefits and drawbacks of using Fiverr before making a final decision. There is no need for bids or strict contract terms when using Fiverr because businesses can make individual offers to independent contractors. Payments made on Fiverr are guaranteed to be safe. The ability to get paid automatically is a major perk of using this platform for independent business.

#3. Toptal

Toptal is a one-of-a-kind freelancer database that facilitates the hiring process. The organization keeps a private database of independent contractors who were hand-picked from a large applicant pool. Supposedly, just 3% of applications are accepted in order to maintain the best standards. Toptal is also a great option for competent specialists looking for lucrative jobs because, if accepted, they can make much more money than on other platforms.

Toptal also employs artificial intelligence and human support to match freelancers with clients, resulting in a more harmonious working relationship than would be possible otherwise. Toptal’s goal is to make it easier for freelancers to find work, therefore the firm handles any disagreements or concerns inside.

#4. Guru

When compared to sites like Upwork and Freelancer, Guru is a freelance marketplace. Guru only requires a user to sign up and make a profile. Then, based on your preferences and qualifications, you can browse available job postings and submit bids.

If you’re looking for a platform with low fees and a low take-home percentage, Guru is a strong contender. Freelancers at all stages of their careers can benefit from working with a guru. This service places a premium on availability, hence, it offers cheap commissions and costs. The venue is convenient, has a user-friendly interface, and accepts a variety of payment types. You can effortlessly keep tabs on your work and payments with Guru’s convenient project management features.

What Is the Full Meaning of a Gig?

“Gig” is slang for a temporary job with a set start and end date. Historically, musicians have also used this term to refer to any sort of public performance. Freelancers, independent contractors, project-based workers, and temporary or part-time employees are all types of “gig workers.”

Is a Gig the Same as a Job?

Yes, a gig is the same as a job. Anyone who works in the “gig economy” is referred to as a “gig worker.” Some freelancers make it their full-time occupation, working on a variety of assignments for many different companies. Others use gigs on the side, in addition to their regular employment, to acquire new abilities or supplement their income.

Final Thoughts

There are many part-time, freelance jobs available in today’s “gig” economy. Gig work has existed for a very long time under various titles. Freelancers, consultants, independent contractors, and temporary workers are just a few examples of the numerous categories of “gig workers.”

Low wages and unpredictable incomes are common among gig economy workers. They must also pay for their own taxes, benefits, and other associated costs. However, gig economy jobs often have a low barrier to entry and provide ample opportunities for independence and customization. So, if you’re in need of some extra cash, think about joining the gig economy today.