post_6082e5532c1c1.png
Pros and Cons of Joining the Gig Economy
Business 101 | April 23, 2021
People often use the term “gig economy” to describe our current workforce. Here, we explain what gigging is and the pros and cons of doing it.

If you’ve read the economics section of a newspaper in the last few years, you’ve probably run into the phrase “gig economy.” Some decry its existence as a failure of our traditional workforce. Some welcome it as a needed break from the status quo. There are certainly pros and cons of joining the gig economy one way or another. And if you’re hitting the job market in 2021, you should learn about it.

What Is the Gig Economy?

The term “gig” refers to a short-term job. Someone might have a summer “gig” helping out with a children’s camp or a “gig” playing music at a coffee shop for a night. A gig economy is an economy based on workers doing these sorts of independent jobs.

For instance, say you were a web designer. Instead of getting hired by a company, you would be an independent worker whom different companies could hire. Websites like Fiverr, Freelancer, and even sites like Airbnb and DoorDash open the door for people to offer their services.

Pros—Greater Flexibility

In the past, spending your entire career at a single company was the norm. The gig economy has turned that idea on its head by putting control of one’s career in the hands of workers themselves instead of company managers. In a sense, you can decide what you want your job to look like.

Let’s take the poster child of the gig economy as an example: Uber. For many, Uber is a “side hustle” to put a little extra money in their pocket. However, rideshare drivers can make more simply by adjusting how much they work and when. Since they’re independent contractors working for themselves more than Uber, they can make the choices that will best benefit them and switch careers with little effort.

Cons—Limited Stability

The total control of your career is both a pro and con of joining the gig economy. You get to decide which jobs to take and which to leave, but that means you have to find the jobs, too. While websites can help connect people to clients, the work isn’t always as consistent as a nine-to-five job. You also lose out on the other advantages of a stable job, like health benefits and work culture.

Love it or hate it, the gig economy is our current reality. As you decide what direction you want to go with your career, it’s good to know “gigging” is a choice. Choice is what the gig economy is about, after all.

Let's #BeAmazing Together

Team up with JustMy to help 100,000 businesses and non-profits get back on their feet after the impact of Covid-19 and the resulting recession.

The Campaign to Help
Our Goal, Help 100,000 Businesses & Non Profits
Become a Community Partner
You can be a Sponsor in Your Community helping locals get back on their feet.
Likes = Help
You can Help Your Community with Your Free Subscription to JustMy

Article

Kayla Keena
By Kayla Keena Top Risks That Your Small Business May Face Starting your own small business is a massive endeavor. To be successful, prepare yourself for the top risks that your small business may face.

NewsStand Partner | Article

The Fun Crew
By The Fun Crew Looking for 100 Big Brothers and Big Sisters The #FunCrew is teaming up with Big Brothers Big Sisters of the Mid-South to help find 100 mentors for amazing youth here in the Memphis area!

NewsStand Partner | Article

The Fun Crew
By The Fun Crew Silence the Violence Through the Arts 2021 | Hosted by Justice for Cameron Inc. Justice for Cameron Inc. Is excited to announce Silence the Violence Through the Arts 2021. This art contest will be a great complement to our annual “CAMpaign”, Silence the Violence.

NewsStand Partner | Article

Psilo
By Psilo Eastpointe Voting Rights Documentary Premiers this week on Zoom When a quiet suburb of Detroit is sued by the Department of Justice, a long history of racial tensions is unearthed and an historic election takes place. This film follows the DOJ officials and community members during this historic election.

NewsStand Partner | Video

Duncan Williams Asset Management
By Duncan Williams Asset Management DWAM Great Performer Molly Quinn | OUTmemphis This month Duncan Williams Asset Management turns the spotlight on Molly Quinn.

NewsStand Partner | Article

The Fun Crew
By The Fun Crew TEAMUP4LOCALS: Ambassador Program JustMy is creating tools that help local artists to elevate their brands with one-link access to their streaming channels, videos, press, merchandise, and more.