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The Future of Work is Gig

The Future of Work is Gig

Insurance
6
min read
Jun 22, 2022
Written By:
Patricia Opsima

What Does Gig Economy Mean mean?

Working remotely anywhere

You'd be correct if you think "gig" conjures up images of photographers or online platform workers. While photographers have long used the term "gig" to describe their employment, this type of work is a new phenomenon. 

An independent contractor in any profession can be industry, to name a few:

  • Graphic Designing
  • Digital Marketing
  • Driving for Uber or Lyft
  • Delivering Food
  • Video Editing

When it comes to the project-based economy, businesses interact with freelancers, independent contractors, project-based workers, and part-time employees in a free market. Small and large businesses alike can be included in this category.

Businesses are trying to experiment with this form of economy and recruit temporary labour to see if it works. They are able to save money due to a decrease in staff training and perks. Gig workers benefit significantly from this arrangement as well. Work-life balance and increased productivity can be achieved through flexible working hours and the ability to set one's schedule.

Temporary gig workers are an alternative to full-time employees. In the end, your partnership comes to an end as soon as they finish what they were allocated to do.

Uber, Lyft, Airbnb, TaskRabbit, and Airtasker are just a few of the companies that have adopted the gig economy model.

The good news? There are all sorts of ways to make money gigging—from driving people around town to babysitting—and if you're willing to put in some hard work, you can make some serious cash doing it!

Advantages of gig work include:

Gig Economy is all about flexibility and independence

Speed - You don't need to wait for an employer to hire you and then wait for them to bring you on board. You can start working immediately!

Flexibility - You can take on as much or as little work as you like, whenever it suits your schedule and needs. You'll never have to worry about being overworked or underutilised again!

Work-life balance - The freedom that comes with gig work allows you to focus on other areas of your life, such as family or friends.

What are the challenges of gig work?

Challenges of gig workers

In contrast, all work is done through direct interaction with clients in the gig economy. There are no paid vacations or health insurance for independent contractors as there are for full-time employees. They have no choice but to go out and get them.

Key Takeaway:

Gig workers are expected to continue increasing their share of the workforce over the next few years, so it's essential for employers to understand how they can make this new way of working more productive and beneficial for everyone involved.

I know what you're thinking: "But what does this have to do with Coverhero?" Well, it has everything to do with us! You see, we believe that there will be a shift from full-time employment to gig work soon, and we want to protect you! We offer insurance for anybody who is self-employed and earns business income. This includes freelancers, gig workers, independent contractors, artists and more. We understand that your finances are tied to your work and help you protect your income when you need it most.

The gig economy is here, and it's changing everything.

Take control of your future

Patricia Opsima

SEO Specialist
Gig Economy

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