What Are The Pros and Cons of Working For The Gig Economy?

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As more and more people start to stray away from “regular” day jobs, more freelancers start to thrive. Many people these days work in the gig economy. The gig economy consists of people working for themselves and making money by doing anything from driving people around, all the way to renting out a house. Many popular companies that are in the gig economy are Uber, Lyft, and AirBNB. To recap what the gig economy really is, Google  states that “[the gig economy is] a labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs.” Basically this means that people work for themselves and their jobs aren’t as stable as somebody who works in an office or for a legit “brick and mortar” business. As good as it sounds to work for yourself, what are the actual pros and cons of working for the gig economy? Overall, the pros of the gig economy are that flexible hours and getting the opportunity to do what you love; however, the drawbacks include inconsistent employment and lack of benefits.

There are many pros in working for the gig economy. One that comes to mind right away is working for yourself, any time you want, any job you can handle. According to Business News Daily, a business magazine online, “For those working in the gig economy, this lifestyle provides more flexibility in that those working a 'gig' can work where they want, how they want and when they want. This appeals to many, including our large millennial workforce”. Also, another pro of working for the gig economy is doing what you love/are good at doing. According to Monster.com, “[One of the pro's of freelancing] is getting to pursue your passion projects” which is very interesting because almost everyone wants to work in a field that they love and wouldn’t dread.

There are also many cons in working for the gig economy as well. According to Business News Daily, “Gig workers run the risk of inconsistent employment, meaning they must either chase down their own freelance work or hustle in the on-demand space”. This is a big problem because if people rely solely on the gig economy for income then they have a larger chance of losing their job and not having enough money. Also, according to Monster.com, another important con is “No company-sponsored health benefits, 401(k), etc.”. Many people rely on company health benefits and wouldn’t be able to afford health insurance without their jobs.

Future Research Question: What will happen if the gig economy fails/crumbles?