Is Gig work going to be the future of jobs?

There is gonna be a huge change in the way we work.

As the traditional mindset of families in India goes, there is no way they would ever recommend their children to get gig work instead of a full time job. Most of the reasons point to stability and job security.

So what has changed now?

Well with the COVID-19 pandemic engulfing most parts of the world the IT industry got to witness first-hand how secure is their full time job. Turns out it wasn't as secure as they thought it was. So more and more people are looking to move into freelance and gig work more than ever before. So for those who are on the edge let’s take a look at the pros and cons of each.

Pros of Full-time job

First let’s take a look at what is different and what are some of the pros of a regular 9–5 full time job.

1. It is not contract based and you will have job security even if your project is coming to an end.
2. Benefits such as Insurance and other bonuses are included with these jobs. Also office perks such as free snacks and other entertainments are also available.
3. For those looking for stability will enjoy the fact that you have the same working time everyday.
4. Will get extra benefits such as stock benefits and other privileges.
5. The company is responsible for finding projects with your skillset.

Pros of Gig-work/Freelance

Now let’s compare with the pros of gig work.

1. You decide the rate and hours of your work.
2. More monetary benefits as there is no overhead cost.
3. Can literally work from anywhere as long as you have an internet connection and a laptop.
4. Can Take small breaks in between gigs so as to spend more time for leisure and vacations with family which last more than 2 weeks.
5. Can take up more than 1 work which means more than 1 income.

So as we see the 5 points where gig work and full time stand out. We see that you will definitely earn more doing gig work and you will receive more benefits doing a full time job.

Now let’s take a look at the Cons now.

Cons of Full-time job

1. Cannot work part-time or take more than one project which gives you monetary benefits.
2. No flexibility on Location and office. Most offices want their employees to work from office as they have invested heavily on real-estate. But there are some companies which are relaxing these policies.
3. You do not get to decide your hourly rate. The company decides how much they will charge the client per hour. They will also take a percentage cut of that amount as overhead cost.
4. Cannot take absence of more than 2 weeks unless you have a medical certificate.
5. The hike percentage is very low.

Cons of Gig-work/Freelance

1. No continous income. You might be paid more than full time but there is no guarantee that you will get work throughout the year. So you will have to save up for when times are not so favourable.
2. You will be asked to take full responsibility of the work. Although there will be other team members but you will be tasked with more responsibility than a regular full time job.
3. There is the problem of hourly rates as clients always try to bargain to get a lower rate.
4. You will have to do all the administrative and tax filing by yourself.
5. Some clients tend to cheat and you might not get the money you deserve.

So as we look at the cons of both types of work. We realise that while gig work does offer freedom it definitely comes with a lot of work . You will have to do all the tax filing and administrative tasks on your own. On the other hand full time jobs do not offer much hikes or monetary benefits so as to motivate you to work .

How times have changed

There are platforms which are coming up which are trying to help freelancers and gig-workers in trying to act as an intermediary so that the client do not cheat the worker. They act as a middle man and charge the client at the beginning and release the payment once both have agreed that the project has been completed satisfactorily. This solves a lot of issues for both of the parties involved.

During the COVID pandemic, we have seen employees become frustrated and realise that they can work for literally any company in the world sitting in their home or terrace. All they need is a stable wi-fi connection and a laptop. This also makes it easier for employers to find experts in the skillset they require. There are a lot of companies which are helping freelancers and companies meet each other. Some of them are:

1. Upwork
2. Freelancer
3. Vanhack
4. Flexjobs
5. WorkingNomads

These are some of the sites which help you in getting remote jobs around the globe.

So based on these its upto you whether you need to work on your own terms or your employer’s terms.

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