Introduction 

The major change has been seen in the past decade in the way people work. One of the biggest changes in recent years is the rise of the gig economy. It refers to the short term flexible jobs that allow individuals to work as freelancer or independent contractors instead of being a full time employee. There are many companies like Uber, Fiverr, Upwork that made the gig economy work extremely popular.

This allows people to work on the jobs whenever they want without any long term commitment or full time employment. However it affected the full time jobs like traditionally that comes with benefits like health insurance or job security. Many people are you that gig economy provides more opportunities for the worker and some others are give that it threatens ki availability of the traditional jobs full stop this article will talk in detail about the impact of gig economy on traditional jobs while discussion both the advantages and disadvantages of this change in the workplace.

What is the Gig Economy?

The gig economy refers to the jobs that are temporary and project based. These jobs are also flexible in nature because employers take assignments from different clients or companies instead of working for only a single employer. For example, gig jobs include drivers like Uber or foodpanda or freelancers like graphic designers or software developers. It also includes online tutors and event organisers. 

Many people prefer to do this work because it gives them the freedom to do the job at their own comfortable hours and be there on Boss without any one ordering them. However there are many gig workers that do not receive benefits like health insurance or retirement plans that are available in the traditional jobs.

https://youtu.be/3Yf_I9sg-5U?si=OSELAqrNIJmiWz_K

Advantages of the gig economy 

There are many advantages of this economy to workers and also to businesses. Some of the most common ones are

1.Flexibility and independence 

The biggest advantage of this economy is that it provides the flexibility and Independence that traditional jobs do not offer. The workers related to this economy can choose when, where and  how much they want to work. However it is especially helpful for students, parents and those people who want to balance their work life with other responsibilities. It is also great for those people who cannot give their whole time to work. It gives people a chance to work at their own convenience without being under pressure which allows them to focus on other things as well.

However it is especially helpful for students, parents and those people who want to balance their work life with other responsibilities. It is also great for those people who cannot give their whole time to work. It gives people a chance to work at their own convenience without being under pressure which allows them to focus on other things as well. 

2. More job opportunities 

This economy works to provide the opportunities for people who do not have many opportunities and cannot find traditional jobs. For example there are many freelancers that can work with international clients. Also there are many part time workers who can take multiple offers to earn a stable income with their traditional jobs to make extra money.

Also there are many companies that can benefit from these workers because they do not have to provide extra benefits that come with traditional jobs like health insurance or retirement plans to their workers. This also allows businesses to save their money and hire the workers in need without giving extra benefits.

3. Early and fast entry 

People who are just starting their career can take the full advantage of this economy. Because it is an easy way to gain experience faster. There many platforms like fiverr and upwork which allows people to showcase their skills and find jobs without even needing a full time employment. However it is especially helpful for students, parents and those people who want to balance their work life with other responsibilities.

It is also great for those people who cannot give their whole time to work. It gives people a chance to work at their own convenience without being under pressure which allows them to focus on other things as well. 

Disadvantages of the gig economy 

There are many benefits of this economy but it also comes with extreme challenges in which some of them are 

1.Lack of job security 

Traditional jobs provide the workers with the benefit of retirement plans and health insurance while this work does not guarantee a good income every time. There are many workers who struggle to find clients or assignments that can lead to financial instability.

Also there are many workers who do not receive health insurance paid leave for retirement plans that can reduce the benefit of their job. It makes it difficult for them to plan for their future by using this work or dealing with emergencies. 

2. Unstable income and work overload 

Most of the time the gig work depends on demands and earning that can fluctuate in this work frequently. For example there are slow seasons in which the workers can unless freelancers experience this gap between the projects that can lead to financial instability for their life.

Sometimes it happens that the workers take on multiple jobs to make a proper income which can lead to stress and exhaustion. It can lead to no fixed schedule and can disturb their work life balance which leads to burn out and eventually stress. 

https://youtu.be/8ynnbIpcy7E?si=MuXVg8-oz4K3yNsn

Effect of gig economy in traditional jobs

This work is becoming more common which leads to the disappearance of the traditional jobs. There are many companies that prefer to hire gig workers instead of full time employees because it saves their cost. For example if some businesses hire freelancers for their positions like writing graphic designing or even customer service so they can get full benefits from them and also they do not have to provide the additional things that are included in the full time jobs.

There are many workers who struggle to find clients or assignments that can lead to financial instability. Also there are many workers who do not receive health insurance paid leave for retirement plans that can reduce the benefit of their job. It makes it difficult for them to plan for their future by using this work or dealing with emergencies. 

Conclusion 

There are many companies like Uber, Fiverr, Upwork that made the gig economy work extremely popular. This allows people to work on the jobs whenever they want without any long term commitment or full time employment. However it affected the full time jobs like traditionally that comes with benefits like health insurance or job security.

This economy works to provide the opportunities for people who do not have many opportunities and cannot find traditional jobs. For example there are many freelancers that can work with international clients. Also there are many part time workers who can take multiple offers to earn a stable income with their traditional jobs to make extra money. Sometimes it happens that the workers take on multiple jobs to make a proper income which can lead to stress and exhaustion. It can lead to no fixed schedule and can disturb their work life balance which leads to burn out and eventually stress. 

Interview Forge Team

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