GigVistas: Gig News Digest. Issue 2

By GigVistas Marketing Team

Nov 24, 2022

4 min read

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Freelancing over 50, workforce predictions, managing remote-based work on personality, and more… - Paul Estes

Key Points

The freelancing surge is the industrial revolution of our time with the lure of being independent, flexible work timings, and freedom to choose projects. Remote work relates to the broader future of work, where there is freedom of scheduling work and employers reap the benefits of an actively engaged workforce, saving up on recruitment and training expenses. The year 2020 has set a stage for freelance work and since then it’s been growing exponentially.

Point of view

Freelancing is a great way to supplement one’s income but it can also be a career choice by itself. Everyone wants to become the boss of their work, and freelancing gives you an opportunity to be one and also helps enhance your capabilities, giving you the freedom you want - letting you work from anywhere at any time. Work from home or remote work culture has become the new normal since 2020, promoting and prioritizing work-life balance.

Remote work, on-shoring knowledge work, the art of the side hustle, and more… - Paul Estes

Key Points

Developers are taking note, with the rise of the gig economy, freelancers and contract workers are changing the shape of the workspace and redefining the look of the workspace by creating a remote work model. The Gig mindset- the generation that’s been impacted by the Gig mindset is shaping up to be the first to put control of their work-life balance in their own hands. Many enterprises are starting to explore the possibility of engaging with freelancers and partnering with many gig platforms that motivate this “wisdom mindset”.

Point of view

An employee’s mindset is generally about hourly compensation, your compensation which is limited to the hours you work and depending on the employer you work for. The gig mindset is different, it's more project-based and you are in charge of charging a fee that you feel is worth your energy and time exchange. The gig mindset also consists of a growth mindset and self-disciplinary actions.

Already under massive stress from the virus, more Indian workers turn to ‘gig economy’ livelihoods

Key Points

India is beginning to become a pool of informal and formal gig workers/professionals, starting with the pandemic sharply shifting the focus to gig economy jobs which are part-time jobs or on-demand jobs. According to Economic Times, the potential growth of the Gig economy is enormous in India, ASSOCHAM has projected India’s economy to grow to a compound rate of 17% to reach $455 billion by 2023. The Gig economy contributes 1.25% to India’s GDP over the long term.

Point of view

COVID-19 has caused changes in trends, going from working from the office to working from home. The pandemic also gives people an opportunity to try alternative work and lifestyles. Many people have started to consider freelancing as a career lifestyle, it is all about flexibility and adaptability. Freelancing isn’t “pandemic bulletproof” but freelancers can have a higher resilience by being able to generate earnings without depending on one employer. This has therefore impacted the gig economy as it grows in popularity.

Access to the gig economy may spur small business creation, study finds. -Avery Ruxer Franklin

Key Points

Access to the gig economy may help facilitate the creation of new businesses. The study suggests that small-business lending to newly registered businesses increased by about 5% after the arrival of gig economy platforms in the local market. Hochberg and her co-authors explored how the gig economy has "positive spillover effects" on entrepreneurial activity by studying ride-hailing platforms like Uber and Lyft. "Having the option to access gig work in the event of failure or other unpredictable situations appears to have huge value in pushing entrepreneurs to accept the risks associated with starting a new business," Hochberg said.

Point of view

As small businesses embrace the gig economy, it offers many benefits for both small businesses and workers, including more flexibility and increased productivity. A small business owner is obligated to compensate gig workers solely for their time in exchange for a service. Depending on the task, hiring an independent contractor may be a smart choice for the bottom line. Consider the skills and time commitment required for each project and hire accordingly with minimal overhead expenses.