Gigonomics: The Economics & Psychology of the Gig Worker

So what is a "Gig Economy?" 

It is a labour market of short-term, flexible jobs, often promoted or posted by companies, employment websites, or cell phone apps.

Flexibility & Cost-effectiveness

These skilled individuals typically work as freelancers, independent contractors, consultants, or part-time workers, taking on projects rather than traditional, long-term employment. For businesses, gig work creates labour market flexibility and cost-effectiveness, as companies can use a flexible workforce with full-time employees without fixed overhead costs. Gig workers or consultants allow companies to adapt to changing demands, scale operations or projects, and access specialized skilled workers when needed. 

Diverse Workforce Fostering Inclusiveness

The gig economic model allows these workers/consultants to diversify income sources, reduce reliance on a single employer, and have some autonomy in choosing when and where to work. The entrepreneurial mindset of a gig worker/consultant sparks innovation, and skilled talent reshapes traditional notions of employment. Gig work introduces a diverse workforce, fostering inclusiveness and providing opportunities for those facing barriers in conventional employment. 

Gig Economy In All Sectors

The gig economy is within all industries, including transportation, accommodation, delivery, freelance writing, graphic design, etc. The gig economy provides opportunities for diverse skills and expertise if an individual is multi-skilled. The adaptability required in gig work usually comes with a person with a continuous learning mindset, where individuals find intrinsic satisfaction in entrepreneurial perspective, as they see themselves as independent entities shaping their professional career opportunities and development. There are challenges in gig work, such as income fluctuations, coping mechanisms and resilience; gig workers need psychological grit that helps them through uncertainties of the next gig or client. 

Conclusion

Ultimately, gig work is interconnected with an entrepreneur's autonomy, learning, community, and resiliency, offering skilled work to individuals, organizations, and businesses.