by Vicky Oliver, author of “Bad Bosses, Crazy Coworkers & Other Office Idiots“
Today’s workers who find themselves without the support of a traditional employer, either by choice or not, often explore moving into the gig economy. Gig work — that is, freelancing or taking on work as a consultant — involves contracting for short-term, project-based work.
Gig work has its appeal with many college graduates who have found that moving into the corporate world is proving harder than expected. With only about half of new grads with a Bachelor’s degree landing a career-level job within a year of graduation, it’s no longer a foregone conclusion that college equates to success in the job market. Frustration over fruitless job searches and an unwillingness to accept the low wages of an underemployed college graduate is leading many to explore entering the gig economy.
Or, people may wish to dip their toe in a new field or with a different employer to see what it’s like before diving in full-time. Gig workers may also range from the woman who’s taken 10 years off to raise children but isn’t ready to fully return to work, to the retiree who finds he doesn’t have enough money for fun now that he’s no longer working full time. The main draws for gig-work seekers tend to be both independence and experimentation.
But before plunging in, it’s important to carefully investigate the pros and cons of gig work.
First, consider the positives:
Provides ultimate flexibility.
Because you work on your own, you get to decide when, where, and how much to work. Say, for example, you envision hiring out as a social media specialist to create and analyze companies’ online presence. All you’ll need is a computer and an internet connection, which gives you a vast number of location choices from which to work. What’s more, if, say, alongside starting your gig wok you’re also training for a triathlon, you can decide how many clients to take on to support both pursuits, and choose a setting amenable to swimming, biking, and running.
Can pick and choose your projects.
Gig work provides a level of independence that allows you full control over the projects you take on. You may be in between jobs as an accounting manager and wanting to fill the interim with gig work. You could seek out projects that involve helping small businesses you care about with tax preparation or with drafting their financial statements.
Work your way into a full-time role.
If you have your sights set on a particular industry or company, target your gig work toward the job you hope to eventually attain. If working on the production team for a film studio, you could become a virtual gig worker who assists production directors with sourcing sites, scheduling and planning meetings, making travel arrangements, and more. Once your name is out in the industry and you’ve proven your strong work ethic and ability to problem-solve, you could be a known candidate for any job opening.
All these examples paint a rosy picture of gig work. Next, however, are some potential downsides with which to be aware.
No on-the-job training.
New hires in a company, especially new grads, are provided some measure of training to help them dovetail their skills with the requirements of the position. But if you offer a service to companies, you must already have both the expertise to do the work independently and also the equipment or technology. If, for example, you set out to offer transcription services for legal firms, you must have an understanding of the preferred format and expertise in the software platform typically used — not to mention a firm grasp of legalese.
You become your own HR department.
Becoming a gig worker means you’re the person in charge of finding health insurance, paying self-employment taxes, and covering all business expenses. Depending on the service you provide, you may also need liability insurance. Managing these administrative-type tasks can cut into your productivity. Think about it: you’d be the one who has to sit on hold when you want to file an insurance claim.
The hustle for new clients is ongoing.
Savvy and successful gig workers don’t rely on projects from one client alone. That means you must devote time to looking on job boards and networking to establish a sufficient client base. If the drawn-out process of trolling for full-time employment got you down, habitually putting yourself out there to attract new clients may spoil the appeal of becoming a gig worker.
Gig work offers many upsides for those who have the moxy to capitalize on a skill and be their own boss. But make sure you can also navigate the challenges of gig work before entering this world. Reach out to any gig workers you know and find out how they manage the pros and cons of the gig economy. You may thrive as your own boss dictating your own hours and choosing your own projects — but only if you go into gig work with your eyes fully open.
Vicky Oliver is a leading career development expert and the multi-bestselling author of five books, including “Bad Bosses, Crazy Coworkers & Other Office Idiots” and “301 Smart Answers to Tough Interview Questions“. She is a sought-after speaker and seminar presenter and a popular media source, having made over 901 appearances in broadcast, print and online outlets.
