To Gig or not to Gig: Is this really for you?

According to a new research published by the Staffing Industry Analysts on November 2021, the number of people working for the gig economy platforms has nearly tripled in England and Wales over the past five years. The Edge Market also mentioned that 4 out of 5 Talent Managers in Asia Pacific (APAC) hire gig workers for certain roles. Gig work encompasses a wider range of work in this new era, from freelance work (include 1-off assignment or project-based work) to temporary/contractual period work.

The demand and supply of freelancers and temp/contractual workers are increasing as the gig economy seems to be benefiting both hiring managers and workers. While it’s true that freelancers enjoy great flexibility and freedom, but it also raises other concerns. While freelancers can set their own rules; working for whoever they want and whenever they feel like it, the personal autonomy that they dream of may just be an illusion. If you’re a person who needs a regular paycheck to fulfill your regular commitments such as loans, bills, insurance, rentals, or mortgage, you will need to work a certain number of jobs every month to fulfill the financial commitments. Freelancing may not guarantee you this as the income fluctuates based on assignments. Temporary/Contract employees on the other hand may enjoy a more guaranteed income for a longer stipulated time based on their agreements.

Freelancers may not enjoy staff benefits such as health or medical insurance. If they fall sick or get involved in an accident, they may not be able to work thus, suffer an income loss. They may not be protected under any labour law which governs full-time employees’ benefits such as paid leaves, medical claims and hospitalization. Freelancers must save more money to control many variables that could affect their life, such as emergencies, taxes and retirement. So, do freelancers really have the full personal autonomy and is this really for you?

Perhaps, freelancing is more suitable for retirees and students who are not limited by monthly commitments, or when you are in between jobs and want to take some time to recalibrate (or while waiting for something permanent to come along) and earn some income in the interim. Likewise, in the case of opting for Temporary/Contractual work, which tends to suit the younger generation and fresh graduates who are seeking to find their footing with the right industries. Many highly skilled professionals have also opted for Contractual work these days especially, within I.T, Technology and Digital Marketing where they prefer to expand their knowledge and income through special projects or innovation.

Whatever your work choice, we hope this article will help you make a well-informed decision.