Chances are you’ve heard of the gig economy. Although it’s on the rise as more workers choose a non-traditional approach to earning income, you may not know exactly what the gig economy is. Find out more information about the gig economy and how it benefits workers and companies.
What the Gig Economy Is
In the gig economy, companies contract with independent workers for project-based or on-demand services. For example, individuals may contract with Lyft to earn money by driving people to their destinations. Homeowners may contract with AirBnb to earn money by providing travelers a place to stay. Most work is secured through an online app or website and completed remotely. Clients pay workers an amount that is agreed upon when accepting the gig. Workers can choose temporary jobs worldwide, and employers have a global pool of candidates to select from. As a result, workers are regularly changing positions rather than having a traditional full-time job. Also, success is being defined as how uniquely valuable a worker is when new projects are offered.
Advantages for Gig Workers
Because gig workers are able to choose their projects and decide when they complete their work, gig workers have greater work-life balance than employees who have to show up at the office and complete their tasks during set hours. Gig workers can select projects that fit their skills, interests and passions, whereas employees may have to take any job available in order to pay their bills. In addition, gig workers have greater income security because they can take on new projects when desired, whereas employees who lose their jobs may have difficulty securing immediate income. Furthermore, gig workers have the potential for unlimited income, since they can take on additional projects to increase their earnings, whereas employees have a set income based on salary or hourly wages. Workers in the gig economy can work in addition to a full-time job or take on enough projects to generate full-time income and eliminate the need for a job. Additionally, workers in the gig economy can take advantage of tax deductions such as travel, supplies and other non-reimbursed operating expenses.
Advantages for Companies
Companies hiring gig workers don’t have to provide health insurance or PTO, cover payroll taxes, contribute to retirement plans, or pay for training or office space as companies hiring employees do. Also, companies hiring gig workers have access to experts they may not be able to afford if they were hiring employees. In addition, companies contracting with gig workers can provide more efficient services at a lower cost, enticing customers to do business with them rather than with competitors.
Work With Leaders in Property Management Staffing
Because the gig economy is on the rise, it’s important you find out all you can about it. For help securing your next property management job, get in touch with InterSolutions and work with a leader in property management staffing!