Gig work has seen a significant increase in popularity since COVID-19. Today, over 35% of U.S. workers are involved in the gig economy, and the number is predicted to increase. As a result of the looming recession, companies are currently evaluating how they source talent and their strategies in relation to this.
Start-up CEO, Aleksandr Volodarsky states that “Every crisis is an opportunity”, and there is definitely an opportunity to get ahead of the game through gig working.
The lead-up to a recession is the perfect time to get into gigging
Entering a recession is daunting, although it does present an opportunity. Joining the gig economy during a recession could provide immense benefits. Read this article to find out why you should consider gig work.
Recessions are filled with uncertainty. Instead of worrying about losing your current job, you can build up a backup plan. Gig work can deliver that.
It’s important in a time of crisis to not rely on a singular income, as it puts you at greater risk. Let’s say you are employed as a gig worker. If you lose ONE employment, while that is a loss of a portion of your income, it’s not all of it.
You still have money coming in from other income streams. If you build a portfolio and get started now, you safeguard your future income. That way, you are taking charge of your financial stability.
Gig work is a great way to gain experience, especially at a time when it is more challenging to land a permanent role. The more experience you have, the more you can charge for your services. Additionally, if you’re struggling to find permanent work, gigging is a great way to understand what type of employment you would thrive in.
As a gig worker, you can try many different things, and there are so many skill sets you can tap into. For example, you may think you would enjoy copywriting, but after trying it, you may realize it’s not for you. Ultimately, the more experience you can show, the more attractive you become to employers.
Become a niche expert
Look on LinkedIn or Fiverr these days, and you will find PowerPoint gurus, Facebook Ad experts, and SEO geniuses. These are all niche disciplines that would’ve been a small part of a marketing role in days gone by.
People say practice makes perfect. Gig work is a great way to practice and gain experience in various areas. If you get good at a specific niche, you become even more of an asset to hiring managers. Furthermore, becoming an expert at multiple niche tasks will make your CV blossom! Being an expert makes companies more likely to hire your service on gig platforms, which in turn allows you to raise your prices.
As previous recessions have shown, another impact of an economic slowdown is that companies start turning to freelancers and contract workers. Over the past decade, organizations have become increasingly willing to work with non-employees and outsource various tasks and projects to freelancers. You can be sure there will be more contracts, which equals more options and better pay.
As we’re looking down the barrel of a looming recession, now is indeed the right time to try gig working. Use this crisis as an opportunity to broaden your skill set and develop your freelance. Gig working:
- Offers you a way to diversify (and thereby protect) your income
- Allows you to hone your skills and become an expert with relatively low risk
- Costs you nothing but some time and effort to have a go—most gig platforms have ZERO upfront obligation or cost—so you can join some, see what opportunities come up, and give it a go!