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The Gig Economy Is the Future – Here’s how You Can Become Part of It

The Gig Economy web

Estimated Reading time – 7 Minutes

If the term ‘Gig Economy’ makes you scratch your head in confusion, it really shouldn’t. The slang term “gig” has been used for over 100 years to refer to once-off entertainment performances, but its meaning has taken a different direction over time.

After reading this blog post, you’ll know exactly what the gig economy is, how it works, where to find gigs, and what you’ll need to thrive in the industry.

What It Is and How It Works

Let’s start by discussing what the term means today.

You’ve heard someone refer to a music performance as a gig, right? Well, in this case, we’re not referring to an open mic night at a local establishment. In this instance, the gig economy is a job market dominated by independent workers.

It provides job seekers with short-term, on-demand work opportunities rather than adhering to the traditional nine-to-five employment model.

In a gig economy, businesses save money by not having to train workers and rent office space. Instead, they opt to approach experts who work remotely to complete specific tasks at more affordable rates.

From the worker’s perspective, a gig economy offers an improved work-life balance that would otherwise not be possible with a traditional 9-5 job. Gig workers also have the luxury of only choosing jobs that interest them personally, instead of receiving an assigned workload each month.

The concept of the gig economy ultimately consists of three components: independent workers who are paid per task or project, consumers who require a particular service, and the companies that act as a middle-man by creating a connection between workers and customers.

We know what you’re thinking – this sound exactly like freelancing. You’re right, but freelancing isn’t the only type of gig work available. Consultants, independent contractors, seasonal workers, on-call workers, and temp contract workers also fall within this category.

According to Business 2 Community, by the year 2021, gig workers will outnumber traditional employees.

Finding The Ideal Gig

In a gig economy, workers use specialised apps and websites to find job opportunities. Sure, Gumtree advertises freelance job opportunities but if you’re looking for industry-specific work, these are six of the best websites to use.

 

The Pros and Cons of The Gig Economy 

The Pros 

  • You can choose how many hours you would like to work, as well as the ideal environment. Flexible hours without the restriction of four office walls. Sounds great, doesn’t it?
  • Instead of following the same routine every day, you can decide which jobs you want to do.
  • You decide how much you’ll get paid. Gig workers are often able to decide their own hourly rates. Note that, rates are often determined by the worker’s level of education and experience.
  • You will also be open to multiple job opportunities. More work equals more money.
  • You will be able to claim a portion of your rent, electricity, and all work-related expenses from tax

The Cons 

  • Unfortunately, very few gig economy positions offer benefits such as medical aid and a retirement fund.
  • You’ll have to file your own taxes.
  • You will likely be alone most of the time, so having little to no social interactions throughout the day might become a problem.

Choosing the Best Gig

Before you update your CV, you’ll need to find the best opportunities. Here’s how you can find the perfect gig.

  1. Spend some time creating a list of all your skills, but also consider what kind of work you would like to do.
  1. Consider your schedule. If quitting your full-time job isn’t an option, or if you have important personal duties – you might not have a lot of time for some types of gig work. Choose gigs that allow you to choose how many hours you would like to work.
  1. Learn some new skills. As we’ve mentioned, the more skills you have, the more you can charge for your services.
  1. And lastly, keep an eye out for scammers. Unfortunately, job sites are a perfect breeding ground for scammers. Do some research to find out whether the company is real and reputable before you submit your CV.

The Bottom Line –

A growing amount of people are moving away from traditional employment in favour of “becoming their own boss”.

If you would like to become part of the gig economy, enrol in one of our exciting Online short courses and add marketable skills from the IMM Graduate School to your CV.

The Link between education and income

DCL Blog – The Link between education and income

The relationship between education and income

Education is defined as the act or process of imparting or acquiring general knowledge, developing the powers of reasoning and judgment, and generally of preparing oneself or others intellectually for mature life. In other words, it is the process of achieving knowledge, values, skills, beliefs, and moral habits.

Francis Bacon once said that “knowledge is power”. This is still true since higher education is a fundamental part of personal, national and global development. Not only does it shape independent minds, but it is also important for the continued growth of the economy. There are many reasons to seek higher education – some do it for job security, others do it to advance their knowledge but probably the most common reason is financial ambition. We all want to make a better life and for most this means we need to educate ourselves so we can qualify for positions that earn more.

The link between education and income

Generally, the more educated an individual is, the higher their income potential will be; education is often referred to as an investment in human capital.  

Matriculants in South Africa can expect to earn twice as much as someone with an incomplete high school career. Moreover, a tertiary certificate could result in a 63% increase in income while a bachelor’s degree would see a 330% jump. (BusinessTech, 2019)

To put this into perspective, data from Analytico covering a total sample size of 717,364 individuals in South Africa concluded that matriculants typically earn R4 977 per month, diploma holders earn R13 378 per month and bachelor’s degree holders earn upwards of R21 527 per month.

Why aren’t more people getting educated?

Even though education is considered a basic human right, only 13.8% of South African adults over the age of 20 attended school up until grade 7. Furthermore, 51% of South African youth between the ages of 18 and 24 claim they did not have the financial means to pay for their tuition. 18% of those aged between 18 and 24 who were not attending educational institutions stated that their poor academic performance prevented them from furthering their studies.

The benefits of higher education

A major benefit of furthering your studies is that a tertiary education equips students with the knowledge and skills necessary to deal with a wide range of challenges – both in their personal and professional lives. It broadens the mind and introduces a multitude of topics that the student may not have known about. The critical thinking skills developed through higher education allow one to ask better questions and solve more intricate problems.

Bottom line – tertiary education makes you more employable!

In this demanding and competitive job market, employers are only interested in the most qualified candidates. Also having a qualification gives an employer a benchmark of the level of work they can expect from you. Once qualified, you’ll be able to apply to jobs which specify a required level of tertiary education. Your chosen field of study and your grades can also be a deciding factor in your hiring.

Once you are employed, you are more likely to be considered for promotion into management and even executive levels, especially if you continue furthering your studies. The knowledge and skills you applied throughout your studies will help you to climb the ranks within your industry. These skills will also be applicable should you choose another profession at some point throughout your life.

In conclusion, higher education will benefit you personally and professionally. Not only will it open your mind to bigger and better things, but it will also help you to get ahead in your career. The truth is that in today’s highly competitive job market having a tertiary qualification is no longer an option but a necessity if you want to qualify for anything above the unskilled labour level.