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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.

Business Management as a career

Every operation needs skilled business managers in order to succeed in the cut-throat industry, whether it’s a major corporation or an independent business. Business management is a wide field that incorporates many types of management positions all with the potential to become high-level executives.

Only motivated, organised personalities will thrive in business, where environments are often high-powered and stressful. Knowing how to deal with this stress will help you keep your cool—and keep your business running smoothly.

Do you think business management sounds like a good career? Here are six reasons why we think you should study business management:

  1. The skills are transferrable

Business studies equip you with a wide variety of valuable skills that can easily be adapted to just about any future career or job position imaginable. It also teaches individuals critical thinking, problem-solving in innovative ways, and time management, which are valuable skills in both personal and professional capacities. Some other skills you’ll learn include:

  • Presentation and report-writing
  • Resource management
  • Self-motivation
  • Interpretation of financial data

These are all valuable skills to have in any industry and will increase your chances of being employed.

  1. There are a lot of job opportunities

As mentioned, every industry needs skilled business managers to ensure the success of their business. Business management is such a wide field – there’s something for anyone. After finishing your BCom degree, you can chase some of the following positions:

  • City Managers
  • Sales Managers
  • Human Resources Managers
  • Public Relations Specialist
  • Marketing Manager
  • Advertising Executive
  • Chief Executive Officer
  • Financial Officer
  • Market Research Analyst
  • Entrepreneur
  1. It improves your communication skills

Business professionals are required to write reports, letters, and e-mails, deliver presentations or negotiate deals with customers. They also need listening skills and need to know the importance of body language. Once again, they are essential in any industry. Good communication skills are also crucial to teamwork, which is another requirement in the business industry.

  1. You will gain a Global Perspective

Studying business will force you to look at things globally, especially in today’s international economy. When you study business, you’ll have the potential to take your skills abroad and work for large internationally recognised businesses. This will not only allow you to gain valuable work experience but will also give you an in-depth look into how things are done internationally.

  1. It will challenge you

Business programs can be some of the most challenging programs out there – in a good way of course. When you finish your studies, you’ll emerge a more logical thinker, and you’ll have the knowledge you need to take on any number of challenges later in life (both personally and professionally).

  1. Specialise by combining skills

At IMM, it’s possible to combine a business program with another short-course of your choice. This way, if you’re interested in business but you also want to pursue a career in another field (such as marketing or supply chain), you can do one or more of our specialist online courses to obtain additional, more specialised skills.

Contact one of our consultants at info@immgsm.co.za for more information.

As a Business Management student, you will receive a well-rounded, broad-based education that equips you with the skills that are always in demand in the workplace. The different types of knowledge and training that you acquire from a BCom degree can also help you decide which particular skill you could possibly concentrate on for your future career. Whether you decide to pursue further studies in accounting, human resources or whichever direction you decide, a degree in Business Management prepares you for this.

Do you think you’re tough enough to survive this competitive industry? Enquire about our Bachelor of Commerce (BCom) in Marketing and Management Science programme here:

https://imm.ac.za/degree/bachelor-of-commerce-bcom-in-marketing-and-management-science/