Will gig economy ever replace traditional economy?

Hi Steemians! It has been quite some time since my last post. Finally got some time to post an article today and it is something different from my usual topics. Today was another usual day at work. Busy, hectic and tiring. When I stepped into office, I had this odd feeling that I have never been home the day before. I felt jaded. Should I look for a new job? Should I consider freelancing? Then I began to wonder, will I be able to survive by freelancing or doing "gig" work? What will be the tradeoffs if I make the switch?

For those who do not know what is the meaning of "gig", a gig is a temporary job or work. It ranges from being an Uber driver to being freelance graphics designer. In this Forbes article, it was suggested that by year 2020, 50% of the U.S workforce will be freelancers. In where I am from, Singapore, the number is likely going to be much lower. This is because Singaporeans typically value job stability. We are more risk averse and will try to pick the safer route in life.

Some statistics

• 53 million Americans, or 34 percent of the U.S. workforce, are working as freelancers.
• 31% of freelancers said they can find a gig online in less than 24 hours.
• In America alone, the freelance/gig industry is estimated to generate $1.4 trillion annually to the US economy

Benefits of being part of the gig economy

1. You are your boss - I think the best thing about freelancing or doing gig work is that you are your own boss.

2. Flexibility - You are in charge of your own schedule and you can make your schedule suits you rather than you having to suit the schedule given by your boss.

3. Extra income - If you have a usual job, being in the gig economy is going to bring you more income.

Disadvantages of being part of the gig economy

1. No stable income - Your income is determined by how many tasks/jobs you complete.

2. No corporate benefits - You don't get the benefits of taking paid time-offs and other perks that you might enjoy if you are employed by a company.

My take

I think the gig economy is overall very beneficial to the world. In a way, it made countries more resilient to economical recession. It provides income for those who get retrenched so that things do not get into a downward spiral that easily. In this article, it talks about how gig economy helps cushioned a weak job market in Singapore. On top of that, gig economy offered more choices to consumers. It in turn forces companies to up their game in order not to lose out to freelance contractors.

All these were made possible through the advancement of technology; specifically the internet. And through the use of blockchain, it might make gig economy even more appealing as middlemen are gradually getting removed. Freelancers will be getting more for the same work that they are producing. And consumers can get more work done with less cost.

Will gig economy ever replace traditional economy? I doubt so. But I think it is a strong complement to traditional economy and we will reach a stage where one cannot do without another.

Gig economy is something which appeals to me. However, I believe I will not be able to get the same level of income if I were to switch to freelancing full time. I think I will continue with a usual job but get some side incomes by doing some gig work.

Recently, I saw that @surpassinggoogle had started #steemgigs, I have not read in depth into it but I see that it is starting to pick up some steam (pun intended). I wish it every success and I do hope to participate in it somehow in the near future.

Thanks for reading! Let me know your thoughts. Are you a full time freelancer? Share your stories and comment below.