Why the REMOTE GIG ECONOMY is now more important than ever!
The term “GIG economy” as I found out recently is a new and trending term for what us, “old-schoolers” would refer to as independent freelancers, contractors and entrepreneurs.
The term is likened to the way that a band will play a couple of “gigs” and then move on with their skill to another venue. They choose to work gigs rather than look for long-term employment. This type of economy (a Gig economy), is commonplace and often characterised by temporary and flexible jobs.
Why is this so important now in the face of COVID-19?
Because contractors and entrepreneurs are often quickest to adapt, learn and move swiftly through multiple work projects, thereby stimulating the economy, just like we do at Cindication.
Opposite to their thinking is the mindset of loyalty, stability and security with one employer. Gig economy workers do not seek the stability that many others desire, and now in these times of uncertainty - a worldwide health pandemic – this ability to adapt is now more important than ever to our workforce and economy. Hence, why I would always build my companies based on this model.
Some of the many benefits of the gig economy are:
· You can work on many projects and expand on skillsets/experience/opportunities
· Have more independence and freedom to choose projects and work
· Less risk of job loss, income loss by working with multiple employers
· Higher income
· Companies can hire consultants and experts for specific campaigns rather than a full-time role
· Reduced cost for companies in terms of holiday pay/superannuation
· No bricks and mortar offices so reduce the overhead costs
· We can fit in work around our life
In addition to the above benefits are those who work remotely, and it is the very REMOTE GIG ECONOMY that is the best suited and most well-equipped type of economy that can help given during these current times.
Working remotely allows us all the benefits of above such as flexibility - all we need is our laptop, wifi, our skill and we can work anywhere. We still share the comradery with our colleagues, but it might present more as a coffee and donut GIF swapped via text/messenger/email than an actual real-time coffee and sweet snack. Online options like Skype and Zoom are a plenty allowing all the usual methods of communication. If we want a morning off, we can work later in the day. Flexibility and adaptability are the key here.
As we face massive uncertainty at present, we must embrace adaptability. Those who have read the book, “Who moved my cheese” will know the characters involved in this mouse/maze story. The motto of the story is those that adapt fast under challenging circumstances will ultimately come out on top and get the cheese – sounds a bit like Darwin's theory of evolution survival of the fittest.
As this is a time of changing landscapes, it will be remote GIG economy workers that do well. Able to work from home, even in the face of self-quarantined and will also continue to stimulate the economy. Whilst the Government has announced it is handing out money to those on the pension in the hope that they will spend it and stimulate the economy it does not understand the mindset of people who are on the pension. Right now, they (like many) will be feeling concern and fear. With the prices of food and toot paper likely to rise with supply and demand, in my view many will be hanging onto those cash injections to safeguard themselves against the “unknown”.
It’s definitely a time to consider all options about the way in which we work and our economy and question what will become our “new" normal?
As of today (12.03.20), here are some important things what we need to know:
· New cases of COVID-19 are presenting every day in all countries
· World Health Organisation has now declared COVID-19 as a global pandemic
· Global Markets are falling
· Rising risk of a global recession (especially with Australia’s over-reliance on the Chinese economy)
· Prime Ministers are giving cash handouts and business cuts
· US President addresses the nation
· Worldwide travel bans in place
· Travel value industry down significantly
· Big 4 banks down
· Tom Hanks - first of the famous people (general public will now take more notice)
· NBA 2020 Season suspended