With every gig we have to prove ourselves better than the night before.
Ronnie Wood – Rolling Stones member of the band
Is gig-work right for you in the on-demand economy? A few critical questions arise: What’s your risk appetite? Do you like people? Do you have a special skill, knowledge, IP, or talent?
Gig-work can be challenging and risky. What happens if you want to work full time instead of working intermittently, selling time and materials as an independent contractor. Gig-work can be isolating, unstable, and emotionally taxing.
Freedom and flexibility is balanced against income fluctuation and job insecurity. Gig-work does not include retirement, unemployment benefits, and health care, which add risk to the on-demand worker. Gig-work offers fewer worker protections, which may not be fully understood and have not been legislated.
And, what will gig-work look like when the economy is flat or in a recession? If you have generic skills in a down economy, then gig-work will have less demand at a lower rate. There are times when there’s no work in the pipeline. There’s usually little safety.
Work Lesson Earned: Gig-work such as driving for Uber is getting a lot of looks. Huge supply of cars and static demand have driven Uber wages below minimum wage in some areas. New York Times reported that Uber gig-work income has dropped 53% between 2013 and 2017. It’s then a race to the bottom in terms of income. And as a matter of fact, this has happened in many cities that allowed Uber or Lyft to operate without any regulation. There’s a lot to say about cities allowing regulated taxis and unionized drivers.