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<\/p>\nBeing part of the gig economy might translate to more freedom and flexibility for some, but how do you know if becoming a full-time freelancer or independent contractor is the right move for you? Career and executive coach Paul Heng of Next Career Consulting Group highlights the pros and cons of being a gig worker and shares his top tips for making the transition.<\/p>\n
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Paul: The traditional work model has long been one job, with one employer and one salary. Due to advances in technology and societal changes, many traditional jobs were lost in recent years \u2013 think cinema counter ticket sellers, tour booking agents, and so on. As unemployment rates rose, many of those who lost their jobs reinvented themselves, and the gig economy was born. Gig workers try to earn a living by doing different jobs, with different parties or employers paying them for their services and expertise. The gig economy is not going to be short-lived; it\u2019s here to stay, at least for the foreseeable future.<\/p>\n
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Paul: Food delivery riders, freelance writers and website designers, and people who sell products online are all part of today\u2019s ever-growing gig economy.<\/p>\n
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Paul: On the plus side, being a gig worker means you get to be your own boss. You can choose when you want to work and whom you want to work with, and you have variety in terms of the type of work you do. On the downside, gig workers have little to no job security, no income stability, no CPF contributions, no medical or dental benefits, no insurance coverage and no annual bonus. Any leave they take is also unpaid.<\/p>\n
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Paul: It\u2019s important to share your plans with your family and to get their agreement and emotional support. You should also put aside nine to 12 months\u2019 worth of savings to help with your regular expenses because it may take awhile before you start earning a decent salary. Being in good health is crucial, too \u2013 gig work can take a toll on your physical and emotional well-being because of the long hours involved, and you must be disciplined enough to stick to the schedule you\u2019ve set for yourself.<\/p>\n
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Paul: Don\u2019t put all your eggs in one basket. This means varying your skill set and offering multiple skills instead of limiting yourself to one particular skill. The more you can do, the more work you\u2019re likely to pick up and the higher your earning power.<\/p>\n
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Paul: Let potential employers know that you chose to be a gig worker and frame the experience as a positive one. For instance, you could say that you decided to work for yourself for a while because you wanted to pursue a personal passion or spend more time with your family and children. If your potential employer can see that the reason you became a gig worker was because you wanted to work independently, and not because there was no other alternative for work, then they should understand. It\u2019s not uncommon to be a gig worker these days, after all.<\/p>\n