For millennials, the idea of working from home and working remotely can be seen as an ideal work environment. You save time and money on a non-existent work commute, eat from what you’ve got in your fridge instead of indulging with friends at lunchtime, and avoid picking up something on the way home because, well you’re already home.
The “Gig Economy” AKA when you are either self employed or work as a contractor, even through an agency, by setting up your very own pricings, managing the hours and workload, as well as only taking on board what you can manage, it’s a system that is hard to beat.
Whilst the more traditional 9-5 jobs and full time roles with standardized salaries that have an approach of a one size fits all contracts, put in place, these are some just some people’s visions of the ideal income, whereas the gig economy, is a system where its catered for the individual on both ends, the employer and the employee, to equal levels.
The independent worker signs up for short term commitments in temporary roles that are usually tailored for a buyer. It’s an ideal format for those who work in digital fields, who can afford to stretch budgets and take on different approaches with who they work with. It leaves room for experimentation when it comes to targets and timelines. Similar to how a zero-hour contract is designed, the gig economy is built up for individuals who need more flexibility and can manage their finances in their own way, taking on board the responsibility of being their own accountant at times too.
Is this a good option for millennials and personal finance?
Millennials will thrive and flourish in this kind of job market. There is room for growth and progression, in job roles where they set their very own standards. Whilst they are still contracted and have a senior manager in place to lead them in the right direction for their position, it’s a system built on task orientation, with the productivity growth broken down into bite size pieces.
Previously, work environments were more structured, that brought along with them restrictions and limitations, with little room to progress, regardless of which side you’re playing for. With a gig economy, you can take on as much as you can afford (financially, physically, emotionally and personally).
But what about having a nice, reliable and stable income?
It’s a scary thought for most young individuals, taking on its entirety of being solo. You will have a lot to manage, aside from the job you do itself, you’ll potentially have to find an accountant or a lawyer, not to mention filling other roles such as project management and pushing yourself to say yes to tasks that you never planned. Nevertheless, it appears that millennials love the idea of being their own boss, entrepreneurship and starting something independently and taking it all the way successfully to the finish line.
The goal for millennials is to conquer the stereotypical image – the vision that people need others to support them and that traditional layouts that were once seen as reliable, can be abolished and replaced with new formats. The Gig economy is all of that at its finest. It’s innovative, adaptable and catering for endless amounts of job roles. It also appears to have created itself. The history behind it is that the word “gig” was associated with the music industry. It has now led to the trend that it’s associated with freedom and flexibility, exactly what the average millennial aims for.
Millennial Genie 