Ultimate Guide to Understanding Gig Economy [and thriving in it!]

Today’s job market is tighter than the last Grammys. Now, when companies of all sizes must regularly come up with fresh tricks and tactics to allure (and retain) prospective candidates, the gig economy has built its way into recruitment. And our hearts. So, let’s get deep and sketchy about it. Today we’ll define the term and explain how it’s transforming recruitment and the entire job market.

Gig Economy – Definition

Although everyone is hyped over this phenomenon, it’s certainly not a new thing. Temporary jobs have been here since the dawn of men. However, it seems like they are here to stay. The accurate meaning of the gig economy encompasses several categories of workers, such as freelancers, temporary workers, consultants, and so on. It’s officially depicted as the collection of markets that connect providers and consumers on a job basis.

The advantages of the gig economy are that this sort of work arrangement is cheaper and far more efficient than many traditional types. It does sound a bit too good to be true, right? Well, just check out these stats and figures:

Tempting, isn’t it? We know it for sure, and we have been finding ways to make it work! Pay close attention and see how you can transform a side-hustle into a profit. 

What Are Examples of the Gig Economy?

Are you getting a bit tired of the modern-day fuss and all the competitiveness? Here’s a metaphor that will help us all deal with it. Everyone who enjoys blasts from the past and 80s romanticism – prepare to inform Pat Benatar that the battlefield has moved. Talent market and acquisition are the new fierce. Except that we’ll skip the “heartache to heartache” part. ‘Cause entrepreneurs have found a way to substitute that verse with “hustle to hustle”. 

Some of the examples of the gig economy include:

  • Airbnb, an online home rental service used by more than 150 million people, according to the data from 2018.
  • Amazon Flex, an online delivery service that launched in 2015 in the US, where drivers get paid to perform their duties from their own vehicles.
  • Glovo, a Spanish online food delivery service. It was founded six years ago in Barcelona.
  • Wolt, a similar service made in Finland that now operates in more than 18 countries.
  • Numerous freelancing platforms gather different experts. 

Is Uber a Gig Economy?

Uber is, in fact, synonymous with the catchphrase “gig economy.” It is one of the most famous companies in the world that hires contractors. The company itself gets to save up a substantial amount of money by making this sort of deal with its workforce. On the other hand, the gig economy workers lack in specific benefits and privileges that full-time employees often enjoy. Nevertheless, gig economy jobs suit amazingly those who are somewhat free-spirited, love independence, and wouldn’t like to be caught up in routine jobs. 

Uber’s principle is quite simple, which helped it gain its popularity:

  • A user downloads and opens the app to obtain service,
  • The nearby driver responds by accepting the request,
  • They arrive at the pick-up location the user-provided, and the ride begins,
  • Once the user has reached the destination, both parties can leave a review (1-5 stars). 

The insights drivers must obtain before making Uber their side-gig

  • The compensation often varies depending on the traffic. Taxi drivers use the per-mile rate instead of the per-minute rate. In Uber, it is the other way around, which passengers find awesome, while the drivers can only pick a few four-leaf clovers and rabbit paws and pray to Odin, Frigg, and the Vanir clan.
  • Letting the ride come to you will save you time, money, and energy.
  • Although circling the airport seems like a plan worth sticking to, it’s often just time-consuming. 
  • Who doesn’t enjoy long rides, gazing at the streets while your favorite song is blasting moderately loud in the background? Still, if you choose to be a Uber driver, take breaks whenever you can. It will keep you safe and sane.
  • Keep your car clean and always bring the extra charger and all those other accessories and gizmo that might thrill your passengers.

Although Uber drivers are among the most famous gig economy workers, we mustn’t reduce the gig economy meaning to them. Not at all!

How to Be the Boss of Side-Gigs

There are several things you will need to keep in mind when leaping into the world of temp working. The essential tips you will have to follow are:

  • Although you have no specified working hours, strive to establish a routine to keep yourself productive (and yet not burned-out from too much freelancing).
  • That being said – always think of the employer. Even though you’re not a permanent member of a company, you must take responsibility.
  • If your new office space is your bedroom or kitchen, make sure to create a firm line between work, free time, and the messy hours of not really working, but certainly thinking of it. In fact, avoid the third option by all means. 
  • If your side-gig is simultaneously your main-gig, do your best to overcome the existential crisis caused by the feeling of uncertainty. Strive to achieve great results and open your eyes to similar opportunities, just in case. 
  • Plan your budget carefully. Think of the costs you will have in advance and make sure you will have enough cash to cover them.
  • Pursue your passion. Well, find it first. Once you do, don’t let it go. Always focus on what makes you happy about your job – and your side-hustle!
  • Shout it from the rooftops. When you have a side-gig, be open about it. Don’t hide it. You might help others get motivated and land an opportunity of their own. And also, they will keep your skills and ambitions in mind. You never know when those connections you established will come in handy.
Freelance recruitment
Where can you get your side gig going?

So, What Is the Best Gig Economy Job? [Spoiler Ahead: It’s Recruiting]

The world of part-time hustles is paved with diverse careers. From ride-sharing to pet sitters, almost anyone can find a gig that matches their preferences and capabilities. You could become a personal shopper or a mover. However, if you’re in the tech industry, that’s when you can truly enjoy the game. And that doesn’t only go for tech professionals. Recruiters can also thrive. Not to mention the Recrooiters!

Welcome to the World of Referral-Based Recruitment

Recruitment can easily become your side-gig and a perfect one! As we all know, companies will jump through any hoop to reach out to the most qualified candidates. Specifically speaking, tech companies are the ultimate hoop jumpers. Hence, employee referral programs. This hiring practice is simply awesome. Why is that? The recipe is very simple. Talents know talents. Employees, tech people especially, will gladly recommend a friend or a former colleague who has the necessary technical skills, knowledge, experience, and background. Also, they are quite familiar with the company culture. This being said, it’s more than crystal clear how employees turn out to be the most reliable recruiters and candidate persona experts. 

Community-Based Referrals

Still, there’s one way to make referrals even more efficient. Once a company chooses to expand its sourcing methods and invite external recruiters and tech specialists into its hiring processes, the entire equation gains a whole new level of profitability. And the sources are also in for a pleasant surprise. As a referrer, you can earn some extra bucks with a piece of cake work, pretty minimal efforts, next to no time, and with the most flexible schedule ever. Moreover, there’s an altruistic line behind all that. You’d help your friend land an amazing job, and you’ll actively contribute to a company’s growth. Pretty neat, don’t you agree?

Recruitment as a Side-Gig: A Must-Know Checklist 

If you wish to succeed in this field, here’s what you must be aware of:

  • You need to carefully read (and fully understand) the job post, with all of the specified nice to haves and must-haves.
  • The more technical knowledge you have – the better! However, if you’re an aspiring recruiter who does have a clue about tech companies and yet has never written a single line of code, you could still do a fantastic job. All you have to do is be thorough.
  • As in every other hiring segment (and all even remotely related occupations) – transparency and honesty matter. When speaking to a prospective candidate, give them all the info you have. 
  • Don’t push it. Yes, (successful) recruitment relies a whole lot on being persuasive and following up a lot. Still, if a candidate is simply not up for the career change you’re proposing, move on and skip the drama. 
  • Mix flexibility with productivity. With all of the freedom you have on your hands, thanks to the gig economy, it’s easy to slip off the course and procrastinate just a little bit. Which is fine. But, if you’re in for the highly lucrative side-gig, you might want to dedicate a little more time to it.
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Why Will You Want to Become a Gig-Recruiter?

Now, does this gig sound a lot like Uber, or did you spot the difference from the very first line? Referral-based recruitment is an ideal gig. You can rely on your knowledge, connections, and good vibes. You won’t ever have to worry about the outside factors, weather, planet alignment, or traffic jams. More importantly, the candidate will never give you a negative review because Weeknd’s new album hit too close to home and made them cry over Selena Gomez in your back seat. Fulfilling someone’s hiring needs will get you a bounty. For sure. 

Conquer the Gig Economy

Are you ready to try it out? The gig economy is perfect for many to thrive. Whether you are a freelance web developer, a designer, social media manager, content writer, or a virtual assistant or massage therapist – now’s the time to get your hands on a side-gig that will boost your incomes. And, if you’re an aspiring recruiter, or, better yet – Recrooiter, you’re on a direct way to a good life. As for companies, they should embrace these practices. And, more importantly – they will. This economy is on the rise. And it will continue to evolve and improve in the foreseeable future.