The gig economy is writing new pages of our history.
The digitalization of almost every industry has created an environment where work can get done from anywhere and short-term projects can be assigned to a variety of workers. While this business model keeps expanding and opening new profitable opportunities to companies and employees, it is also shaping our lifestyle and our future in big ways.
According to Tech Target, “a gig economy is a free market system in which temporary positions are common and organizations hire independent workers for short-term commitments.” From consulting accountants to freelance programmers, this temporary work not only has a positive impact on the economy, but also directly benefits specific pockets of society.
COVID has accelerated this trend of workplace independence, resulting in some companies (e.g., Twitter) choosing to make remote work permanent, which opens more doors and allows a company to recruit talent from other cities (who may not be willing to relocate). Companies are seizing opportunities to lean on independent contractors, allowing them to save on resources they would otherwise have to allocate towards benefits, office space, and on-the-job training. On the flip side, independent workers also see the many benefits of short-term gigs, as these types of roles help to create a healthy work-life balance and give the worker the ability to choose jobs that better reflect their talent.
This “gig” system is a game-changer for Hispanics. Recent grads and those who have recently arrived in the U.S. now have a wider range of options from which to generate income. According to Forbes, Hispanics are the largest drivers of economic growth, largely because of their entrepreneurial thinking and the rate at which they intend to start a business. Because of the gig economy, they no longer need to postpone their plans to “work for themselves” and to “be their own boss.” Long gone are the days where the only option for Hispanics was to work a frontline job.
The "gig" goes beyond economy. Gig-based remote work also allows Hispanics to remain closer to their family. According to Frontiers Psychology, Familism is a cultural value seen within Hispanics, in which physical proximity to family members is essential for their well-being. Some freelance gigs allow them to job hunt on a national scale without needing to move to different cities, letting them remain in close proximity to their loved ones.
The gig economy is part of a shifting cultural environment that will expand in the years to come. It is no secret that both companies and workers will continue to benefit from this business practice. Some will use it to increase their earnings, others for work-life balance, and others to stay close to family.
by Andres Talavera, Conill, October 12
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