Gig economy workers

By Ignas Knizikevicius · Oct 5, 2020

The world of work has changed considerably and the gig economy is definitely on the rise. Based on flexible temporary contracts and taking advantage of the ever-expanding possibilities provided by technology, the gig economy seems to be the answer for workers and businesses looking to become more adaptable and meet fast-changing demands.

For young workers, this kind of work offers a convenient way to manage their time and supplement their income, as well as gain experience which would help them land a better job in ‘traditional employment’ if they so wish. However, the gig economy is appealing not only to young audiences - older professionals are also beginning to utilise the opportunities it offers. A few ways gig work could benefit older workers are discussed below.

Firstly, gig work can be used as a means to ease the transition to retirement while providing additional income. Professionals who are preparing to retire from traditional employment but also eager to maintain their skills or ones who simply do not want to leave behind what they love doing can still work in their chosen field at their own pace and as much as they wish. Further, gig work provides an excellent way for both young and more senior people who do not participate in traditional employment to remain active and keep their minds sharp.

The financial aspect of retirement is not to be underestimated. Given the ageing workforce worldwide, it is no surprise that some workers approaching the retirement age would have difficulties if they do not have a sufficient retirement account built up. This is especially true for professionals who rely on retirement funds, which, as any mutual fund, are vulnerable to market volatility, and a serious recession can significantly affect them. The gig economy makes it possible for people to manage their workload so that they can add to their retirement savings but also remain flexible.

Overall, the gig economy offers advantages to older workers which traditional work cannot. Working at their own pace helps senior professionals maintain their skills and supplement their income, but it can also give them the opportunity to acquire new skills in a different field if they feel they need a challenge. Last but not least, the social aspect of the gig economy - working with many different people from various backgrounds, can facilitate maintaining a strong professional network even after the retirement age, thus increasing motivation and fulfilment.

So the important thing to remember is that the gig economy is essentially open to everyone. Companies are constantly looking for people with skills and enthusiasm. Especially in this time of constant change there are huge opportunities for people who are looking at flexible working options.