Why The Gig Economy Is The Best and Worst Development For MillennialsIntroductionAn intrusive economic downfall otherwise known as a recession hit in 2008, when millennials were still in college or entering the workforce for the first time. This had a major effect on the development of careers  for millennials who found a secure career path before the recession developed, the downturn of the economy was not as hard felt for those who have been in the workforce for quite some time, but for millennials trying to find work after companies instituted hiring freezes and lowered workers’ salaries, the job market was in a drought. During this time the gig economy was starting to make its way into the economy making it both an opportunity and a challenge. This was an opportunity for those were out of a job and needed immediate work; however, for many employers this posed quite a challenge. For employers, this caused for them to have many positions that they could not hire for and caused them potential candidates who were looking for more of a work-home balance (Alton, Larry 2016). What Is TheGig Economy?According to TechTarget, a gig economy is anenvironment in which temporary positions are common and organizations contractwith independent workers for short term assignments (2016). In a gig economy,businesses save money on what they would have spent on overhead such as a businessspace. This type of work allows for workers to be selective in the type of workthey want to perform and allow employers to staff for more specialized roles alot quicker than before.This model is geared towards those who want tobe entrepreneurs. But for those, such as millennials who are just now gettinginto their careers or are already in their careers this type of workenvironment can’t be a good and a bag thing according to how they play theircards.ThrivingIn The Gig Economy; How Successful Freelancers Mange The Uncertainty.“Thrivingin The Gig Economy How Successful Freelancers Manage the Uncertainty,” ByGianipiero, Petrigeli, focused on the attributes and patience one must havethrive in the gig economy. In this study, the writer spoke with severalfreelancers who have been working in this type of environmental for over fiveyears and have gained insight on what one needs to thrive. In a gig economy financialinsecurity is a major concern as well as the lack of human interaction. Whenyou are working gig-based jobs that are platform based you are waiting fornotifications to be sent to your phone, or your waiting to hear back frompotential clients regarding your proposals it becomes harder to buildrelationships with those who have not already used or heard of your work.According to one freelancer that was interviewed for this paper, who goes bythe name of Mary. Mary stated that; “Working in this type of structure is likethat of being on a trapeze.”Produce or ParishAnothertopic that was mentioned in this article, was Produce or Parish. Produce orparish as related to this type of work structure Is often regarded as if youdon’t obtain clients then you will parish in the form of not being able to payyour bills or in other words be financially secure. The writer states that, “Thefirst thing they realized when they began interviewing independent consultantsand artists was that the stakes of independent work are enormously high— notjust financially but also existentially. Unshackled from managers and corporatenorms, people can choose assignments that make the most of their talents andreflect their true interests. They feel ownership over what they produce andover their entire professional lives.Sustainingproductivity is a constant struggle. Distress and distractions can erode it,and both impediments abound in people’s working lives. One executive coach gavea poignant description of an unproductive day: “It’s when there is so much todo that I’m disorganized and can’t get my act together. [In the evening,] thesame e-mails I opened in the morning are still open. The documents I wanted toget done are not done. I got distracted and feel like I wasted time.” A daylike that, he said, leaves him full of self-doubt (PETRIGLIERI, ASHFORD, ANDWRZESNIEWSKI 2018).AreThere Good Jobs In The Gig Economy?Inthis article the writer proposed the question, “Are there any good jobs in thistype of economy, and if so, where are they?” According to recent study the gig economy makes up more than half oftodays workforce, the majority of those being millennials. Millennials are moreinclined to be searching for a work-life balance in which baby-boomers were notaccustomed to. Many millennials are not interested in full-time jobs that intheir eyes tie them down to an office but for gigs that a lot them theopportunity to work as little or as much as they want and not be tied down intoone select field. Thereis a multitude of growth that has been hitting the airways with this newlyfound economy and it seems to not be stopping anytime soon. Economists estimatethat the portion of U.S. workers earning a living as independent contractors,freelancers, temps, and on-call employees jumped from 10% in 2005 to nearly 16%in 2015. Workers of these “alternative work credit this type of work environmentto those who are burnout, or hating one’s job for freedom, flexibility, andfinancial gains. Whereas, skeptics feel that this is going to end badly forthose working in this type of economy due to lack of having benefits andstability.Financialinsecurity is a big and ever-present concern. So is the lack of humanconnection: Kessler writes, “I don’t think Silicon Valley was wrong to attemptto restructure the job. Our current model wasn’t working, and the startupspirit of experimentation was necessary (Torres, 2018).The Future of Work is FlexibleFlexibilityin the workplace is defined differently amongst individual workers. However;the common denominator amongst all workers is that when working in a flexibleenvironment one is allotted the opportunity to make choices on where and howlong they spend on work related task. Recent trends in availability of thoseworking flexible jobs have seen a recent spike in flexibility in the workplace.Employees in this type of environment may have flexibility regarding the timein which they start and end their work-related duties and as in where they cancomplete their work. In this article two researchers go into detail on how thistype of environment has shaped the recent economy and how this work environmentposes its own separate challenges. Accordingto researchers Kerr, and Nevin, the world of workis transforming: technological, socioeconomic and demographic shifts arechanging the way we think, demanding greater flexibility in how bothindividuals and organizations operate. In fact, the concept of employmentitself seems to have passed its sell-by date. This type of online work has madeit easier for those to find jobs/ complete tasks for those who are seeking thehelp.This type of environment is more cost-effective foremployees due to the nature of them not having to purchase additional officespace for employees and not having to offer many of the benefits that theywould have to offer if their employees were working at the office on afull-time basis.  (Kerr, 2017).Challenges:According toresearcher Jamie Kerr, although this type of environment brings on a goodconnotation allowing those workers the work-life balance they are seeking thereare still some drawbacks that many companies and employees are facing. “Thereis then the debate as to whether employment regulations and practices are stillfit for purpose. The new explosion of small-scale entrepreneurship might makeyou wonder whether we’re returning to the kind of economy espoused in 1776 by Adam Smithin The Wealth of Nations (Kerr,2017). The rise of this neweconomy is defining what it really means for one to work for self. One keyproblem is that many individuals find it hard to distinguish between employmentand self-employment. There is little clarity in the statutory definitions ofemployment status, although there is a body of case law. Statutory sick pay,statutory maternity pay, training support and employer pension contributionsare some of the occupational benefits that an employee will forgo when theybecome technically self-employed. As more people do this there is growingpressure for the law to be simplified (Kerr,2017).SummaryFull-timeemployment was once known as job security and stability and is now becomingincreasingly rare. Employers are now creating less full-time positions and arestarting to outsource many of their positions to workers who find work on sitessuch as Upwork and Flex jobs. For the growing number of people seekingemployment, working a gig is becoming increasingly safer. Living without those benefits you would receive from a moreconventional work environment may seem reckless, but with proper planning, youcan manage a career working gigs/freelancing that can be just as stable. Workingin this environment you have more control over the jobs you would like to takeon as well as have a work-life balance and therefore you are seeing moremillennials then any other age demographic working these types of jobs. It remains a mystery as to whether the gig economy is ahealthy alternative to working a conventional 9-5 for economic developmentoverall, but for millennials, it’s certainly both. For young workers who are seeking to make anextra income to help pay for college or to even move out of their parents’house, this type of economy can be quite frustrating, but for those who havebuilt a life around gig work and want to gain a multitude of experience invarious industries the gig economy it a great way to achieve those goals. Regardlessof how you feel about it, the gig economy is likely to stick around for theforeseeable future (and experience even further growth), so it’s best to learnhow to take advantage of it for yourself—and avoid the pitfalls that your peersare facing (Alton, Larry2018).ReferencesPETRIGLIERI,G., ASHFORD, S., & WRZESNIEWSKI, A. (2018). THRIVING IN THE GIG ECONOMY.(cover story). Harvard Business Review, 96(2), 140-143.TORRES, N.(2018). ARE THERE GOOD JOBS IN THE GIG ECONOMY. HarvardBusiness Review, 96(4), 146-147.Kerr, J.(2017). The future of work is…flexible. Director, 70(10), 60.Get Help With Your EssayIf you need assistance with writing your essay, our professional essay writing service is here to help!Find out more