The Gig Economy in the United States (Essay Sample)

The Gig Economy
Student’s Name
Institution
Course
Date of Submission
The Gig Economy
In the recent past, there has been a decline in the number of people that are no longer employed in long-term jobs and connected to employers. Instead, most people now prefer being hired for gigs in which they work freely as independent employees, contractors, or consultants for a short-specified time (Friedman, 2014). As per the cited statistics by Torres (2018), the portion of American workers working independently as freelancers, temps, on-call employees, and contractors increased by 6% between 2005 and 2015, a significant rise in the gig economy. According to Mulcahy (2019), the Gig economy is a reality that colleges should prepare students to face in the job market.
In an article authored by Friedman (2014) of the University of Massachusetts, he associated the gig economy’s growth as a solution to the high rates of unemployment today. Most businesses operating in the American economy prefer having few permanent and more transient employees (Friedman, 2014). The proliferation of the gig economy can be associated with the needs in society today, which have made permanent jobs unrealistic in some sectors. Friedman (2014) cites some of the greatest advantages of the gig economy, especially from the workers’ perspective. First, the gig economy has made it easier for individuals to get a job and thus earn a living (Friedman, 2014).
On the contrary, skilled individuals in the gig economy get hired without regard for their past employment (De Stefano, 2015). In that case, it is easier for individuals that recently joined their field of practice to get a job even if they are fresh from college and do not have experience. Besides, it is preferable because of its associated flexibility with which individuals can pursue their career goals without being tied down by full-time jobs. Friedman (2014) also argues employers may benefit from the gig economy because they adjust their workers according to the demand of services flexibly and pay employees when they get their services (Friedman, 2014)
Torres (2018) shares a similar perspective on the benefits of the gig economy to employees; significant personal freedom, good financial gains, flexibility, and burnout avoidance. On the other hand, individuals in the gig economy do not enjoy much job security and potential career advancement offered by a long-time employment plan (Torres, 2018). Torres (2018) indicates that employees in the gig economy lack adequate protection and support compared to permanently employed individuals who are members of trade unions and thus jointly demand better compensation and working conditions.
After summarizing and evaluating Torres’ (2018) article, it was considered a critical source in my research because it is reliable, timely, and helpful in understanding both perspectives of the gig economy, which has taken hold of the American economy. It has also influenced my way of thinking by providing new perspectives about the goodness of the gig market. The article will be added t