Big data has played a huge role in the evolution of employment models. One of the biggest examples is with the growing gig economy.
You probably have all the time in the world to reflect right now. Have you sat down and imagined a day where you do not have an office to report to, a boss to be bossed around by, and the freedom to work as per will? Well, all of this, which once existed only in films, or that’s what we thought, is now turning into reality as the world seems grimmer by the day.
The Covid-19 situation has left many unemployed, some uncertain and others hopeless. In such uncertain times, one thing seems like the plausible solution, sustainable sources of income. In other times this would have been a difficult feat to achieve, but it no longer holds.
The world has become an unusual place and in turn, so have people. It has stymied the formal employment sector, forcing people to look for living independently. The gig economy has been beaconed into a whole new ray of hope not only for people in desperate need of money, but also for those who are looking for ways to not be confined to a mainstream work-life and embrace liberty. However, the rosy world of the gig economy comes with its share of thorns that can be prickly.
Big data has made the gig economy stronger than ever and helped many people find new employment. Data savvy freelancers that understand concepts like self-tracking can get a lot more value out of their work.
You should understand the changes wrought by big data and the impact that it is having on the gig economy. Let us take a look at some of the pros and cons of the world of gigs:
#1 Unbridled liberty of choice with data mining
The beauty of working in any gig is that you can decide the nature of work you wish to take up. In any job, it is nothing short of an unrealistic dream to work on something that you enjoy every single day. You may tend to have some of those dreadful days at work, being suffocated by mails that pile up beyond your neck, sooner making you suffocate mentally. The gig economy comes as a breather in your undesirable work-life and provides you with the freedom to take up any work you wish to do.
It could be anything ranging from an independent project or profiling onto freelance websites. One day you could be working as a graphic designer at an agency offering web design, and the next week, you could be creating marketing campaigns for a start-up.
Big data has made it easier to identify new opportunities in the gig economy. There are a lot of gig sites that use complex data mining tools that make it easier to find new prospects.
#2 Saves time and cost with machine learning
A company approaching you need not spend their resources training you, complying with formalities of hiring and monitoring your work daily. They can approach and work with people on a need basis and not bother about a hefty permanent payroll. It also saves cost as they need not promise you with legal requirements of insurance coverage, paid vacations, or investing in excess worker capacity. And in order for you to get their attention, building a catchy website should be your top priority.
Machine learning has made it a lot easier to save money. New cost-structure models use complex machine learning algorithms to improve efficiency.
#3 Overcome lack of job perks with data analytics tools
Even though the gig economy offers many benefits, it also takes away an equal chunk of the uncertainty surrounding you. As much as a 9-5 job may be unfulfilling and monotonous, they make up for some of it by providing a lot of security regarding health benefits, insurance cover, vacations, and among the generous ones a house or a car.
Whereas, when you take up a gig, the only thing you will be extended is an invitation to work and a fixed sum of money. There is nobody to depend on to secure your post-retirement plans, health insurance, and certainly nobody to present you with an apartment. Besides this, you are only paid for the period where time and effort are put in.
You can make up for these issues with data analytics tools that help you choose your own benefits. These benefits can be selected more easily if you have the right data mining tools.
#4 Independence can also bring loneliness – unless you use AI tools to foster more connections
Your co-workers become a major part of your social circle apart from your family, childhood friends, college mates, and random acquaintances. At workplaces, you are always surrounded by people around you. Being a part of an organization can not only help you build a healthy network that is long-lasting but also a sense of familiarity and belonging. While working on your own, there is no co-employee to depend on for help. You are in a cubicle of your own, eating bread on your own. Sometimes when you have no one to share, a bit can be bitter to taste.
Fortunately, AI technology has helped address this issue as well. You can use AI VoIP software like Skype and Zoom to keep in touch with people better. This technology has helped people working from home stay in contact with their employees better.
Big Data Offers Big Benefits for Gig Economy Workers
All said and done, in these unpredictable times, you the gig economy is a trend that is here to stay. Big data technology has offered a lot of great benefits in this industry. are your thoughts?