Workers and Employers Benefit from the Gig Economy

An experienced entrepreneur, Theodore “Ted” Catino cofounded Security National Automotive Acceptance Corporation (SNAAC). Ted Catino now leverages more than two decades of business leadership to help businesses, nonprofits, and individuals navigate the gig economy as co-founder of GigSmart.

The gig economy offers several benefits to workers, most notably, flexibility. People working in the gig economy often have more freedom to work from home or work part-time while caring for children. Although this flexibility does not always lead to a stable income, it can be ideal for people who want to make their own schedule. Further, it allows people to work while making longer-term plans, such as figuring out where they want to live.

Workers also benefit from the relatively few barriers to most gig economy work. This gives them the chance to try new passions and improve their skill sets. Much of this work can also be done on the side, so workers can explore these fields without the risk of leaving their current job for something they may not enjoy as much.

Workers aren’t the only ones who benefit from the gig economy. Because gig workers are typically classified as independent contractors rather than full-time employees, employers are able to hire them at a much lower cost while avoiding the expenses of insurance and other fees associated with full-timers. Employers also have the option of hiring remote workers in different time zones, ultimately increasing productivity.