Close Menu
    Facebook X (Twitter) Instagram
    • Home
    • About Us
    • Digital Subscription
    • Advertisement
    • Contact Us
    Facebook X (Twitter) Instagram
    The Tennessee TribuneThe Tennessee Tribune
    Advertise With Us
    • Home
      • COVID-19 Resource Center
        • Dr. Henry Louis Gates’ PSA Radio
      • Featured
    • News
      • State
      • Local
      • National/International News
      • Global
      • Business
        • Commentary
        • Finance
        • Local Business
      • Investigative Stories
        • Affordable Housing
        • DCS Investigation
        • Gentrification
    • Editorial
      • National Politics
      • Local News
      • Local Editorial
      • Political Editorial
      • Editorial Cartoons
      • Cycle of Shame
    • Community
      • History
      • Tennessee
        • Chattanooga
        • Clarksville
        • Knoxville
        • Memphis
      • Public Notices
      • Women
        • Let’s Talk with Ms. June
    • Education
      • College
        • American Baptist College
        • Belmont University
        • Fisk
        • HBCU
        • Meharry
        • MTSU
        • University of Tennessee
        • TSU
        • Vanderbilt
      • Elementary
      • High School
    • Lifestyle
      • Art
      • Auto
      • Tribune Travel
      • Entertainment
        • 5 Questions With
        • Books
        • Events
        • Film Review
        • Local Entertainment
      • Family
      • Food
        • Drinks
      • Health & Wellness
      • Home & Garden
      • Featured Books
    • Religion
      • National Religion
      • Local Religion
      • Obituaries
        • National Obituaries
        • Local Obituaries
      • Faith Commentary
    • Sports
      • MLB
        • Sounds
      • NBA
      • NCAA
      • NFL
        • Predators
        • Titans
      • NHL
      • Other Sports
      • Golf
      • Professional Sports
      • Sports Commentary
      • Metro Sports
    • Media
      • Video
      • Photo Galleries
      • Take 10
      • Trending With The Tribune
    • Classified
    • Obituaries
      • Local Obituaries
      • National Obituaries
    The Tennessee TribuneThe Tennessee Tribune
    Business

    The Gig Economy

    Thomas SheffieldBy Thomas SheffieldNovember 7, 2016Updated:November 25, 2016No Comments3 Mins Read
    Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The unemployment rate in the United States has dropped below 5%.  While the unemployment rate in the state of Tennessee is right around 6% according to the US bureau of Labor Statistics.  Many people believe this is not an accurate number because many people have stopped looking for work and this statistic does not take that into account. 

    Those of us that have stopped looking have now taken part in the Gig Economy.  The Gig Economy is when temporary positions are common and organizations contract with independent workers or free lancers for short term projects. Currently, there are 55 million freelance workers in the work force.   Free lancers currently contribute and estimated $1 trillion to the U.S. economy.  A study by Intuit predicted that by 2020, 40% of American workers would be independent contractors.

    MS Sustainability by Thomas Sheffield, MBA
    MS Sustainability
    by Thomas Sheffield, MBA

    The recession in 2008-2009 moved us from relying on a 9 to 5 job.  Gone are the days of working for a single employer for an entire career and relying on the employer for benefits.  A 2016 Freelancing in America survey finds 55 million Americans have joined the independent work force.  They perform some kind of supplemental temporary project or contract based work to fully or partially support themselves and their families.  The 5 types of freelancers include independent contractors, moonlighters, diversified workers, freelance business owners and temporary workers.  More and more business are relying on the flexibility of these workers.  Nerdwallet.com says the median monthly self-employed earnings after state and federal taxes in Nashville is $1,671.

    Advertisement

    Traditionally, independent contractors have been sole proprietors and self-employed workers such as writers, musicians, designers and developers.  Recently, Nerdwallet.com named Nashville the No. 2 best U.S. city for freelancers.  Before taking part in the Gig Economy, you must know some of the cons associated with doing this type of work.  Many times, contract workers earn less overall than employees in standard work arrangements.  These workers are more likely to live in poverty and less likely to have a retirement plan.  When you are self-employed, you are responsible for finding your own health care benefits and you do not have access to unemployment insurance if you are laid off.  The Gig Economy is also threatened by litigation.  Rising legal retribution is a threat because the main company is not responsible for the employee’s taxes and benefits.  Many companies do not own the workers cars or even their supplies.  So the legal rules governing work have to be realized.   

    There is a lot potential in the Gig Economy.  This option allows you to control your own destiny and build a legacy for you and your family.  Instead of committing to a job that may not want to give to you, you may want to contribute to your future and not be left out of the Gig Economy.

    Please feel free to contact me thomsustainableconsulting@gmail.com.  Or you can follow me on Twitter @tcsheff.  I have also created a new face book page WordsactionChange Initiative. Please share and follow.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Thomas Sheffield
    • Website
    • X (Twitter)

    Related Posts

    September 4, 2025

    The F.I.N.D. Design Marks New Chapter: Expands with AI Innovation and New Leadership

    September 2, 2025

    Q&A with Dr. Richard Price New Senior Pastor of Historic Schrader Lane Church of Christ

    September 1, 2025

    TSU President Tucker Appoints Three New Leaders to Advance Transformational Change Agenda

    August 28, 2025

    Meharry Medical College Serves More Than 450 Dental Patients at Biannual Oral Health Day

    August 28, 2025

    Sprouts Farmers Market Hosts Hiring Event Ahead of Mt. Juliet Opening

    August 28, 2025

    Comments are closed.

    Advertisement
    Business

    Sprouts Farmers Market Hosts Hiring Event Ahead of Mt. Juliet Opening

    August 28, 2025

    NBCC MINORITY BUSINESS OF THE WEEK: Flying Dress

    August 20, 2025

    Toon appointed new role at MMCV

    August 16, 2025
    1 2 3 … 386 Next
    Education
    Education

    MNPS hits milestone

    By adminSeptember 2, 2025

    NASHVILLE, TN — MNPS is celebrating a historic milestone: for the fourth year in a…

    Belmont’s Massey College of Business Awards $10,000 Scholarships to All 2025 NELAS Winners

    September 1, 2025

    TSU President Tucker Appoints Three New Leaders to Advance Transformational Change Agenda

    August 28, 2025

    Meharry Medical College Serves More Than 450 Dental Patients at Biannual Oral Health Day

    August 28, 2025
    The Tennessee Tribune
    Facebook X (Twitter) Instagram
    • About Us
    • Digital Subscription
    • Store
    • Advertise With Us
    • Contact
    © 2025 The Tennessee Tribune - Site Designed by No Regret Media.

    Type above and press Enter to search. Press Esc to cancel.

    Our Spring Sale Has Started

    You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/