What is the gig economy?
The gig economy describes a job market based on adaptable, flexible, temporary or freelance work, generally involving an online platform.
It’s important to your business because it revolutionizes the make-up and economy of workforces. Companies like Uber and Deliveroo have redefined this new form of employment relationship. But they represent only the visible tip of the iceberg that is changing the employment market.
Whilst general perceptions of the subject are that gig working is only for manual or relatively low-skilled jobs like driving and delivery, this isn’t backed up by hiring trends. You’re just as likely to find top-talent and hard-to-reach job skills (e.g. scientific, technical and professional candidates) in the gig economy. It often lets people to achieve higher rates of pay and an improved work-life balance compared to working full-time.
Gig work is progressively replacing regular full-time employment and is expected to be the majority of the workforce by 2027 (in the US).
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10 Facts about the Gig Economy
1. Companies, gig workers, and consumers all make up the gig economy. The types of organizations that the gig economy can apply to range from technical positions to transportation positions. (Whatis.techtarget)
2. Studies have shown that men tend to take more labor-based gigs and try to rely on this for income, while women will be more likely to take sales or marketing gigs for supplemental income. (Whatis.techtarget)
3. Over 50% of full–time gig workers felt more financially secure than those with traditional jobs in 2019. (Goremotely)
4. 70% of freelancers cite a better work–life balance as the reason they choose the gig economy. (Flexjobs)
5. 67% of regular full–time employees intended to leave their full–time jobs for a gig. (Goremotely)
6. Gig economy income statistics show wages and participation have grown by 33% in 2020. (Goremotely)
7. The gig economy is expected to reach a worth of $455.2 billion in the US in 2023. (Statista)
8. 40% of companies see gig workers taking a more significant part of their workforce in the coming years. (Goremotely)
9. More than half of gig workers are Gen Z and Millennials (18–39–year–olds) and have an annual household income of $50K or less. (Businesswire)
10. 50.9% of the U.S. population will be freelancing in 10 years if a current uptick in freelancing continues at its current pace. (Forbes)
11. When comparing the pre-COVID vs COVID periods, the average number of gigs completed per day during COVID was 24.94% higher. (Hubspotusercontent20)