WHAT’S DRIVING THE GROWTH OF THE GIG ECONOMY
Recently, the demand in the labour market for skilled and experienced Gig Economy workers has been booming alongside the fast and innovative development of technology. Statistics provided by the Bureau of Labour show there were 55 million US gig workers in 2017. The most recent and reliable data is from a Gallup poll that reveals more than a third of all US workers, around 57 million people in total, are now employed as independent workers.
Now why is that?
What’s in the Gig Economy that people are so interested to be part of?
Faster Income
According to a freelance industry report provided by Upwork and the Freelancers Union, freelancers work a total of one billion hours per week. This shows that on a weekly basis, freelancers can commit to several different side hustles to earn money. They are often working more than the standard 8 hour days in jobs that they are choosing to do and that enhance their skills
Organisational Perspective
Hiring gig workers is beneficial for companies especially for those that require remote workers. The McKinsey report reveals almost 40% of companies have trouble finding talent to fill the skill gaps in their business. Once the skill gaps are filled, then the employees often need support and training. If you do not have the time for training, or the resources, hiring a freelancer can be a huge benefit. Freelancing offers potential employees that are already equipped with the basic knowledge and experience a company requires.
Flexibility
The word ‘flexibility’ is like a sister to the Gig Economy because after all, this is what the freelancing community provides to those interested to join. An article by Kelly.OCG states that 64% of global free agents choose freelancing because it affords them the ability to integrate their work around and into their life. Moreover, the Gig Economy is about giving people the balance to pursue a career while enjoying life. Furthermore, it lessens the pressure on the employees which is necessary to ensure positive mental health and support for full time staff.
Remember, the ability to work whenever you want and earn money at your own rate has been the bedrock of the gig economy. In this proposition, it can’t be denied that the Gig Economy is thriving!
