The gig economy is a free market system packed with temporary and flexible jobs with short-term employee engagement. Over the years, gigs have become favoured among job seekers. With more companies leaning towards independent contractors and freelancers, the traditional way of employment may soon come to an end. Especially now when the world is fighting against the COVID-19 pandemic, it’s normal for job seekers to turn to the gig economy for new job opportunities.
According to Teamstage.io, the gig economy is expanding three times faster than the entire workforce in the United States. 36% of US workers, or 57 million people, are a part of the gig economy either through primary or secondary jobs. Statistics show that by 2027, 50% of US employees will presumably be gig workers. People aged 18–34 are most likely to be gig workers, which means that part-time jobs and remote work will be even more popular in the future.
The thing that gives the gig economy an additional boost is technology. With the vast array of online platforms, gig workers can easily offer their services online, which in turn makes it easier for companies to find applicants and offer them work. That said, they can work on multiple projects for multiple companies simultaneously. That means more money-making and professional development opportunities. Nevertheless, nothing sounds as appealing as flexibility. Gig workers can have their independence and freedom to work whenever and wherever they want.
However, gig workers are not the only ones who can benefit from the gig economy. Companies can also reap the rewards. Companies will not have to hire workers for permanent job positions. That, in turn, will save them a lot of money that would otherwise be spent on employee benefits or office space. Apart from that, not paying employment taxes is yet another beneficial thing for companies.
The gig economy’s future looks bright. It’s more than evident that it will have a significant impact on employment in the US. If you’re interested in learning more, check out the infographic below for more information on the gig economy in America.