There’s a new global trend in employment, and it’s called the gig economy. Technology has brought about the new era of hiring, and gigs are becoming increasingly popular. Many online platforms enable people to look for freelance job opportunities, and the next gig is easily just a few clicks away.
Gigs are short-term jobs that are relatively easy to do and don’t take up too much time if the temporary employee is knowledgeable. Gig workers also get to set their prices, depending on the market trends. That allows them to earn large sums of money, even if they still have a full-time job somewhere else.
The gig economy is expanding at an incredible speed—three times faster than the US workforce. By 2027 more than 50% of the US workforce will participate in the gig economy.
Benefits of the gig economy in the corporate workplace include the ability to hire individuals for services that are not needed regularly. That enables businesses to scale the workforce up and down, depending on their demands. By hiring a temporary worker, businesses don’t have to pay for healthcare and other benefits, and the office space costs are eliminated or significantly reduced.
Still, despite having more free time, remote work opportunities, and more earning opportunities, gig workers face some issues. The biggest problem that gig workers have is the lack of job security. They have to jump from one client to the next, always wondering if they will land a new job.
The gig market is highly competitive. Freelancers are competing against the entire world. Those who come from low-income countries sometimes drastically reduce the rates and other freelancers can quickly lose clients who opt for the cheapest option.
The gig economy looks like a promising model that can provide excellent job opportunities for temporary employees. While it has its benefits for both freelancers and companies that hire them, the gig economy does have some drawbacks. Gig economy statistics below provide insight into the new employment method and most relevant numbers to help you decide if you want to join in.