Tuesday, October 19, 2021

Is there a Future for You in Gig Economy? (With Statistics)

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Gig Economy is growing rapidly by the hour. It looks like that traditional job could get replaced by this new emerging market of Gig Economy.

What does Gig Economy Mean?

Gig Economy is a form of job where the person is paid per the job done. People are paid per job/task/gig, rather than receiving a fixed salary as per the traditional jobs.

So, Is there a Future for You in Gig Economy? Let’s find out.

Before jumping into stats, Gig Economy is not a new concept, it existed way before then we were even aware of it.

After the increase in the use of the internet by all classes of people, the gig economy has got a new face and a new identity.

The biggest reason for the success of the gig economy is the increasing use of mobiles.

Mobile phones helped people to stay connected and ultimately contributing to the ever-growing gig economy.

New leaders are looking for new talents, and new-gen entrepreneurs always proved to be the leverage for the gig economy.

The gig economy helped non-graduates as well as people with a degree to start working and improve their income.

It helped people to focus on their prime skills and monetizing them as well.

It has given the independence of working, and much better than a 9 to 5 job.

And also given a great opportunity to new leaders and entrepreneurs to find the most relevant person for the job in a global-wide employee market.

And, talking about the business owners, it also helps them to save tax on employees and other benefits which a company is liable to provide. Ultimately reducing the salary cost to just pay per the job/task/gig.

Problems with the Gig Economy

Although it seems very lucrative it also has some loopholes just like everything else does.

  • In this case, If we compare gig working with a normal 9 to 5 job, a typical job provides a fixed salary and promises a stable income, which is good in many ways.
  • As this is very open and provides a very easy entry for all people even for the people with no skills, Therefore, it becomes highly competitive. Making it much difficult for everyone to succeed.
  • It’s quite risky too. As in online gig working there are several limitations. Because of this mass competition, gig workers become more vulnerable to exploitation, in a way that they get paid less than what they actually offer.
  • As said earlier not fixed income which means nothing like the benefits of paid sick leaves, employee’s hospitality compensation by the employers, and all other related benefits.
  • The gig economy is always filled with the uncertainty of getting enough works. This means it becomes very difficult to set your career around it. Or see it as a long-term life goal.

Well, don’t get your hopes down! we have gathered some of the interesting stats about the gig economy which will help you clear your doubts and predict your future with the gig economy better.

Gig Economy Statistics

  • Talking about the US, around 36% of the population is working as freelancers or gig workers
  • There has been a significant contribution by the gig workers in US Economy, it’s around $1.28 trillion.
  • Freelance workers are increasing rapidly around the globe.
  • In the US, around 40% of workers generate a large part of their income from the gig economy.
  • 42% of young people are freelance
  • Another great news is that more than 50% of freelance workers feel more secure than the people working in traditional jobs.
  • 51% of gig workers are refusing to switch back to their traditional jobs for any amount of money
  • Working as a freelancer feels more satisfying compared to the people working in traditional jobs.
  • Millennials will form 75% of the total global workforce by 2025.
  • New startups, as well as existing companies, are searching for new talents on freelance platforms
  • Companies also hire freelancers as a full-time employee after receiving exceptional work from them
  • Around 80% of large US companies are planning to switch to a flexible workforce environment.

Final Verdict

Gig Economy is an ever-growing market, consider the current pandemic, starting in the gig economy is a very risk-free thing to analyze with yourself.

With this current unstable economy, people who were a part of a steady job were also fired in most cases.

Therefore, being a part of this profitable market of the gig economy is not a bad idea. Ultimately, it depends on your skills and creativity for getting the most out of this opportunity.

Thanks for reading!

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