Nov '24 • General discussion
Are You Ready for the Gig Economy?
For clarity, a “gig” refers to any transient or contingent work arrangement, such as freelancing, independent consulting, temporary work, and so on. It’s not just Uber drivers and Fiverr workers. Over 200 million people around the world now earn their income this way, either as a side-hustle or as their main source of income.
The digital gig economy (alone) generated $204 billion in gross volume back in 2018. 58% was generated by transportation-based services (like Uber). At the current rate of growth, more than 50% of the US workforce will be freelancing by 2027. And the Guardian reports that the gig economy in the UK doubled in size between 2016 and 2019, and now comprises over 5 million workers.
We’re seeing a huge shift from traditional, full-time employment to freelancing – and this is happening all over the world.
What Has Changed:
- Technology has made it even easier to find freelance work
- COVID-19 has forced a lot of people to look elsewhere for their work and income, and many are turning to freelancing
What Has Stayed the Same:
- Flexibility is still the main reason for freelancing
- Freelancing is still growing
The main concern for people considering freelancing is still the (perceived) lack of job security. That was never a strong argument, and with COVID-19, that argument just doesn’t stack up at all any more. In fact, I think it’s easier to find freelance work than a "regular" job. According to MBO Partners, more than 50% of full-time freelancers feel more financially secure than those in traditional employment.
On top of that, gig economy research by McKinsey shows that 78% of freelancers say they’re happier than those working traditional jobs, while 68% say they’re healthier. And those who freelance by choice are the most satisfied group within the workforce.
Are You Ready?
If all of that isn’t enough to make you consider freelancing, consider this: if current trends continue, freelancing will just keep growing, and could even overtake traditional jobs. Are you ready for that?
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Are You Ready for the Gig Economy?
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