Why the Gig Financial system is Thriving

Human resilience and ingenuity are among the most fascinating things about our species. It is amazing that our basic needs have remained constant, but that our creativity in meeting these needs is constantly breaking new ground. For this very reason, it is not surprising that our resilience in the midst of the sharp and sudden changes that have happened to us since the COVID pandemic has kept us moving forward and creating new avenues along the way. The gig economy is here to stay.

One of these new ways is this Gig economy. Although gig work existed long before COVID, the pandemic led to an increase in this type of work. With many companies being forced to lay off employees, other ways to make money arose. Things like skyrocketing delivery demand and the demand for home services made the gig economy grow 8.25 times faster than the overall economy in 2020.

Today, 55 million Americans are involved in gig work, with nearly 50% of Americans expected to be involved in gig work at some point by 2027.

The appeal of gig work is easy to see. While not a full-time employment, it offers a flexible, self-made schedule. It is project-based and is open to everyone at any time. Gig workers report an overall better quality of life. 58 percent of gig workers say they work less than 30 hours a week, but the salary is higher than that of their traditionally employed colleagues.

With 4 out of 5 companies planning to hire more gig workers in the near future, the opportunities will only increase. Since we are still struggling with the effects of COVID in all areas of life, Gigwork is helping us to break new ground to success despite the challenges.

Source: LohnDev.com