COVID and the Gig Economy – By the Numbers

Offering flexibility and a greater life/work stability than ‘conventional’ jobs, the gig economic system has been thriving for a variety of years within the US.

The world pandemic modified the best way we labored, paving the best way for better gig work alternatives.

Offering perception into the extent to which the Covid-19 pandemic remodeled the gig economic system is an infographic by Wage, suppliers of digital options for gig staff and corporations seeking to rent for gig jobs.

Using a number of sources and knowledge, the infographic reveals how the gig economic system has grown, which nature of gig work is in most demand, the advantages of gigs, and the way forward for any such work.

For anybody desirous about breaking into gig work, or for small companies wanting to start out utilizing this versatile working association, the infographic presents invaluable perception and knowledge.

Gig Economy Doubled in Size in 6 years

In 2020, the gig economic system grew by 33%, increasing 8.25x sooner than the US economic system as an entire. The identical 12 months, 2 million Americans tried gig work for the primary time, and 34% of the US staff at the moment are concerned within the gig economic system.

Even earlier than the pandemic struck, the gig economic system was flourishing, having doubled in dimension within the final six years.

Increasing Demand for Delivery Services

One of the fastest-growing gig providers is supply, together with ride-hailing, meals and grocery supply, retail product supply, and working errands. With nationwide lockdowns prohibiting journey and eating places closed, supply providers grew to become considerably extra common through the pandemic.

Growth within the supply providers is forecast to proceed and is anticipated to succeed in a complete worth of £200 billion by 2025.

Other main classes of gig work embrace house providers, similar to development, restore and transferring, private providers like babysitting, hair and make-up and private coaching, laptop providers, together with knowledge entry and telephone restore, in addition to automotive, and occasion and leisure.

Benefits of Gig Work

The infographic additionally explores the advantages of selecting this versatile kind of employment. Pointing to a survey that requested what folks appreciated a couple of gig-type set-up, flexibility got here out because the main profit, with 74% of gig staff saying they love the better flexibility it gives.

70% of gig staff say they’re paid greater than historically paid friends, and 58% say they’ve a greater high quality of life, working lower than 30 hours per week.

Future of Gig Work

The analysis additionally seems at the way forward for gig work and the way companies plan to make use of the versatile kind of employment.

4 in 5 companies are planning on hiring extra gig staff post-pandemic, with 50% saying they’ve already performed so.

How to Break into the Gig Economy

The infographic presents recommendation on the most effective methods to interrupt into the gig economic system. Being proactive by in search of openings, constructing a profile, and attempting one thing new, will be efficient steps into securing gig work.

As can asking for critiques from clients to achieve additional work and going that additional mile to maintain gig purchasers comfortable.

Producing nearly 6% of GDP within the United States, and with staff and employers citing the advantages, it seems like gig work is right here to remain.

How The Global Pandemic Transformed The Gig Economy

Image: Depositphotos

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