Over the past year, with all the COVID-induced changes to a usual way of life, the gig economy has taken off. Americans who were laid off or had hours reduced are finding the use of apps like Uber and TaskRabbit to find additional income. This, on top of the exponentially increased demand for delivery and home services, has skyrocketed the gig economy’s growth by 33% in the last year. That’s a rate of 8.25x that of the overall economy.
Today, 55 million Americans are engaged in gig work, and it’s expected that about 50% of us will have at least dabbled in gig work within the next six years.
Not surprisingly, delivery work is one of the fastest-growing avenues for gig work. Delivery gig work is expected to grow to a value of 200 billion dollars in just the next four years, at 10.3% annually. Right now, full-time delivery drivers pocket about 50k per year. Of course, this is much more than just food delivery. It’s running errands, retail delivery, and “taxi” services as well.
Currently, 34% of Americans are involved in the gig economy, and it’s easy to see the draw. It’s not full-time work, and it’s not industry-specific, but those might be part of the perks. It is flexible, project-based, and available for anyone, any time.
Those involved also say that it gives them a better quality of life as 58% of them work less than 30 hours per week, making more money than their peers. The flexibility of hours is obviously appealing, and the opportunities for gig work are only going to grow as the majority of hiring managers expect to keep using gig workers long after the pandemic is over.
Right now, more than 50% of businesses are already using gig workers, and 70% of these workers are finding job opportunities through apps or online platforms. Sixty-five percent of gig workers feel that they have better job security due to the wide array of clientele and opportunities available.
COVID has changed the way we work. As the need for remote work and gig work rises to unprecedented rates, so does the technology available to evolve and adapt to this new way of working.
What are your thoughts on this new economy?