The “gig economy” is a bigger part of our overall economy and workforce than ever before. Often defined as work that includes temp jobs, freelance projects and independent contracting versus a full-time position with one company, the gig economy allows for flexibility, creativity and independence.
A whopping 57 million Americans now participate in the gig economy, according to Gallup, and more than half of the workforce in the United States will consist of gig workers or those who have worked independently at some point by the year 2023, according to MBO Partners. Young people, in particular, are part of this movement, although recessions can create more opportunities for others interested in freelance or part-time positions.
What has changed and what stays the same
While online freelance platforms have been growing steadily for decades, more corporations are now getting into the gig economy business. To save money on full-time employees, some large companies are pursuing contractors, freelancers and seasonal workers for areas such as IT, social media marketing, design, writing and more.
Older Americans are also looking into gig work – with more seniors looking into work such as Lyft and Uber drivers or Airbnb hosts, among other flexible positions, so it is not just a young person’s game.
The beauty of the gig economy
While full-time work does often come with healthcare and benefits, more people today are interested in following a dream or passion than crunching numbers or spending every day doing the same work inside the same building. Gig work allows people to come and go, to work when they need money and then to travel, pursue a hobby or simply enjoy more leisure time. It also allows the flexibility and convenience that some families require, for example, allowing one parent to work at night to avoid child care costs.
Many college graduates are now choosing to work for themselves or find a flexible position for several years before moving on to something more steady or completing another degree program. Likewise, anyone struggling to find a full-time job can find part-time gig work in areas such as delivery, technology, the arts and more.
Ultimately, the gig economy is clearly here to stay, and will likely continue to explode as more people either struggle to find the right full-time job or choose to pursue more flexible or meaningful work. Furthermore, the gig economy is changing the way businesses of all shapes and sizes work, as companies realize they need to offer more flexibility to maintain satisfied employees.