To Gig or Not to Gig

Freelancing, part-time work, and independent contractors are not new concepts. But they rose to a new level of prominence right around The Great TP Shortage of 2020 and have become part of what’s now more commonly called the “Gig Economy.” To put it another way: more and more Americans (we’ll get to “who'' in a minute) are choosing flexible, short-term, or low-commitment work over full-time jobs. 


Here’s Five Fast Facts about America’s Gig Economy:

  1. ❗📈It keeps growing. Gig workers now make up a ridonkulous 36% of the American economy! This includes everything from Uber and Doordash drivers to traveling nurses and part-time college professors. 
  2. 💥🙅Say it with me: Millennials. Yep, 38% of gig economy workers are Brads, Chads, Staceys and Laceys and a chunk of them have more than one job. Many employers love them because they actually wind up costing less than full-timers.
  3. 😏😓Full-timers are left out in the cold. If everyone is temporary, employers have fewer full-time workers to rely upon. That can hurt productivity and business relationships in the long run. It also means a drop in long-term career development.  
  4. ⏰⌚Competition is about to get tougher. More gig workers means more skilled workers available from anywhere in the world. If things continue to grow at the current rate, then you’re looking at more than 86 million workers going nomad by 2027. 
  5. 💻📱Business will continue to shift - Multiple generations will soon find themselves taking part in this new style of work: 11% of current gig workers are 55 and over. So age isn’t a factor.

🔥Bottom line: The gig economy isn’t going to hit (or hurt) every business, but in some cases, you’re going to have to adapt or find yourself left behind. That’s not to say you’ll be out of a job, but the number of bodies in your workplace may get smaller and smaller in the coming years. And you might see a hefty delivery fee tacked on to your next food delivery.

What do you think of the gig economy? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!

Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!