The post-pandemic gig economy has provided millions of independent workers the ability to earn extra cash. What does gig economy growth look like for this year?
Though most people think of part-time workers earning extra money with companies like Lyft and Uber, the gig economy also contains skilled independent contractors, seasonal workers, and those who have work-from-home jobs. While these jobs were previously listed as side jobs, there are a growing number of U.S. workers who now undertake this kind of independent work as their primary source of income. Unlike traditional employment, this type of work does not always require a traditional resume. In some cases, a portfolio may be more useful.
As the labor statistics show, the gig economy is growing and has the potential to offer high earnings to those with the right skills. The gig economy is one of the largest and most complex labor markets right now, comprising people from all demographics and backgrounds. Fast-paced and ever-changing, it offers huge opportunities.
The most notable pros of working in the gig economy are:
Flexible working hours
The ability to earn extra money on an as-needed basis
No fixed salary (the more you work, the more you earn)
Be your own boss and set your hourly rate (in freelance roles)
The cons of working in the gig economy include:
Less social protection and job security in case of sickness or accidents
No perks e.g. health insurance, dental insurance, or pension provisions
No fixed salary (if you don’t work, you don’t earn)
Potentially poor work-life balance
The nature of gig work means that it can be hard to determine the average wage earned when compared to a traditional job. However, a study by MBO Partners found that 56% of gig workers felt more financially secure as freelance workers than they did in traditional work. According to Statista, the median income for American men in the gig economy is $653 per week.
If you want to be your own boss, freelance work arrangements can be very attractive, especially if you are interested in remote work. Some of the most common gig economy employers are: