The added value stood at $1.28 trillion, which is almost as much as the GDP of a smaller country like Spain. These gig economy statistics consider full-time independent workers. Freelancers in the United States added about $1.28 trillion to the gig economy in 2018. This could be because they can choose between work projects and determine their own rates. Gig economy statistics show that over half of the freelancers feel more secure in their finances than they would if they were doing more traditional jobs. Over 50% of full-time gig workers felt more financially secure than those with traditional jobs in 2019.įinancial security is one of the deciding factors in many scenarios. These figures show that people prefer mobility and the freedom to choose their projects. This percentage has increased from about 17% in 2014, which again shows the growth in this industry. Several freelance statistics suggest that 29% of the freelancers said their businesses are their only income source. This shows the popularity of the gig economy will grow in the coming years. Gig economy facts show that about 47% of working millennials now say they are freelancers in some capacity. The gig economy’s growth was projected to be growing three times faster than the traditional workforce. Most of the gig hires spend anywhere between 11 to 30 hours a week working on their projects. These are Americans who work in the gig industry, be it as a primary source of income or as a side project to their full-time jobs. The number of freelancers in the US is around 57 million. Around 34% of the workforce were somehow involved in the gig economy pre-pandemic. Other major companies switching to freelancers gradually include the Bank of America, Verizon, and FedEx. More than 30% of Fortune 500 companies are reportedly using this network to find talent. Some of these companies include Toptal, InVision, AnswerConnect, and Automatic. The latest available statistics in 2021 show that the largest digital corporations in the United States have an active gig economy. In the United States, there were about 170 gig economy businesses that only employ freelancers. Only 29% mentioned more benefits, while 27% wanted more flexibility in scheduling.Ĭonversely, 48% of gig workers would leave their jobs for better pay, and 33% would do the same for a more flexible schedule. Gig economy statistics show that 67% of employees said they would leave their current full-time position for a gig.Ībout 49% of them would stay in their jobs if offered a higher salary. 67% of regular full-time employees intended to leave their full-time jobs for a gig. Gig Economy Pre–Pandemic GrowthĮven prior to the pandemic-induced rise in search for untraditional working arrangements, many people were drawn to more versatile jobs-the figures clearly show the growing interest. On the other hand, workers also get to choose the projects they’re interested in and companies that fit their idea of a satisfying working arrangement. This system works well for both parties employers can choose from a wider pool of international talent and find the perfect person for a single project. There are plenty of ways people can be a part of it-as freelancers, individual contractors, part-time workers. The gig economy is a flexible employment system based on temporary job positions and short-term arrangements between an organization and an individual. India has emerged as the fifth largest gig economy market in 2021.70% of freelancers cite a better work-life balance as the reason they choose the gig economy.Income statistics show wages and participation in the gig economy have increased by 33% in 2020.There were 24.6 million part-time workers in the US in 2020.The number of employed independents decreased by seven percent after the outbreak.Over 50% of full-time gig workers felt more financially secure than those with traditional jobs in 2019.Around 34% of the workforce was somehow involved in the gig economy pre-pandemic.Key Gig Economy Trends and Stats (Editor’s Choice) If you want to know more about the gig economy or are simply curious, read on. In an attempt to simplify what the gig economy stands for and how it’s a valuable option to explore,-both to those seeking jobs, as well as the organizations and company-a list of the most impactful facts and figures was compiled. The gig economy statistics are showing increased interest for it in recent years, but a significant share of the workforce still has doubts about trying this less-traditional approach to employment.
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