The gig economy has taken the workforce by storm in recent years. Those dedicated to full time employment may not understand why so many people have chosen to pursue this line of work, and employers may be left scratching their heads as to why they can’t find good help. The answer lies in the benefits the gig economy can offer.
One of the most appealing aspects of the gig economy is that it allows people to diversify their income and save them from the commitment of a full-time job. According to Gallup’s research, 29% of US workers considered gig work as their primary source of income – with 3 million full-time gig workers making over $100,000 a year.
The downside of this is that gig workers, on average, make an annual income of $36,500 – significantly lower than the annual income of full-time employees, which is $62,500. Despite this, 76% of gig workers remain highly satisfied with their chosen path and 70% intend to continue on the same path. This is in stark contrast to full-time workers, where just 49% are happy with their current employment status.
The discrepancy between gig workers and full-time workers comes down to the priority people put on their time. While employers may offer a safe income and a higher pay rate, the structure of a full-time job doesn’t offer the same level of flexibility, control and potential for higher earnings that the gig economy does. These enticements and the potential to benefit from multiple sources of income at the same time is evidently too much of an attraction to ignore.
In short, the gig economy is an attractive option for many people who, more and more, value their time over a job title. Its flexible nature offering, a potential for higher earnings and control over their own life, is seen as too enticing to turn down for many. It is, perhaps, no surprise that the gig economy is taking over and set to continue to do so in the future.
Copyright 2023
Sources: Gallup, Edison Research, Freelancing Buzz
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