Up to 80% of the labor force may be interested in a gig.
During our research, we came across data and insights relative to the gig economy created by academics and also by formal institutions, even the United States Bureau Of Labor Statistics and the International Monetary Fund. What we found to be most amazing was the continuous discovery of surveys that measured interest in the gig economy amongst traditional workers. It was not unusual to find a positive interest as high as 80%. We also found the U.S. Department of Labor to consistently forecast the gig economy’s growth and appeal amongst workers. Those forecasts remain strong and positive as of this writing. Within a few years, the number of workers in independent contractor status, a form of micro-entrepreneurship, will exceed 50% of all workers.
The interest in gig work was not surprising to us because we had already looked at Americans’ financial condition by age segment. The data we found should be woven into the fabric of our educational process, including the corporate guidance provided to employees. This will help more people better understand the purpose and value of money in the societies and economies in which we live.
Instead of marketing and selling credit as if it is a value; society and its people might benefit from simple and basic planning guidance on the importance of avoiding debt, increasing saving and investing a portion of what is earned. Credit can easily turn into excessive debt, therefore becoming the one-way ticket to the wrong destination.
Gig-providing companies can increase their value proposition by ensuring that their gig workers and affiliates of their brands take the time to plan their gig participation. This thought was our motivation for creating the Ultimate Gig Planning Guide.
The high level of interest in gigs is a result of the impact of technology on personal lives and world economies. It is easier to do the work when technology is an effective enabler and connector between products, services, and those who desire to engage the product or service. However, the basic experience gained by workers who take on the responsibility of providing for themselves and their families is also what is fueling the rise and growth of the gig economy. In plain language, workers are not making the principle work through one traditional form of work. In order to earn more, someone has to increase the wages. Annual wage increases on traditional jobs (2% to 4% per year) barely keep pace with inflation, and workers realize this.
A gig can make a difference. Earning a few hundred dollars from an investment of time is the equivalent of increasing personal and/or household earnings beyond what can be expected from the traditional form of work.