In the wake of Covid 19 Pandemic, there was a surge in gig workers demand, especially in logistic and shared services segments. The gig economy is now not just limited to one industry but has been utilised by all the leading industries in the Indian economy. Businesses hire independent workers and freelancers for a short time called gig work. The gig economy offers flexibility for workers looking to make extra income while having a prior engagement with other companies.
Let us understand the basics of gig economy.
What is Gig Economy?
The gig economy is a global marketplace where companies tend to hire independent workers or freelancers instead of full time employees. The gig economy is a common place where flexibility and temporary jobs co-exist. Tech driven platforms such as Taskmo have allowed many gig workers and freelancers to showcase their skills and talents and get hired from specialised businesses PAN india.
The gig economy is a threat to the traditional economy, which is likely to stay in one position for their entire lives and focus on a single career option. The on demand gig economy allows service providers and businesses to reduce overhead costs and pay for specific tasks performed rather than a fixed salary. The gig economy is a boon to workers, consumers and businesses as it has allowed work more adaptable to changing needs and demands of the business world.
Trends of Gig economy
The gig economy is a new form of freelancing that is attracting all aged group people towards it. It is remunerative, offers many choices and is convenient for everyone. According to McKinsey’s study, gig working is rapidly developing as a digital platform providing a large-scale marketplace allowing workers to connect to their choice of services. They allow workers to manage their time and provide work for a large population who are unemployed or inactive and are unable to find work for themselves. According to analysts the gig economy is only here to grow, ensuring equality and fairness to both parties. Workers and businesses need to be aware of ways to operate and protect their rights.
The gig economy is predicted to grow at 17% CARG and will generate a gross volume of $455 billion by 2024. The digital platforms along with technological advancements are enabling employment by allowing job seekers to be found easily on the internet leading to a reduction in transaction costs for outsourcing and increasing the number of tasks for workers to perform. The gig economy is very popular with blue collar workers but there is a huge potential for white collar workers. This is due to increased demand in industries such as project specific consultants, retails and content moderations. The gig economy is growing from lower skilled services to higher jobs changing the point of view of others towards gig jobs.
Drivers of Gig Economy
- The gig economy grants a non- conventional approach to work by millennials. Gigs is a more attractive option than a traditional 9-5 job for Gen Z as it offers growth opportunities, flexibility, work-life balance, and the possibility to become independent while being in college.
- The Indian startup market is growing rapidly, thereby hiring full time employees for non core tasks can lead to high costs. Startup’s mainly opt for gig workers with technical skills in areas like product research to boost their tech platforms.
- MNCs hire gig workers to reduce the operational costs following the pandemic. This is a significant contribution to India's gig economy.
- The rise in gig work platforms such as Taskmo has contributed to growth of the gig economy. It is a homegrown platform that offers access to highly skilled gig workers.
- Business models such as fixed fee is mainly used to compensate the gig workers as per their time and effort, actual work done, quality of outcome.
- According to a survey, India is at a risk of losing 135,000,000 jobs after the pandemic. Thus pushing laid-off workers to focus on developing skills to be able to withstand this joining gig economy.
The Future of Gig Economy
There are many reasons to expect that the gig economy and gig workers will continue to grow. There is a growing trend toward gig working becoming a digital platform that provides an extensive marketplace that connects businesses with service providers. The gig economy covers all temporary workers, remote workers, consultants or independent contractors depending on the industry thus closing the skill gap to cover short term projects.
Taskmo as a tech driven platform makes it easy and secure for both the parties as it allows them to select the right candidate and pay them for the work they performed. Some people use the gig economy to supplement their income while others rely on it as their main source of income. There are still people who are unaware of this revolution in the job world that is making a difference in business ventures across the globe.
The pandemic has pushed several students to focus on taking up side hustles and to focus on their career.
The education system has transformed allowing students to focus on building their professional skills and their personal skills as well.
Taskmo The Taskmo App, is the best online job app for students that offers jobs in over 350+ industries.
It is the best job search app for students as it allows them to “Earn and Learn'' where one can take a job that interests them and work around their already existing schedule and earn instantly which will boost their financial ability and help them to continue their education, while being a self-made individual.
In addition to that, the Taskmo App is a free job app making it much easier for students to find their side-hustle and pushes them to stay financially independent of their parents or guardians.
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There has never been a more perfect time to become a freelancer.
With so much of the workforce switching to the gig economy, it might be time for you to take a look at your own career and see if serial side hustling is the way to go.
Today, we are going to look at 38 freelancer statistics that you need to know for 2021 that might surprise you.The freelancer population grew from 17% of full-time freelancers up to 27% from 2014-2019.Making up 36% of the global workforce in 2020, freelancers are becoming more of a demand in many niches.In 2020, the second most common insurance policies sold were from freelance and consultant insurance workers.Over 90% of freelancers are optimistic about their future in freelancing.From 2019 to 2020, there was an 8% increase in freelancers, which totaled about a 2 million freelancer increase.With the current pandemic, freelance job postings increased by a little over 40% during Q2 of 2020.
Freelance and consultant policies that were purchased over the last year grew by 26%At the beginning of 2020, freelance policied dropped heavily up until the height of the pandemic.
The freelance community bounced back dramatically in the later months with policies being purchased through freelance and consultant insurance workers doubled each month.While Gen Z has seen a tougher job market, over 50% of 18-22-year-olds have claimed to freelance in the past year.A little over 40% of millennials have reported having freelanced over the last year.Due to COVID-19, 36% of Gen Z freelancers started after the onset of the pandemic.Over the past year, over 59 million Americans have participated in some type of freelance work.When it comes to 39-54-year-olds (Gen X) 30% of them are freelancers.When it comes to Boomers (55+ years old) 26% have or currently freelance.When it comes down to gender, 60% of freelancers are men while 40% are women.Freelancers who perform skilled services earn on average $28/hour, which is more than 70% of workers in the US economy.
When it comes to wages, over 30% of freelancers are making $75,000 or more.For freelancer copywriters, the national average salary is $81,748An average workweek consists of 43 hours for most freelancers.With COVID-19, 23% of freelancers have lowered their hourly rate.Over the past 6 months, 58% of freelancers worked with more than 5 clientsIn the total arts and design workforce, freelancers had made up around 75% in 2019.When it came to freelancer policies sold, 50% were sold to photographers in 2020.Over 60% off all freelancers sell 2-3 different skill sets.
