The gig economy is no longer just a buzzword. It has, instead become a way of working for people across the globe, especially after the outbreak of the Covid-19 pandemic. Did you know that 59 million Americans (36% of the total American workforce) are freelancers? And did you know that the size of the gig economy in India is expected to reach $445 billion, growing at a CAGR of 17% by 2024?
People worldwide have developed a keen interest in gig work for several reasons: predominantly, the flexibility it offers and the ability to work remotely. Today, we will look at the various reasons why this gig and creator economy has become such a big deal. So, let’s begin.
What is the Gig Economy?
What does a person making a food delivery to someone for Zomato and an individual working on a 5000-word long whitepaper for an organization have in common? Can you guess? Well, they both are a part of the gig economy.
Essentially, the gig economy, also referred to as the passion economy can be defined as a labor market where freelance work or short-term contracts prevail as opposed to permanent jobs. Members of the gig economy are independent contractors, freelancers, or side hustlers, and not traditional full-time employees.
People working in the gig economy can sign up for different kinds of customer-facing jobs such as courier services or ride-sharing apps, while others may choose to work for a company on a freelance basis.
Owing to the growing popularity of the gig economy, several reputed companies such as Uber, Airbnb, Instacart, and Lyft are looking to hire gig workers. Similarly, startups like Swiggy, Blinkit, and Zepto are also hiring gig workers for 10-minute grocery deliveries. On that note, let’s look at some significant global gig economy statistics:
· The number of gig workers globally is expected to increase from 43 million to 78 million by the end of 2023.
· In about 40% of the companies across the globe, one in every four workers is a gig worker.
Why is the Gig Economy Becoming So Popular?
There are several reasons why the creator economy is growing by leaps and bound. Some of the most notable ones are mentioned below:
· Cheaper labor for businesses: With the gig economy, both small to medium-sized enterprises and big-scale organizations can save a considerable amount of money. Because gig workers are not full-time employees, they are not entitled to the same benefits which may include insurance, pension, perks and bonuses, etc. Additionally, organizations can reduce overheads by paying people only for the work they do. Thus, they don’t have to pay someone to sit around even when there is no work to do.
· Increased options for workers: The gig economy presents workers with many different opportunities. They no longer have to stick with one single employee or work in one field only. They can experiment with a range of clients to identify the most lucrative work opportunities and follow their passion while doing so.
· Opportunity to earn extra cash: An opportunity to earn some additional cash is something that drives many individuals. As a gig worker, one can easily take on a bit of extra work to earn a side buck in addition to their earnings from their mainstream career.
· Greater flexibility: One of the foremost reasons for the popularity of the passion economy is that it allows more control over one’s work. Gig workers get to choose their own hours and workloads, thereby enabling greater flexibility.
· Cheaper and improved services for the customers: With the gig economy, customers can easily get access to cheaper, quicker, and more efficient services, such as immediate rides that are more convenient and cheaper than most conventional cab services.
What Does the Gig Economy Mean for the Future of Work?
Of late, the gig economy has picked up a lot of momentum and it is only expected to increase in the coming times. Many experts believe that the future will see an increased emphasis on temporary and contractual jobs focused on skill. And this will also make space for greater competition for talent, reduced hiring costs, and organizations becoming much more agile and receptive to the market.
Become a Part of the Gig Economy with Kohbee
Now if you are wondering how to make money in the gig economy, the answer is Kohbee.
Kohbee is an incredible online platform that allows you to create online courses and sell them to a worldwide audience. If you possess in-depth experience and expertise in a specific subject, you can create an online course on it and become a part of the creator economy. You can then market your course on Kohbee and collect payments from a global audience within minutes.