The emergence of the gig economy has been a boon for many workers. The gig economy is defined by temporary or freelance jobs, typically with the worker employed as a contractor instead of as a traditional employee, who’d be issued an IRS 1040 form at the end of the year.
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Employees Value Gig Work
Employees like the opportunities available in the gig economy, largely because of the flexibility and independence those opportunities provide. Employees can work a little extra when they need to pay some bills or enjoy more leisure time when money isn’t as tight.
And if they don’t like the company or the people they work with, they can choose not to work with that company any more. That’s a choice any employee has in an at-will employment situation, but it’s a lot easier when a company makes up a part of your gig economy job portfolio than when it’s your only source of income.
Employers Do, Too
Employees aren’t the only ones who like the gig economy. Companies are finding a lot of value in it as well, and for many of the same reasons. As a press release for Korn Ferry reports, “More than half (60 percent) of HR professionals say that compared to three years ago, gig workers now make up a larger percentage of their professional workforce, and 42 percent say they plan on hiring more contingent workers in the future.”
The results were based on a survey by Korn Ferry of almost 500 HR and talent acquisition professionals that took place in July and August of 2018.
So, why are businesses so eager to look to the gig economy to fill their staffing needs? The top two reasons cited by survey respondents were “access to resources for short-term projects” and “expertise we don’t have in-house.”
That’s positive news for employees in the gig economy. After all, it’s hard for freelancers and contingent workers to make a living if companies aren’t willing to hire them!