Gig Workers Projected to Reach 43% of Workforce in 2020
If you think gig workers are a fad, it might be time to think again. Based on research being done, contingent labor is here to stay.
In May, the financial website Fortunly compiled some interesting statistics related to the gig economy.
- They reported on findings from Prudential that show “48% of millennials use gig economy platforms to find work or engage in business with clients.” (In other words, if you are hoping to harness the skills and mindset of the millennial generation, a platform like TechADox is a great place to start!)
- You’ll find Gen Z well represented in the contingent workforce, too. And they’re happy to be there. Some gig workers are what the McKinsey Global Institue refers to as “reluctants” – those who would rather have a full-time, stable position. MGI refers to those who are freelancing by choice as “free agents or casual earners.” And that’s what 73 percent of Gen Z gig workers are (Fortunly attributes this data to Fountain).
- And when you lump millennials, Gen Z, baby boomers and all the other American workers together, you’ll find that a whopping 36 percent of U.S. workers are gig workers (attributed to Small Business Labs; Gallup; International Labour Organization; Statista). That adds up to about 57 million people. Some of them are folks who have a traditional full-time job and are freelancing on the side, but Fortunly says that 29 percent of U.S. workers rely on “an alternative work arrangement” for their primary occupation.
- And if you think that’s eye-opening, check this out… “According to the Bureau of Labor projections, the portion of gig economy workers will increase to 43% in 2020. Typical number of working hours per week ranges from 11 to 30,” Fortunly says.
If you would like to go beyond the statistics and learn how the IT specialists, project management professionals, field service technicians and other gig workers can help your business, please contact us.