Press

Is the Gig Economy Over Inflated? I Think Not

Posted by Arran Stewart on Jan 15, 2019

Share

A popular notion in the media today is that the gig economy really isn’t much of an economy at all. Experts from the Wall Street Journal to the Labor Department argue that economists and media overestimated the impact Uber/Lyft/gig workers have had on labor statistics and the labor market in general. As a recruitment professional however, I feel like it’s necessary to at least challenge these statements. What exactly are they using to measure impact? There is legitimate evidence that gigs are having an impact on the larger economy.

For example, of the 150+ million person strong workforce in the US, Forbes reports that over 50+ million take part in the gig or freelance economy. That means 1 in 3 working Americans, which is hardly insignificant. Simply by virtue of sheer numbers, the gig economy is obviously a crucial part of many Americans trying to make a better life for themselves. Changes in cost of living, available technology and shifting goals and financial needs from past generations means only more employees will join the gig economy- even if only on a part-time basis.

According to research by Upwork, these 50+ million gig workers in the US contribute over $700 billion dollars to the US economy annually. There’s money to be made in the gig economy and the majority of the workers are motivated mostly by the desire to earn supplemental income. On a larger scale, freelancers help small businesses stay competitive with larger firms by offering optimization services (jobs like freelance web design, marketing, copywriting) at reasonable prices. The combination of direct revenue injection, through taxes, money made or otherwise and enrichment of small businesses means gig/freelance workers are a growing contributor to the health of the economy at large.


Read the full article at B2C Community

Posted by Arran Stewart on Jan 15, 2019

Share

Related articles

View all

Press

Job.com and eQuest Team Up to Bring Together Powerful Recruitment Marketing and Candidate-Employer Matching Tools

Job delivery platform, eQuest, and AI-powered recruitment platform Job.com announced a collaboration...

Read More

Press

How We Got Here, Where We're Going, And The Future Of Work

While there is a titanic economic transformation coming our way, it’s perhaps not as dire as some...

Read More

Press

Job.com Hires Theo Rokos as Chief Revenue Officer

Video Interviewing Pioneer Plans to Aggressively Expand Company's Growing Portfolio

Read More

Press

Job.com Hires Theo Rokos as Chief Revenue Officer

Video Interviewing Pioneer Plans to Aggressively Expand Company's Growing Portfolio.

Read More

Press

Hiring vendor says gender-based AI bias is pervasive

Gender bias in AI algorithms for recruiting and hiring is a big problem, according to the head of...

Read More