MIND YOUR BUSINESS
(BPT) - Freelancer, passion projects, side hustles are all synonymous with the gig economy - which has grown substantially over the past decade. The economic downturn of 2008 led many employers to recruit gig/temporary workers to control costs. The explosion of rideshare services and other contract employment has increased the awareness of gig as a steady work stream.
According to MetLife's 17th Annual U.S. Employee Benefit Trends Study, almost 30 million Americans receive primary income from gig or part-time work - nearly one-fifth of the total workforce. An additional 15 million supplement "traditional" full-time work with gig work. The study found that 85% of gig workers were interested in continuing their contract work over the next five years, instead of seeking a traditional work role.
What does it mean to go 'gig'?
The gig economy is defined as work based on a fixed-term contract, or that's paid per project by a company, third party or via an online marketplace. Those who use gig work to earn extra money part-time include full-time employees looking to boost their income, students, people who want to pursue a passion project, stay-at-home parents, job seekers and retirees. Others consider gig work as their full-time employment.
It may be surprising to learn gig workers are well distributed across all demographics in today's workforce, according to the study:
* 21% Gen Z (ages 21-22)
* 34% Gen Y (ages 23-36)
* 21% Gen X (ages 37-52)
* 25% Boomers (ages 53 and up)
What makes gig work so attractive?
Gig work is appealing for many reasons, to many people. According to the MetLife study, 67% of full-time employees reported interest in gig work as opposed to their current jobs, and 49% of employees expressed the intent to leave their current employer for contract or freelance work in the next five years.
* Pursuit of the ultimate work/life blend
Flexibility over one's time is probably the top attraction of gigging. In the study, nearly half the respondents (49%) said that not being able to work remotely was the reason they left full-time work. Flexible schedules offer workers a compelling work/life blend of their choosing. Due to the flexibility and ease of communication provided by technology today, more jobs are becoming open to remote work and adaptable schedules - across many sectors - which may help companies retain full-time employees tempted by the gig lifestyle.
* Autonomy, fulfillment and a sense of purpose
Gigging allows workers more choice in the work they do, and freedom to pursue a variety of projects. They can choose where they work and who they work for. Gig workers tend to see work as more than just earning a paycheck. The study found nearly half of gig workers (48%) said they work to gain a sense of