The Gig-Economy:

Impact and Trends

Working 9 to 5 on the payroll from a single employer has been the only reality for millions of people. But this is no longer the case!

First of all, technologies have made is more accessible than ever to work from anywhere at anytime. Global generation shifts also contributed to the change, as more and more younger professionals prefer to work on their own terms.

But the change would not be so radical of course, if it were not for the pandemic impact. Covid-19 has swept through the global economy and entirely reshaped the way people work.

Here are a few trends of gig-economy we picked from the Payoneer industry tips and World Economic Forum Job Recess Summit insights:

  1. Although we are talking about the radical change, in fact gig-economy platforms’ share of total employment is modest – between 1% and 3% of total employment. But according to the OECD it is growing very fast with gig-economy transactions reaching $455 billion by 2023. This means the opportunities for freelancers will be growing.
  2. Going forward, more and more companies will continue to seek freelancers who already know how to work remotely. This enables those freelancers who are looking to enhance their skillsets, to build an even more flexible and lucrative career. So, freelance can turn into a full-time career instead of a one-time gig.
  3. The challenge of gig-economy is to balance innovation with a fair deal for workers. That is why many governments are passing laws that regulate benefits and rights of the gig-workers. For example, Spain set to approve a new law that categorizes gig-economy riders as wage laborers, and the US labour secretary suggested that some workers should be classified as employees, with paid holidays, a minimum wage, and a pension. It will take time for governments to entitle work benefits for gig-workers, but the change has already begun.

What is the takeaway from all these facts?

Imagine working from anywhere, at any time, getting high demand from clients with projects, where you can show the best of your skills... AND getting paid vacation, sick leave, and guaranteed pension! Sounds nice? Seems like it could become a new reality after all.

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