In today's competitive world it is hard to find a job that pays sufficient to meet all your needs. Thus, millions of people today earn their income through different streams and work independently. According to a survey US workforce is made of 34% freelancers or gig workers. Companies nowadays are increasingly seeking gig workers because of covid -19 induced remote working. According to an ASSOCHAM report, the Indian gig economy is expected to grow to $455 Billion at a CAGR of 17% by 2024. This growth rate has the potential for 2x pre-pandemic estimates.
India is now the fifth largest country to offer flexible working. The most growth opportunities are in Haryana, Mumbai, Bangalore, Andhra Pradesh. Gig jobs present a tremendous opportunity for job seekers to adapt and capitalise with the changing work environment. India is currently home to 15 Million gig workers in various sectors including retail, fintech, edtech, and many more. This workforce will grow by 4 million in the forthcoming year. The gig workforce mainly consists of millennials who are increasingly interested in gig contracts.
Women are often in a vulnerable position at work, through gig working women can take advantage of the flexibility to escape the constraints of male dominance. The rise and participation of women in the gig workforce will help improve the key decision making positions.
There are various forms of gig jobs offered by companies that aim to offer convenience services to its customers. But before connecting to a platform that connects you to a company, let's find out the pros and cons of gig economy.
PROS:
Flexibility: Once you start gig working, you are basically your own boss. You can choose where and how long you wanna work. In some instances you can even decide the rates for your clients.
Independence: Gig workers are mainly expected to work indepently in their own availability of time without any supervision. They are mainly hired on the basis of the skills required for that particular service.
Wide range of work: Compared to traditional 9-5 jobs, the gig economy allows you to take up on multiple tasks to keep you busy and help in developing your creative and problem solving skills.
Business friendly: Gig workers are an affordable alternative to full time employment. This has allowed businesses to hire new talents and give them varying pieces on their abilities.
CONS:
Tangible Benefits: Gig workers are generally not eligible for the retirement plans and insurance unlike traditional workers. All compensation on behalf of the company is not available to gig workers.
Job Stress: While financial independence and flexibility can be rewarding but it also leads to job stress and burnout sometimes. Multiple gigs can drain your energy affecting your lifestyle.
The tech drive companies have enabled the gig economy to develop and grow. Gig working is extremely helpful for workers as this is most convenient and flexible rather than a set pattern in full time employment. The productivity, efficiency of workers in the gig economy is much higher than those of full time workers.
Start ups with limited financial resources can also grow their business with the help of gig workers. This has also increased the competition among workers. Despite everything a systematic evaluation process is essential to ensure consistency and high quality work.
Click here for more details: https://taskmo.com/blog/pros-and-cons-of-gig-economy
The pandemic has pushed several students to focus on taking up side hustles and to focus on their career.
The education system has transformed allowing students to focus on building their professional skills and their personal skills as well.
Taskmo The Taskmo App, is the best online job app for students that offers jobs in over 350+ industries.
It is the best job search app for students as it allows them to “Earn and Learn'' where one can take a job that interests them and work around their already existing schedule and earn instantly which will boost their financial ability and help them to continue their education, while being a self-made individual.
In addition to that, the Taskmo App is a free job app making it much easier for students to find their side-hustle and pushes them to stay financially independent of their parents or guardians.
LiveCareer Apply When you find a great opportunity online, you want to get in before the crowd but still submit a flawless application.
There has never been a more perfect time to become a freelancer.
With so much of the workforce switching to the gig economy, it might be time for you to take a look at your own career and see if serial side hustling is the way to go.
Today, we are going to look at 38 freelancer statistics that you need to know for 2021 that might surprise you.The freelancer population grew from 17% of full-time freelancers up to 27% from 2014-2019.Making up 36% of the global workforce in 2020, freelancers are becoming more of a demand in many niches.In 2020, the second most common insurance policies sold were from freelance and consultant insurance workers.Over 90% of freelancers are optimistic about their future in freelancing.From 2019 to 2020, there was an 8% increase in freelancers, which totaled about a 2 million freelancer increase.With the current pandemic, freelance job postings increased by a little over 40% during Q2 of 2020.
Freelance and consultant policies that were purchased over the last year grew by 26%At the beginning of 2020, freelance policied dropped heavily up until the height of the pandemic.
The freelance community bounced back dramatically in the later months with policies being purchased through freelance and consultant insurance workers doubled each month.While Gen Z has seen a tougher job market, over 50% of 18-22-year-olds have claimed to freelance in the past year.A little over 40% of millennials have reported having freelanced over the last year.Due to COVID-19, 36% of Gen Z freelancers started after the onset of the pandemic.Over the past year, over 59 million Americans have participated in some type of freelance work.When it comes to 39-54-year-olds (Gen X) 30% of them are freelancers.When it comes to Boomers (55+ years old) 26% have or currently freelance.When it comes down to gender, 60% of freelancers are men while 40% are women.Freelancers who perform skilled services earn on average $28/hour, which is more than 70% of workers in the US economy.
When it comes to wages, over 30% of freelancers are making $75,000 or more.For freelancer copywriters, the national average salary is $81,748An average workweek consists of 43 hours for most freelancers.With COVID-19, 23% of freelancers have lowered their hourly rate.Over the past 6 months, 58% of freelancers worked with more than 5 clientsIn the total arts and design workforce, freelancers had made up around 75% in 2019.When it came to freelancer policies sold, 50% were sold to photographers in 2020.Over 60% off all freelancers sell 2-3 different skill sets.
