Why the Gig Economy is the New Normal
The gig economy has been on the rise in recent years and it’s showing no signs of slowing down.
Nowadays, you can have almost anything at your fingertips instantaneously.
Just think about it.
Need a ride to the airport? Order an Uber. Want food delivered to your doorstep? Pull up DoorDash. Need to restock on groceries? Place an Instacart order.
The instant gratification we now experience with otherwise menial tasks is thanks in large part to the gig economy.
The gig economy is a labor market that relies heavily on temporary and part-time positions filled by independent contractors and freelancers. Our society is increasingly becoming powered by gig workers, rather than full-time employees that work for a single business.
Why? The events of recent years combined with macroeconomic factors, like inflation and “The Great Resignation,” have caused people to seek autonomy over when, where, and how they work.
A 2022 McKinsey survey of workers who recently left their full-time jobs found that 44% of respondents had little to no interest in returning to a traditional job in the following six months. Nearly a quarter of respondents ended up taking on non-traditional work, including temporary, gig, or part-time roles.
So, what is your workforce is seeking and why are they finding it on gig platforms?
Benefits of Working in the Gig Economy
Flexible Schedules
Remote work became the new normal for the 9 to 5 workforce. And while you can’t wait tables virtually, hospitality workers increasingly sought out the option to work when and where they want.
The hospitality industry’s labor shortage has caused employees to become overworked and burnt out – and as a result, the sector has consistently seen the highest unemployment rate (5.4%) across industries since mid-2021. Gig economy work enables workers to set their own hours, pick up opportunities when it’s convenient for them, and decide when they get a day off.
And the best part? It can all be done through easy-to-use mobile apps.
Control Over Pay Schedule and Income
The federal minimum wage has stayed at $7.25 since 2009. While the minimum wage hasn’t increased in nearly 15 years, the cost of living certainly has.
More and more people - from all backgrounds, industries, and levels of experience - are leveraging gig economy platforms to earn money so they can keep up the rising costs of groceries, utilities, and other everyday expenses.
Users can browse available opportunities, review the offered rate, and decide whether it’s work they want to take on. This level of transparency enables gig economy workers to have control over when and how much they get paid.
But perhaps the greatest perk? Control over when this money hits their account.
There are even a number of gig apps that pay same day by offering “Instant Payout” to their users. With Instant Payout, gig workers can receive the money earned on the job in their bank account immediately for a nominal fee.
New Opportunities
It’s not uncommon to encounter a gig worker that utilizes multiple gig economy platforms.
For some, that might look like picking up bartending shifts during the week through shiftNOW, driving Lyft on the weekend, and dogsitting through Rover whenever their schedule allows.
Gig economy platforms enable users to test their hand at a multitude of opportunities and determine which type of work they like best. Not to mention, it’s a great way to showcase your skills and find temporary work that can turn into full-time or recurring employment.
Gig Economy Examples That Are Here to Stay
- Uber is perhaps the one of the most prominent gig economy platfor It transformed the transportation industry and how we get from point A to point B. Uber empowers both riders and drivers to move and earn safely in a way that’s sustainable for the planet.
- DoorDash, a food delivery app, makes ordering from your favorite restaurants or convenience stores easy and accessible. It connects the local economy, allowing consumers to get their goods, local merchants to get business, and Dashers to get paid.
- Instacart is on a mission to create a world where everyone has access to the food they love. They’ve changed the way we access groceries by connecting customers with personal shoppers who will deliver groceries from various retailers to your doorstep.
- Like Uber, Lyft is shaking up the transportation industry. As their slogan states, they offer “a ride whenever you need one”. They’re connecting riders to drivers in their area, making it that much easier to get to the airport, get home after a night out, or make it to work.
- TaskRabbit is revolutionizing everyday work. Their same-day service platform is on a mission to instantly connect you with skilled Taskers to help with odd-jobs and errands, so you can be more productive.
- Rover’s mission is to make it easier for people to have pet love in their lives. They remove common pet care obstacles, ensuring dogs and cats nationwide are happy and well cared for, even when their human is away, and empower pet lovers to live fulfilling lives.
How Businesses & Temporary Workers Can Better Leverage the Gig Economy
The way we live our everyday lives has changed drastically and as a result, so has the way we get work done. Once surrounded by skepticism, the gig economy is now being widely accepted as the new normal – and it’s showing no signs of slowing down.
At shiftNOW, we're embracing this new normal as we strongly believe that the way people work is changing. We’re providing a flexible solution for people who want to test the waters in something new - either temporarily or full-time - while still being able to support their financial and personal needs.
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See the shiftNOW platform in action and understand all of the benefits it has to offer your business.
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