Why the Gig Economy Has Grown Through the Pandemic

As the economy has morphed to fit the “new normal” during the COVID pandemic, one of the changes to come about is reflected in the growth of the gig economy. In 2020, as layoffs and loss of hours affected many Americans, the gig economy grew by 33% at a rate of 8.25x the growth of the overall economy. 

 

The gig economy is appealing to many (currently, 55 million Americans), for its flexibility, project-based work, and higher pay rates than traditional employment. Although it isn’t full time work, that’s not necessarily a bad thing. Those engaged in gig work report a greater quality of life, as 58% of them work less than 30 hours a week, yet make more money than their peers. 

 

As the “new normal” continues to develop, gig work stands to far outlast the pandemic. In fact, 73% of hiring managers expect to continue engaging with gig workers long after COVID.

Source: WageDev.com