The Importance of the Gig Economy in 2020

2020 has brought a lot of change. The world of business has flipped upside down. Companies are finding innovative ways to work remotely, employees are discovering new ways to make money. With the emergence of the gig economy, the 9-5 is no longer the end-all-be-all.

Below, nine experts share their thoughts on the benefits of the gig economy in 2020.

Autonomy in the Ever-Changing Job Market

The gig economy allows people to work alongside the ever-changing job market. While, you never know what type of career fields will go in and out of demand, working gigs allows for people to fulfill the current need in a variety of industries. The gig economy also allows for a great deal of flexibility for both businesses and workers, and now more than ever, people need flexibility. Operating in the gig economy offers greater autonomy and diversity in the work world regardless of the job market. 

Zack McCarty, Qwick

Increased Productivity

Gig economy can provide employees various options to choose from and because of this, they can enhance their set of skills by exposing themselves to different working environments. As for the company, they can benefit from this in terms of high productivity. The company can choose from a wide variety of employees with highly specialized talent and these employees can execute a job on short notice without having too much liability on them thus, saving money in the process. This can speed up production time and at the same time, avoid unnecessary delays.

Samantha Moss, Romantific

It Offers Speed

Very few side hustle categories allow people to make an immediate, positive impact on their finances. If you’re ever in a pinch, the gig economy is your best bet. It doesn’t matter if you want to pay off debt faster or to build up your emergency fund, gig jobs are one of the most effective options you can turn to. Additionally, many gig jobs like food delivery or rideshare driving also have steady earning potential, which isn’t always the case for freelancing or running a business.

Tom Blake, This Online World

A Greater Pool of Candidates

The gig economy gives people the opportunity to create their own schedule and the freedom to work at will. More and more, people are turning to this type of work because it offers employment to a greater pool of candidates. Only a few qualified candidates are going to meet a job’s requirements, but in the gig economy there is room for a plethora of people who can all do the same job. It is also a great tool for people looking to make extra income without having to pick up another office job. As time goes on, we will see more people turn to this type of employment.  

Brett Farmiloe, SaaS SEO Company

Free-Flowing Commerce

The gig economy provides essential and flexible services, as close to “on-demand” as is possible when we’re talking about spinning up thousands of new tasks and needs through the skills of gig-workers. It continues to enable some free-flowing commerce and exchange of money for services, essential to stop the economy from hitting total gridlock through the distribution of labor in a high-demand time period.

Noah Wisnia, Head of Talent

A Necessity for Small Businesses

We are a startup, and our business has grown thanks to the gig economy. With limited budgets and resources, we don’t have the capability to employ full-time workers on contracts. Embracing the gig economy means we can outsource tasks and jobs, as we need them. It gives us greater freedom, flexibility and brings in new skills and ideas – important for growing businesses, economies and driving innovation.

Jamie-Lee Kay, The Other Straw

Tapping Into the Workforce Efficiently

Employers can benefit from the gig economy by leveraging the growing desire for flexible work schedules to reduce high employee turnover. The food and beverage industry is well-suited to benefit in this regard. New services and technologies are helping restaurant businesses tap into this workforce in more efficient ways. Companies are also freed from the burden of not only the hiring processes but also the time-consuming process of dealing with full-time employees.

Brad Strugis, The Financial Sailor

Filling in the Gaps 

Companies may be scaling back due to financial constraints. This puts a strain on consumers who may need those products and services. The gig economy will help fill those gaps. Consumers and clients will also have more options to choose from.

Anthony Basuil, Technical Recruiter

More Flexibility and Lower Liability

The gig economy plays a major part in many international business operations. Companies have realized the benefits of hiring freelancers or project-based contractors. These types of jobs offer more flexibility, lower liability, and lower costs compared to hiring full-time employees. It’s no surprise that more businesses are moving towards flexible hiring. 

Chris Antonoff, Content Writer