It may be hard to believe, but the gig economy growth approached $800 billion last year. Yes, that's billion with a B.
HRDive reported that an estimated 44 million people entered the gig economy during 2015, with 29 percent of all American workers doing some sort of gig or contingent work. The report cites research from Staffing Industry Analysts that put the spending on gig work at $792 billion during 2015.
Staffing Industry Analysts's report, "Measuring the Gig Economy: Inside the New Paradigm of Contingent Work," also found that nearly 40 percent of people overall prefer alternatives to a traditional job, and 69 percent of independent contractors and self-employed workers preferring to engage in work outside of a full-time employment situation.
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But not everyone is happy with the gig economy — which Staffing Industry Analysts defined as any contingent work, such as independent contracting, consulting, freelancing, seasonal work and other temporary work — and not necessarily connected to an internet platform or app. HRDive cited conflicting research from Deloitte that found that 67 percent who did contingent work would turn down that type of work in the future.
Among respondents to Deloitte's survey, in fact, more than 60 percent of employed workers believe they would risk losing their economic stability by switching to independent contract work, with 42 percent very concerned about losing good compensation and benefits. However, close to half (48 percent) who experienced the independent contractor role were "very satisfied" with their experience.
With studies contradicting each other and numerous headlines about such gig workers as Uber drivers and others complaining about poor treatment and low pay, one thing is sure; it will take a while before the overall picture becomes clear.
But another factor to consider, HRDive warned, is that human resources offices are sometimes unaware of exactly how much contingent work is happening at their organizations, as gig workers can be hired without HR being aware. That means they need to keep abreast of the situation so that they can be aware of any benefits or pitfalls that could lie ahead.
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