What Small and Medium Businesses Need to Know About the Gig Economy
What is the gig economy, you may ask? 🤔 In recent years, it has been on the rise and is growing more popular each and every day.
This term refers to a growing trend of businesses hiring freelancers and independent contractors instead of full-time employees.
Here are some interesting facts 🧐
➡️ A 2019 study estimated that the global gig economy generates $204 billion in gross volume, and is expected to grow by 17% by 2023.
➡️ With 24% more gig workers in the summer of 2020 than in previous years, it is clear that this trend will continue to grow.
This type of business model can be seen in many different industries, such as online marketing, graphic design, software development, and writing.
So why is the gig economy becoming so popular? 🤷♀️ There are definitely a few reasons!
💡 Keep reading to learn more:
There are many advantages to this arrangement for both businesses and workers:
🚀 For employees, gig work offers the flexibility to choose when and where they work, as well as the opportunity to gain experience with different companies.
🚀 Gig work can also be a good way to save money, as businesses only need to pay for the work that is completed.
🚀 For businesses, the gig economy offers a way to find the right person for the job, as well as to reduce costs by only paying for the work that is done.
🚀 Businesses can use gig workers to do more high-value work, such as strategic planning or marketing.
🚀 Gig workers can also be hired on an as-needed basis, which can be helpful for businesses that experience seasonal fluctuations in demand.
🚀 Finally, gig workers often have high expectations for their work, which can lead to better results for businesses.
The gig economy is a fantastic way to provide flexibility and benefits for both employees as well as employers. However, it's important not only to have legal documents in place but also to make sure those who work under you know what they're getting themselves into so that expectations can be met on all fronts!
