Gearing Up for an Expanding Gig Economy [Infographic]

Dave Sutton September 2, 2020

The gig economy has transformed the business landscape significantly. Employers have access to a global pool of talent. Businesses benefit through lower costs and increased productivity. Freelancers benefit through a better work-life balance, improved work environment, and access to better employment opportunities. It’s the win-win nature of the gig economy that’s helped it grow to a monstrous $ 3.7 trillion value.

While that’s impressive, it could be a mere drop in the ocean. With more workers opting for the freedom that freelancing brings, the number of remote workers will rise significantly over the next few years. Employees may exercise greater control over when and where they complete their work. This freedom allows them to manage their day to maximize productivity and work-life balance.

Other advantages include saving time and money commuting. Employees may work for more than one employer, affording them better financial opportunities. Not having to rely on one employer alone also provides them better job security.

Coronavirus has accelerated the process. Businesses that may have been leery of offering employees these opportunities before they were forced into it by COVID-19. Now they’ve seen the benefits of this working model firsthand, and it’s unlikely that they’ll want to go back.

Businesses had valid concerns over the effect of a lack of supervision on productivity. They’ve learned that by allowing employees to determine their own working hours, they get better quality output. Without the typical distractions of the office, employees can complete their work faster and more accurately. For administrative departments such as accounting, much time in the office is wasted interacting with other employees.

Productivity may be affected for legitimate reasons, but also due to office chats. Removing such distractions reduces time wastage. It also has a positive effect on reducing the impact of office politics by minimizing interaction.

Check out this cool infographic with more details about how the gig economy will transform the traditional employment mode in the post-COVID world:

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