The Gig Economy is reshaping the way companies are utilizing talent. Think UBER, LYFT, writers, photographers and more. The gig economy in the US is now estimated to be about 34% of the workforce and expected to be 43% by the year 2020. (COVID-19 is likely to affect this stat.)
The rise of the gig economy has enabled women to take jobs that have traditionally been dominated by men – from driving a cab, Uber or Lyft, to freelance computer programming. But the Gig economy appeals to her for many more reasons. Rather than being a part-time employee, she is seen as an expert, with a specific skillset, who is called upon when needed. And, here’s the kicker, she receives pretty darn close to the same pay as her male counterpart. Wait, what? The 2018 APAC workforce insights reveal there is a 12 per cent point gap between men and women in traditional full-time jobs and a 5 per cent point difference between men and women working in the gig economy.
Women have also taken side gigs to achieve greater financial freedom, like selling cosmetics for Rodan + Fields. Here, she is empowered to build her company as she sees fits, taking control of her financial future.
And, likely the main reason women are leaving the traditional workforce is for a work/life balance. The vast majority of women, who are full-time office workers, still take on the lion’s share of child and home responsibilities. With “gig” opportunities, she is able to define her schedule as she needs it.
So, what’s to come? Trends suggest almost half of the total workforce by 2020 will be employed by the gig economy – a number that will increase to almost 80 per cent by 2030. Why should brands take note? Because, the gig economy is changing her lifestyle, what she cares about and what she has time for, so if they hope to capture her attention, these significant changes must be reflected in brand strategies and messaging.