Gig Economy Statistics: The Future of Work in 2024
Last Updated on July 18, 2023 by John Cirelly
As the traditional workplace continues to evolve, the gig economy has emerged as a dominant force, reshaping our understanding of employment. Here, we delve into key gig economy statistics that are shaping the future of work.
Over One-Third of U.S. Workers (36%) Are Engaged in the Gig Economy
According to a Gallup poll, over one-third of U.S. workers, roughly 36%, engage in the gig economy in some capacity. This marks a significant shift in how people are choosing to work, underscoring the appeal of flexibility and self-direction. As the boundaries between work and life continue to blur, we anticipate this trend to continue.
The Gig Economy Contributes $1.28 Trillion to the U.S. Economy
Mastercard data reveals that the gig economy injects a staggering $1.28 trillion into the U.S. economy. This figure attests to the economic power of the gig economy, cementing its position as a core component of the national economy. As the sector matures, we expect its contribution to grow even more.
60% of Gig Workers are Male
According to Statista, 60% of gig workers are male. This finding illustrates the current gender dynamics within the gig economy. While men are predominantly reaping the benefits of gig work, efforts to foster inclusivity and equality are crucial to ensuring the gig economy is accessible and advantageous for all.
45% of Gig Workers Use Gig Work to Supplement Their Income
A CNBC report reveals that 45% of gig workers rely on gig work to supplement their income. This highlights the versatility of the gig economy, accommodating individuals seeking both primary and supplementary income. This multifaceted nature of gig work is poised to strengthen its standing in the employment landscape.
By 2023, Gig Workers Are Expected to Make Up 43% of the Workforce
An Intuit report predicts that by 2023, gig workers will make up 43% of the workforce. This projection signals a future where traditional, full-time employment may no longer be the norm. It’s clear that the rise of gig work is not just a trend but a significant shift in the way we perceive and engage in work.
The Average Gig Worker in the U.S. Earns $36,500 Annually
Data from Statista shows that the average gig worker in the U.S. earns an annual income of $36,500. This underlines the financial viability of gig work, refuting the misconception that it is unstable or less profitable than traditional employment. As the gig economy continues to expand, we expect to see even more opportunities for meaningful income generation.
80% of U.S. Companies Plan to Transition to a More Flexible Workforce
A Gartner survey suggests that 80% of U.S. companies plan to transition to a more flexible workforce. This demonstrates corporate America’s acknowledgment and adaptation to the rise of the gig economy. The shift towards flexibility signals a future of work that caters to individual needs and preferences, a stark contrast to the one-size-fits-all model of the past.
74% of Gig Workers Would Not Leave Their Gig Work for a Full-Time Job
A study by the Federal Reserve found that 74% of gig workers would not quit their gig work for a traditional full-time job. This emphasizes the appeal and satisfaction derived from gig work, suggesting a high level of job satisfaction that could potentially influence the overall workforce trend toward gig work.
Gig Workers Constitute 10.1% of the Total U.S. Workforce in 2021
As per data from the Bureau of Labor Statistics, gig workers constituted 10.1% of the total U.S. workforce in 2021. This showcases the significant presence of gig workers in the employment landscape, a number that is set to increase as the gig economy continues to grow. It’s clear that the future of work will increasingly be shaped by the gig economy, its growth, and the opportunities it presents.
What This Means For You
The days a husband could support his wife and kids on a single income are sadly over. In fact, they’ve been over for a while. Between inflation, housing shortages, and rent that outpaces wages, most Americans are looking to earn more outside their job.
While your father or grandfather could stick with a company for 40 years and retire, we’re seeing more companies lay off tenured staff to cut costs. The old trope to stick with a good company and retire just doesn’t apply anymore.
In fact, most skilled workers find that they can hop jobs every 2-3 years to earn a higher salary rather than waiting for a raise that will never come.
Side hustles are on clearly on the rise due to the economic challenges we all face. And while side hustles can grant your freedom and extra income, it’s now a necessity for most just to get the bills paid.
In the future, most Americans may have side hustles, YouTube channels, and multiple income streams to supplement their 9-5.
I believe side hustles give you a path to financial and time freedom that a day job just can’t provide.
If our future means fewer corporate jobs and more people doing what they love on their own time, then I look forward to what the future holds.
