The gig economy exploded in 2020. In fact, participation in the gig economy increased by a whopping 33%., mainly due to the COVID -19 pandemic. As COVID-19 vaccines become readily available and the economy stabilizes, what will happen to the gig economy post-pandemic in 2021?
Will gig workers, including contingent workers, contractors, and freelancers, continue to flourish in 2021? Or will gigsters look for permanent employment once again? Here are what some gig economy experts have to say:
- Warehouse and transportation sectors experienced significant growth based on consumer behavior changes related to COVID -19. Those sectors should continue to see growth.
- Expect an accelerated use of gig work in the healthcare industry, hospitality and retail in the second half of 2021 as these industries recover from the impact of COVID -19.
- More than 30% of Fortune 500 companies use gig workers to fill vacancies. (CNBC)
- Bank of America, Verizon, and FedEx are some of the major companies that slowly switched to freelancers and gig workers. (CNBC)
- Technology will continue to play a big part in landing gigs. 53% of gig workers aged 18-29 in the U.S. use their smartphones to help get a job. (St Louis Fed)
- The gig economy is expected to reach a worth of $455.2 billion in the US in 2023.
- The projected gig economy size—in terms of gross volume—for 2021 is $347.1 billion. (Statista)
- 92% of survey takers say that now is a good time to look into the gig economy. (Monster survey data)
- With increasing competition, companies will need new strategies for recruiting temporary workers and attracting the best gig workers for the job. (Monster)
- The gig economy will play a key role In COVID -19 vaccinations. In 2021, you will see ride-sharing and delivery platforms offer their services to ensure millions of people receive the COVID -19 vaccine. Lyft has announced free or discounted rides to vaccination sites in at-risk populations. Fares will be subsidized by corporate and nonprofit partners as part of their social impact initiative. (JDSupra- Legal News)
- In 2021, temporary nursing positions and per diem CNAs will continue to be one of the most popular gig economy jobs in the country. One report said that currently the need for skilled nursing work is “almost limitless” and will continue for the foreseeable future. (JDSupra- Legal News)
- The gig economy might experience more regulation, including the possibility of unions and broadening retirement options. (Courier Hacker)
- By 2021 the gig economy will surge, resulting in 9.2 million Americans joining the gig workforce.
- Fewer workers will go back to a 9-5 routine. Working remotely in 2020 proved one thing: you can work from home, still be productive (if not more productive for some), and earn a living. (Yahoo! News)
- Financial planners, healthcare providers, and insurance companies have begun rolling out new products and services designed to serve online workers with healthcare insurance. (Yahoo! News)
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