Gig Economy: Top Trends for 2024
As a job seeker, if you were to be asked, which side would you pick—the permanent job side that comes with job security or gig work that provides you flexibility? Chances are, you would prefer a permanent job with a fixed salary.
A study conducted by McKinsey shows that 62% of independent workers prefer permanent or non-contract jobs because of their insecurity factor, which revolves around gig and gig economies.
Indeed, due to this sense of insecurity and uncertainty, gig work was avoided by a larger section of job seekers. However, with the technological advancements and evolution of the job market, the gig economy has not only managed to withstand the test of time but has emerged as one of the most rapidly growing sectors in today's dynamic job market.
A study shows that by 2027, more than 50% of the US workforce is likely to participate in the gig economy. In contrast, 40% of US-based workers are already generating a large part of their income via the gig economy. So, in this latest edition of Pitch N Hire's Newsletter, we will be exploring the potential of the gig economy in the recession-stricken job market and exciting upcoming trends worth your attention.
The potential of the gig economy
The gig economy, also called the freelancing or contractual job market, is characterized by short-term and flexible jobs that are often facilitated through digital platforms. In the gig economy, workers are often called "gig workers" or "independent contractors." Rather than committing to traditional full-time employment with a single company, these workers engage in temporary and on-demand jobs, typically for multiple employers.
In this fast-paced world where time is considered money, the gig economy and its workers emerge as messiahs to facilitate the urgent requirements of the workforce to meet the ever-growing demands of various industries.
Here is why we think the gig economy can lead the overall job market in the future:
Top Gig Economy Trends of 2024
So, which trends would be dominating the gig ecomomy in 2024:
Integration of AI
Before the introduction of Chat GPT, AI had already made its way to different industries worldwide, including the gig market. If you don't know, 35% of companies already use AI, whereas 42% plan to integrate AI in the future.
However, in 2024, AI will be an evident but silent force behind millions of gig workers. They will be used to streamline tasks such as scheduling, managing, and communicating, giving the gig economy more dynamism.
Skilled workers
With the rise in demand for skilled workers, more and more businesses are hiring experts on a contractual basis to meet their unique needs. These experts are not only limited to expert graphic designers or front-end loaders but also include executives and C-suite professionals.
This year, skilled service providers associated with niche markets will drive the industry trend forward.
More acceptance of remote work
The gig economy supports all three modes of work: onsite, hybrid, and virtual. However, virtual or remote work dominates the gig economy. And this trend will be more prominent in 2024 as more full-time and part-time gig workers prioritize remote work options.
This form of work seems to be preferred because it comes with benefits like flexibility, convenience, and cost efficiency.
Equality for gig workers
Due to the short-term commitment nature of gig projects, employers rarely pay fair wages or invest in proper working conditions. Nonetheless, with the increasing prominence of the gig economy, policymakers in different governments are acknowledging the challenges faced by gig workers to ensure their rights are protected.
Evolved marketplace
Previously, landing a proper gig or discovering an expert gig worker was supposed to be a challenge of its caliber. However, in the current market scenario, multiple platforms cater to niche industries and specialized skills. This year, we can expect these platforms to develop further to connect employers and gig workers for more seamless interactions.
Addition of AR/VR specialists
The introduction of augmented reality (AR) and virtual reality (VR) has opened new doors of opportunity and possibilities for gig workers worldwide. And in 2024, it will attract a new breed of experts who can deal with these technologies on a contractual basis.
Final word
Whether it is gig work or permanent work, both have their own unique advantages and disadvantages. While permanent work is preferred for job security, gig work is preferred by those who want to dictate their work and remuneration. But the question is, do you, as a job seeker, need to choose between two axes? And the answer is no.
You can either opt to be a full-time gig worker or hold a permanent job while keeping a gig as an extra source of remuneration. Which path you opt for is a matter of choice. Whatever you choose, remember that the gig economy will evolve with new technologies and the job market. And if you want to join the wave of this growing gig economy, you need to be mindful of its evolving top trends.
Thank you for joining in. We hope this newsletter has provided you with insights into the dynamic nature of the gig economy and the trends that are going to be a vital force in 2024. However, if you seek better job opportunities, consider applying through Pitch N Hire's job board. Its user-friendly interface and advanced matching algorithm ensure that you discover the most relevant and exciting job opportunities that match your skills and preferences.
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