(Sponsored Content)--Call them freelancers, part-timers, self-employed or contract workers. No matter the word, those earning income from non-traditional jobs are on the rise and enjoying the convenience of being an independent worker.
As of April 2021, a report by Gallup titled “The Gig Economy and Alternative Work Arrangements" estimated 36% of the U.S. workforce, or 59 million Americans, participated in the gig economy in some capacity, and another 29% are doing gig work as their primary job.
What is gig work? It’s basically earning income in ways other than the traditional employee working for one employer full time and receiving benefits, such as health and life insurance.
The benefits of being a gig worker include freedom and flexibility, low or no barriers to entry, no boss to report to, and the independence of being self-motivated and not having to deal with office politics.
An Uber driver is one of the more familiar forms of gig work. David Mountain drives part-time in central New Jersey to supplement the income from his consulting business.
"I generally do nights and weekends, because I’m least likely to have a client for my main consulting business need me at those hours,” Mountain said, adding, “I do nights and weekends because I don't want to interfere with my main gig and also sitting in traffic is really terrible for a rideshare driver.”
A recent report by The Hamilton Project showed that as the economy recovers from the pandemic, gig workers will support job growth and enhance personal income.
The report also expresses concern that the jobs confer few employer-provided benefits and protection, rare overtime compensation, retirement plans, workers compensation, sick leave, or paid vacation.
In conclusion, the Hamilton Report summarized the potential of the gig economy this way: “While the implications of the gig economy for the broader economy remain to be seen, its impact will depend in part on how we decide to classify and regulate such arrangements, and whether we are able to forge a path that simultaneously protects workers and promotes innovation and job growth."