You’ve probably heard the phrase ‘gig economy’, but do you know exactly what it means and why it continues to thrive? Well not to worry because we’re here to lay down the facts. In this article we take a look at what the gig economy stands for, the growth of the industry and 4 reasons why the sector continues to grow in popularity.
What is the gig economy?
Gig economy simply refers to the job market of temporary, part time and freelance employment.
Is the gig economy growing?
According to research conducted by Indeed interest in gig economy jobs has been on the rise in the UK, with there being an 18.45% increase compared to the previous year.
In addition the Office for National Statistics reported a massive growth in self employment with the number of self-employed having increased from 3.3 million people (12.0%) in 2001 to 4.8 million (15.1%) in 2017.
They also reported that the unemployment rate fell to 4.3% in the three months to November 2017, while the employment rate remained high over the same period (75.3%) and that this strength could be a reflection of the growth of self employment and temporary work.
Why does the temporary jobs sector continue to grow?
So now we know what the gig economy is and that it’s continuing to go from strength to strength, let’s take a look at some of the reasons why this type of temporary employment is on the rise.
Study while you work
For many people it can be difficult to earn a living wage around their studies. Temporary and part time jobs allow those in education to continue with their studies and pick up shifts as and when they need to/want to.
Flexible jobs such as this are also beneficial for those wanting to develop their skill set or enter a new industry. Many full time jobs require qualifications as well as previous work experience for entry level positions, which can be difficult to accomplish as a full time student. For example those wanting to become chefs may need to attend college to acquire their relevant qualification and have previous experience ready for when they qualify. Temporary kitchen jobs and part time chef jobs allow those within the industry to expand their knowledge and reach their goals.
Changing attitudes towards work
Changes of perception and social attitudes towards work life balance as well as core values could have impacted the popularity of temporary employment, with many people believing that work is of less value to their happiness.
You Gov reported that one in five 25 – 34 year olds are unhappy with their work life balance. YouGov’s study also found that poor work-life balance can have a notable impact on employees, with employees tending to be more disengaged with life in general than the average person, envying their friends’ lifestyles (34%) and feeling alienated by modern life (46%).
This suggests that people are now placing more value on their personal lives, choosing to work in jobs that allow them to spend more time doing the things they enjoy whilst still being able to earn a living wage.
Flexible working hours are not only of value to those in education but also for those with prior family or carer commitments. The vast majority of care in the UK is provided by friends and family. In fact according to Carers UK, family and friends make up 6.5 million of the UK’s total carers.
With this in mind, strict working hours from permanent employment positions means that many people may be forced to either leave work to care for their family or pay for full time carers. Flexible working hours allows those with other commitments such as parents to still go to work by letting them pick and choose the shifts that work for their schedules.
Employers are seeking experienced staff with lower agency fees
Using Syft is one of the fastest and most economical ways of hiring reliable staff. With Syft employers can save up to 55% on agency fees and don’t have to handle any of the paperwork, making it a no brainer when it comes to hiring new staff.
All Syfters are vetted face to face and meet full compliance, employees are paid from £9.50 an hour, which helps drive motivation on every shift. There is also a transparent fee structure and breakdown of costs before booking as well as control of who you hire via the app, taking the pain out of recruitment.
This simple and effective method of hiring quality staff is one of the main factors driving the popularity of temporary employment as it can benefit both employers and employees.
So what are you waiting for? Join the gig economy movement and hire reliable and hardworking staff in an instant through the Syft app.