The world is in chaos ever since the coronavirus pandemic emerged. With the global economy taking a beating, there’s uncertainty and the future doesn’t look promising.
When this is the case, the global workforce (gig economy) is facing a bleak future. With 81% of the 3.3 billion global workforce having their workplace shut, it’s going to be a tough period to endure.
And experts opine that the worst is yet to come.
But, there’s good news for a certain section of people. And who are they?
They are people who are a part of the gig economy. So, if you’re one of them pay close attention!
4 Awesome Ways Coronavirus Is Going To Boost The Gig Economy Growth
While the coronavirus pandemic has wiped out jobs and destroyed economies, there are certain segments that are certainly going to benefit from it. As they say, “One man’s bane is another man’s boon”, here are 4 ways coronavirus is going to set the gig economy growth.
1. Demand for freelancing gigs is going to increase
With the world reeling under heavy financial loss due to coronavirus, firms are on laying off spree. This means they are letting go of all the permanent employees.
This is a cost-cutting measure as the businesses are on a rocky patch.
So, what does this mean for freelancers?
Well, they are going to be in demand since the cost of hiring freelancers is 1/4th the cost of hiring full-time employees.
Certain professions that are a part of the gig economy such as content writers, healthcare workers, supermarket retailers, and on-demand service providers will stand to gain in this pandemic.
2. Short term gigs will be dime a dozen
With the entire workforce being caught in the whirlwind coronavirus recession, short term gigs will be up for grabs in abundance.
A select few professionals in the US like freelance delivery drivers, order fulfillment workers and grocery clerks are largely in demand due to the current situation.
It’s because of these professionals, people can stay indoors and follow the quarantine measures.
There will be a large number of takers for demand services.
Professionals like AC service technicians, plumbers, electricians, carpenters, and appliance repair technicians will still have tons of opportunities.
Adding on, maids on-demand home services, pest control, online yoga instructors, fitness instructors, weekly cleaning and disinfection people, men’s grooming salons, and painters will find a lot of work.
ALSO READ: Impact of Covid-19 on Global Ecommerce
3. A boom in remote working opportunities
Ever since the coronavirus pandemic began, companies are realizing the importance of a remote workforce.
Why do we say that?
It’s simple because firms are now able to save a lot on overheads like commercial rent and the costs of maintaining the real estate.
With companies finding themselves in a financial crunch and having to work under a tighter budget, it’s much cheaper to hire freelancers who work remotely.
It’s sort of a great revelation considering the fact companies are now investing in remote workers. Because they have begun to realize that you don’t need to have people on the premise to get the work done.
Benefits of hiring remote workers
Firms don’t have to spend on salaries and benefits. This is because they can get the work done at half the cost or maybe even lesser.
Businesses invest roughly around 11 hours for every 40 hours of freelance work when they hire full time. So, as a result, companies are now turning to staff agencies to help them find the best in class freelancers.
4. Increase in freelancing platforms ( The best part of gig economy)
With many expected to be a part of the gig economy, several freelancing platforms have witnessed an increase in its user base.
One such platform is Work Genius where approximately 4,00,000 freelancers are vying for gigs. The platform seeks to use algorithms to get freelancers opportunities.
People are required to build and optimize their profile by taking up small jobs. This will then help them get opportunities as their experience too will increase.
With the world heading towards economic doom, there is going to be a significant increase in the freelancing platforms as more people are set to follow the freelancing route.
With the Covid-19 pandemic still showing no signs of slowing down, it is still too soon to predict its outcome. While we’re still at it, there will be numerous short term and freelancing gigs.
Companies will have to ensure quick payment methods to hire the best freelancers. Either way, it is a win-win situation as both firms and freelancers will emerge as the biggest gainers in the gig economy.