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Latest News / Gig economy encourages informal entrepreneurship

 

A new report has identified a trend for rising informal entrepreneurship, with technology and market forces creating more opportunities for the gig economy to provide flexible, sustainable work. The research suggests that 36% of the adult population took part in an informal paid work activity to complement or substitute for formal work arrangements. Furthermore, 12% of the working adults surveyed identified themselves as an independent contractor who work on a project by project basis, with 2.5% identifying as a business owner.

The “Gig” Economy: Implications of the Growth of Contingent Work Report revealed that over the last ten years’ contingent workers have increased by over 50%, now representing 16% of the workforce. Independent contractors, consultants, and freelancers, grew from 6.9% in 2005 to 8.4% of the working population in that period.

It stated, “Technological platforms have emerged that are transforming the way people identify, schedule, and engage in contingent work and are also helping people to monetize their assets to generate income.”

The report also commented that established methods of measuring the changing landscape of work have not kept pace with the evolution of the economy but researcher capacity to trace the informal arrangements of the gig economy are improving.

You can view the full report here.

 


 

Gig economy encourages informal entrepreneurship
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