In 2021 the gig economy industry was a $355 billion business. It’s expected to balloon to $873 billion by 2028. Besides monumental growth, what gig economy trends can we expect to see from gig platforms looking to retain and attract more workers?
Technology advances and a growing acceptance of remote work will increase off-site opportunities in 2023. Companies and platforms offer a wider range of jobs, such as freelance writing, virtual assistance, online tutoring, and digital marketing, giving more workers the flexibility and freedom to work from anywhere.
Catering to specific industries or niches, specialized platforms connect gig workers with employers or clients in a particular field, such as engineering, healthcare, creative arts, or sustainable industries. This gig economy trend to tailor features and tools to the unique needs of different industries, let’s specialized workers find gigs that match their unique skills and interests more effectively.
Sectors such as manufacturing, logistics, and construction will see the emergence of gig work opportunities, where workers are hired on a project basis or for specific tasks. This could enable businesses in these industries to tap into a flexible and on-demand workforce during peak periods or for specialized projects while providing workers with more options for earning income in non-traditional ways.
80% of large corporations plan to increase their use of flexible workers in the coming years.
With the continued growth of the gig economy, new workers are signing up every day. Your goal should be to lower the barriers to global payouts to support more remote gig workers. As the industry evolves, it’s important to stay on top of what workers want and what they need. The United States has the highest global market for gig workers, but India, Indonesia, Australia, and Brazil are rapidly growing, strong markets.
Gig workers generally want to be compensated fairly for their work and expect competitive pay that reflects the value they bring to the job or project. Tech-industry workers, medical professionals and other specialized gig workers will expect fast and reliable payments without high-international transfer fees or currency exchange. Accounts payable departments will need local and international disbursement platforms that offer Global ACH, currency conversion and clear tracking and reporting.
49% of gig workers said the ability to set their own hours is the most important factor when working in the gig economy.
Gig workers want to set their own hours, choose their assignments, and have control over their work-life balance. Often the key factor in their decision to choose gig work in the first place, flexibility in scheduling is a top priority for gig workers.
Gig workers want a positive workplace culture that promotes diversity, equity, and inclusion. They’re looking for an employer that values their contributions and fosters collaboration and teamwork.
84% of freelancers are living their preferred lifestyle, as opposed to 54% of traditional employees.
Whether you’re looking to expand your business globally or just want to access top remote-based talent, Rapyd can help you manage the complexities of hiring and retaining a global workforce.
By stabilizing and reducing the wait time to receive payments. Rapyd can help reduce income volatility, a key pain point for gig workers, with fast bank transfers.
Remove the guesswork and know your payment status. Rapyd provides visibility into your payment transaction status at all times.
Pay your workers the way they want to get paid. Rapyd helps gig economy platforms pay workers in their preferred payout method.
Reach more gig workers in hard-to-reach places. Raypd helps you expand globally and deliver great commerce experiences around the world with one scalable payment provider.
Accept payments from 100+ countries and send payments to 190+ countries.
Is your business looking to onboard gig workers around the globe?
With Rapyd, you get payments, payouts and foreign exchange on one platform. Move into new and hard-to-reach markets. Accept the most widely used local payment methods. Pay suppliers or workers in their local currencies. Whatever your cross-border payment needs, Rapyd has the solution.
Learn how Rapyd can help you save millions on transaction and FX fees while spending 70% less time managing payments.
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