New study identifies changes driven by rapid growth of the gig economy
A new national gig economy study released by daVinci Payments found an explosion of growth in the gig economy in 2020, with an estimated increase of 23 million participants vs. 2019. The study identifies how to grow loyalty and engagement with gig workers who are identified as taking short-term work engagements for income.
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Gig wages and participation grew 33% in 2020 to represent 93 million U.S. adults earning $1.6 trillion compared to the 70 million adults who earned $1.2 trillion in 2019. The growth of gig work is driven, in part, by the dynamic shifts in demand for gig services accelerated by COVID-19. daVinci’s study, conducted in November 2020, garnered responses that reflected workers’ motivations to participate in the growing gig market, including supplemental income, flexibility, and stability of work sources.
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Gig workers value their employment, but they have requirements to keep their loyalty. Special savings offers delivered with their work pay, same-day payments and app-engagement experiences are highly sought after.
- 72% would like relevant special savings offers delivered with their gig work pay.
- 70% of respondents say they would be more loyal to a gig work program with same day pay, and 63% have actually received it.
- 61% believe apps for scheduling and tracking hours are also important.
“Companies that use gig workers can save time and money while attracting top talent by giving them what they are looking for from their gig work,” said Rodney Mason, daVinci Payments’ Chief Marketing Officer. “Gig workers are demanding and want to receive thoughtful pay with relevant savings offers, same day pay with flexibility in virtual and mobile payment options and user-friendly apps to schedule and pay workers. Providing these services can grow loyalty to a gig employer or specific gig job. An additional benefit of providing these services is that they are available at a lower cost than traditional payment methods.”
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