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Instant Payments’ Role In The Gig Economy

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More consumers have been turning to gig platforms both as a source of new income and to order restaurant meals, groceries or other goods for greater convenience since the start of the pandemic. The value of these platforms has, in turn, continued to expand over the past year, with the gig economy growing 33 percent in 2020 to hit a value of $1.6 trillion, according to one recent study. Younger consumers in the millennial and Generation Z age ranges were particularly drawn to freelancing during this period as well, and another report found that at least half of Gen Z workers did some freelance work in the past year. Thirty-six percent of that generation’s freelancers did so for the first time since the start of the pandemic, for that matter.

The growth of the gig economy brings with it a slew of new challenges for its workers and platforms, however. Opportunities dipped during the year as the number of candidates seeking gig work swelled while the global economy contracted due to pandemic-driven hardships. Gig economy participants are also falling under regulatory scrutiny as the legal definition of what constitutes a freelancer remains in flux, especially in the U.K. and the U.S. This impacts the financial or health benefits that freelancers can access, including government-funded programs such as unemployment or the U.S. Paycheck Protection Program, for example.

Many freelancers are seeking ways to access funds for completed jobs more swiftly as well, increasing the demand for digital — and preferably instant — disbursement methods. Barriers to instant payment ubiquity remain in this market, however, as outdated infrastructure and the continued reliance on paper-based processes stall disbursement speed on the platforms hiring freelancers. Addressing these problems is therefore crucial to the gig economy’s continued growth. The following Deep Dive examines how the gig economy has expanded in recent years — especially in 2020 — and how this expansion is changing freelancers’ payment expectations for good. It also analyzes why instant payments are playing a more critical role in this space.

The Pandemic’s Effect On The Gig Economy

Fulfilling freelancers’ payment needs at speed is crucial as more individuals turn to ad hoc work full-time and the pandemic continues to narrow the number of available job opportunities. Research indicates that 23 percent of American gig workers are full-time freelancers and that 49 percent work part-time, while 63 percent of ad hoc workers in a global study reported freelancing as their primary income. Gig work is becoming more attractive to a wider swath of consumers as they work remotely around the world, but the pandemic has also highlighted some of freelancing’s drawbacks. The ongoing global health crisis has cinched gig workers’ margins, with one report finding U.K. freelancers’ income on average decreased by 25 percent from April to June 2020. The amount of time ad hoc workers spent working also declined, with the study indicating a 66 percent increase in the time self-employed U.K. workers spent not working or between projects.

This puts a tight financial squeeze on freelancers competing for opportunities, but these workers are also increasingly struggling to receive their earnings from projects they have completed. Late or delayed payments are a familiar problem for ad hoc workers: 2019 data shows U.K. freelancers in creative industries lost approximately £5,400 (roughly $7,500) on average annually due to late payments, for example. Late payments have only risen in frequency over the course of the pandemic, with both younger and less experienced ad hoc workers especially affected. One recent study showed that 57 percent of U.K. freelancers 16 to 34 years old and 53 percent of those with only one to three years of freelancing experience have observed a jump in late payments during this time. These workers are more likely to have less savings to draw upon than older or more experienced freelancers, exacerbating the impact on their finances.

The late payments problem is prompting greater scrutiny of instant payment solutions among companies looking to compete for freelancers by sending their payments with speed and ease. Freelancers’ increased interest in instant payments could also significantly impact the gig economy’s future.

The Instant Payments Push

Less available work, a more saturated playing field and the frictions of late payments are all contributing to workers seeking out payment methods that can allow them quicker access to incoming funds. Seventy percent of gig workers in one recent study noted they would be more loyal to companies that offered them same-day pay, suggesting that this feature is becoming a higher priority for workers applying for projects.

This growing demand for faster pay is also reflected in the wider working world. Recent PYMNTS data showed that nearly 64 percent of U.S. consumers overall indicated they would be more likely to work for companies that offered them free instant payment support for their income and earnings, for example. That same study found that 26 percent of consumers would be willing to pay a fee to access their income and earnings via instant payment solutions.

This study demonstrates how instant payments are becoming essential not only to workers in the gig economy but also to workers in general. Determining how to meet this growing expectation for swift and seamless disbursements is therefore the next great challenge for companies and their banking partners. Firms must be prepared to innovate their payment processes and offerings quickly to keep pace.



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Gig Economy Market 2021 | Covid19 Impact Analysis | Business Outlook, Growth, Revenue, Trends and Forecasts 2026

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Gig Economy Market
A new business intelligence report released by Qurate Research with the title “Global Gig Economy Market Research Report 2021” that targets and provides COVID-19 Outbreak comprehensive market analysis with prospects to 2026. The analysts of the study have acquired, extensive research methodologies and data sources (i.e. Secondary & Primary Sources) to generate collective and useful information that delivers the latest market undercurrents and industry trends. The report provides a comprehensive overview including Definitions, Scope, Application, Production and CAGR (%) Comparison, Segmentation by Type, Share, Revenue Status and Outlook, Capacity, Consumption, Market Drivers, Production Status and Outlook and Opportunities, Export, Import, Emerging Markets/Countries Growth Rate. The report presents a 360-degree overview of the competitive landscape of the industries.

The report evaluates the global Gig Economy market size, share, and growth rate and provides an accurate projection for similar facets by thoroughly studying historic as well as the current status of the market. The report presents a market analysis based on revenue and sales volume. It also allows for gaining comprehensive acumen in upcoming business opportunities, obstacles, threats, and hindering factors in the market.

Besides, the report sheds light on the significant evaluation of leading contenders who have been performing in the market to satisfy the desired needs and anticipations of end-users. The report offers in-depth insights into leading market players, alongside their corporate and organizational profiles, financial details, manufacturing methodologies, and so forth. Statistical details in terms of revenue, sales volume, profit margin, and CAGR have been included in the report. Additionally, the report comprises recent strategic and tactical moves that help to form their own lucrative business stratagem and make profound business decisions.

This report categorizes the market based on manufacturers, regions, types and applications.

A thorough assessment of leading manufacturers including their profiles, pricing structure, and product specifications of Gig Economy Market:


TaskRabbit
BellHops
Guru.com
HopSkipDrive
Freelancer
Rover
Upwork
Fiverr
DoorDash
Favor Delivery
Turo
Twago Enterprise
Handy

Key Market Segmentation as follows –

Type Segmentation

(APP-based, Website-based)

Industry Segmentation

(Freelancer, Independent Contractor, Project Worker, Part-Time)

Buy Latest Copy of Report! @ https://www.qurateresearch.com/report/buy/MnE/global-gig-economy-market/QBI-BIS-MnE-939056/

Market Segment by RegionsNorth America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia etc.), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Additionally, the report discusses provincial trade frameworks, entry barriers, and varying economic structures.

Moreover, the report presents industry overview in a portrayed view to offer a wide acuity of the global Gig Economy market. It also provides a detailed analysis based on a competitive landscape that aids a reader to obtain a thorough perception of competitive advantages, contender’s missions, core values, and niche markets. It also highlights how the Gig Economy market is associated with its peer and parent market. Further, the report illuminates its impacts on the international economy throughout the period between 2021 and 2026.

If you are involved in the Global Gig Economy industry or intend to be, then this study will provide you a comprehensive outlook. It is vital you keep your market knowledge up to date segmented by major players. If you have a different set of players/manufacturers according to geography or needs regional or country segmented reports, we can provide customization according to your requirement.

The Global Gig Economy Market Report Enfolds:

• Extensive delineation of Gig Economy industry overview.
• Cardinal synopsis of every leading contender performing in the global Gig Economy market.
• Statistical assessment of Gig Economy market size, share, revenue, growth rate, and sales volume.
• Precise details based on Gig Economy market segmentation.
• Valuable information on the changing-pricing structure.

Major Points Covered in TOC:

Gig Economy Market Overview
Gig Economy Market Segment by Type
Gig Economy Market Analysis by Applications
Gig Economy Market Analysis by Regions
Gig Economy Market Dynamics
Gig Economy Manufacturers Profiles
Gig Economy Market Forecast (2021-2026)
Sales Channel, Distributors, Traders and DealersResearch Findings and Conclusion

Any query? Enquire Here For Discount Or Report Customization

Contact Us:

Web:www.qurateresearch.com
E-mail:[email protected]
Ph: US – +13393375221

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Note: In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.

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What freelancers should know about navigating the gig economy

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In this episode of In The Know’s Getting Rich, financial expert Carmen Perez chats with certified financial planner Brittney Castro on everything freelancers should know about the gig economy.

The gig economy refers to freelancers, contractors or anyone with a specialized skill set including graphic design, home repairs and web development. But freelancers have to consider things full-time works may not have to, like the cost of private insurance and setting aside taxes. When you’re self-employed understanding personal finance can make or break you but it can also offer you freedoms a nine to five can’t.

“The main feature of this type of work is freelancers get to take on as much or as little work as they want, set their own pay and generally work across a variety of different industries,” Perez said.

A common misconception Castro, the founder of Financially Wise Inc., runs into with freelancers is the belief that creatives can’t handle the financial side of things.

“Creativity is so valuable with finances and wealth creation. If you just stop saying that and take the time to learn and get yourself empowered, you’ll probably be really good at managing money,” Castro said.

So to ensure you get all those sweet freelancing perks, you’ve got to be prepared.

“Make sure you have a separate account for taxes. All and any money that you make, [make sure] you’re setting aside the right amount of taxes for that,” Perez said.

Keeping records in one place whether it’s QuickBooks or a notebook, will make things that much easier on tax day. 

Another piece of advice from Castro was to think of yourself like a business from day one.

“Separate your business and personal checking accounts right away. Have a business name, have a business entity,” Castro said. “Maybe you have to learn bookkeeping, maybe you have to learn health insurance, learn about benefits. It can be frustrating and challenging but with those learning curves you get empowered and you keep going.”

During slow periods when less work is coming in, Perez recommended an emergency fund to ensure bills get paid.

For freelancers who are past the beginner stage and ready to level up, Castro suggested to start investing.

“Investing in things that will grow your money faster than your savings or checking account is the name of the game,” Castro said. “Start with one, figure out where your natural interest lies, focus on that investment category. Then commit to constantly learning.”

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The post What freelancers should know about navigating the gig economy appeared first on In The Know.

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Almost two fifths of gig economy workers get less than a week’s notice over shifts or work patterns

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Close to two-fifths  of UK workers in full or part-time employment are given less than a week’s notice of their shifts or work patterns, according to new research conducted by the Living Wage Foundation. 

The research – based on two surveys, of over 2,000 UK adults in each case[1] – addresses a gap in the UK’s labour market data and understanding of hours insecurity, being the first recent study to assess notice periods for work schedules across the workforce.[2]

The study found that among the 59% of workers whose job involves variable hours or shift work, over three-fifths (62%) reported having less than a week’s notice of their work schedules. At the extreme, 12% of this group – amounting to 7% all working adults – had less than 24 hours’ notice.

While short notice periods affect workers throughout the UK, they are particularly common in London, where almost half (48%) of all workers received less than a week’s notice of work schedules. Scotland (35%), the South of England excluding London (34%), and the North of England (33%)  are areas where short notice periods were less common.

A second survey conducted by the Living Wage Foundation homed in on the experience of full-time, low-paid workers, finding that they were particularly hard hit by short notice of working hours. Of those working full time and paid below the real Living Wage of £10.85 in London and £9.50 in the rest of the UK, more than half (55%) had less than a week’s notice of work schedules, with 15% having less than 24 hours’ notice. Low-paid, full-time workers from Black, Asian and minority ethnic backgrounds[3] (68% of whom had less than a week’s notice of work patterns) and those with children (64%) were also disproportionately affected.

Laura Gardiner, Director, Living Wage Foundation, said:

“Without clear notice of shift patterns provided in good time, millions of workers have had to make impossible choices on childcare, transport and other important aspects of family life. Low-paid workers have been particularly hard hit during the pandemic, with millions struggling to plan their lives due to the double whammy of changing restrictions on economic activity and insufficient notice of work schedules from employers.

Despite this, and the challenges many employers have faced, some have stepped up during this crisis and committed to provide workers with secure, guaranteed hours and notice of shift patterns. These are the businesses that will help us rebuild and recover, and we encourage more employers to follow their example.”

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