Gig Economy Accounts for More than a Third of American Workforce

An accomplished businesswoman, Becky Catino serves as the co-founder of GigSmart in Cincinnati, Ohio. Through this app, Beck Catino facilitates direct and immediate employment on flexible terms for employees and employers. GigSmart is meant to help individuals, businesses, and non-profit organizations navigate the growing gig economy more successfully.

Recently, Intuit estimated the gig economy accounts for 34 percent of the American workforce. The owner of TurboTax, Intuit has seen firsthand the impressive growth of short-term and flexible work in the United States. The company estimates that self-employment gigs will account for 43 percent of the workforce by 2020, but this prediction may be modest. Emergent Research, an Intuit partner, has reported that the gig economy will likely double over the next four years.

TaskRabbit, Airbnb, Uber, and other apps have fueled the gig economy by making it easier to find short-term jobs that fit into personal schedules. However, a number of questions still remain about this economy, and the US Labor Department has struggled to quantify data on freelancers. What makes quantification so difficult is distinguishing between freelancers who do their gig work full-time and those who do it on the side and while still holding more traditional employment.

Part of the reason that the gig economy has grown so quickly is the freedom it provides a way to earn money on the side, and many freelancers earn this money doing something that they love. McKinsey found that gig workers who freelance by choice tend to be happier than those in 9-to-5 roles.

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