Gig is Big: LinkedIn wants to be the whale of the gig economy.
LinkedIn is set to capitalize on and maybe expand the gig market.
Technology is delving deeper to make its head towards advancement, shifting work paradigms are fueling a surge for the gig economy to evolve as bigger as it never did in the past. With the demographic changes freelance economy is booming, and freelancing is now emerging as the preferred lifestyle and work around the globe.
While the Covid shaped and set the other world-online, it increased reliance on online jobs, work from home, and many multiple ways to monetize.
The trend is impacting the global movement, and many countries are emerging exceptionally in the freelancing world. There are 7,000 plus freelancers from more than 150 countries, including emerging markets and bringing revenue to their countries.
The top 5 countries which saw an increase in freelance revenue are followed as;
1. United States with 78%
2. the United Kingdom with 59%
3. Brazil with 48%
4. Pakistan with 47%
5. Ukraine with 36%
The Gig Economy
Online marketplaces and collaborative technologies make it easier for workers and recruiters to search, contribute, and communicate. Online payment platforms such as Payoneer make it an additional good thing.
The gig economy continues to expand with Gen-Z and millennials.
According to a Payoneer report, around 54% of millennials in developed countries started their own business, and as many as 64% of millennial full-time workers make extra money as “side-hustles.”
Many companies are coming up with the notion to connect freelancers. The Gig Economy has been growing faster for the past years. It is expected to grow from $ 208 in 2018 to $455 billion in 2023.
The Linked-in’s Gig is big.
The world’s largest professional website Linked-in-targeting upwork — is now all set to chase its competitor by storm. LinkedIn first launched as a beta version for the marketplace in March and is now working on its major expansion into the gig economy. Since the company has launched its freelancing program, 2 million service providers have joined Linked-in. Not only the service providers but the company formation also rose to 36% in 2020, says Linkedin.
For recruiting, setting up a professional profile linked-in has been the world’s biggest platform to showcase yourself. The job seekers shifted to fiver, upwork, and other platforms to earn and secure jobs. However, it missed the market, but now it mended the broken string of the missed market.
Linkedin’s Profinder is a marketplace for freelancers to buy and sell their services.
- From March to October 2020, the search for remote jobs increased by 2.5x on LinkedIn.
- 40 million people have used Linkedin to search for jobs every week.
- Linkedin is the most trusted job-seeking platform in the USA, while 76% of the users are outside the USA.
- 55 million companies are on Linkedin.
Some of the facts revealed the great diversity and authentic nature of Linked coming up as a giant in the gig economy. In its test-run pool, it has started reaping the best. Linkedin’s Profinder is available in the USA with limited services only. It needs to expand its muscle and must enable the emerging freelancing economies.
There are many examples of those who left their jobs to become full-time freelancers. Not only does it offer great money, but also it has great time flexibility.
Thrilling time ahead
With Facebook changing into metaverse to cater to more businesses to flourish, the entry of Linkedin in the gig economy market for sure will bring an exciting time ahead for the freelancers.
Together Upwork and Fiverr generated revenue of $550 million last year, already having over 700 million professionals. LinkedIn for sure has more potential to stir the marketplace.
With the global availability of marketplaces, it may help to close the gender gap.
‘Our survey shows that the mean hourly rate of female freelancers is 84% of the mean hourly rate of male freelancers across all fields. This gives hope that the freelance workforce has the potential to close the overall mean gender pay gap in earnings’. Payoneer.