A new study conducted by daVinci Payments found that 72 million, 29 percent, of American adults work in the U.S. gig economy, earning approximately $1.2 trillion annually. Supplementing income is the primary reason they participate with the average gig income just under $17,000 per year.
The majority of gig workers report that they maintain full-time employment with traditional jobs for stability, insurance and higher income. Only 25 percent want to gig full time.
As employers come to rely on gig workers more every year, they must learn how to attract the best gig talent, said Rodney Mason, daVinci Payments Chief Revenue Officer. Adopting a mobile-first instant pay and reward structure, based on immediacy and ease of use, is clearly a competitive advantage to attract and retain the best and brightest.
Gen Z and Millennials with advanced education have the highest propensity to gig. The study, conducted by daVinci in October 2019, garnered the following findings on the gig workforce:
- 86 percent say they like gig work
- 80 percent intend to do the same or more gig work in the future
- 79 percent have at least some education beyond high school with 46% holding a college degree
- 65 percent have received same day pay, and 75 percent say it would make them more loyal to a gig job over one that doesnt offer it
- Prepaid that can be spent anywhere is the incentive reward of choice
The study includes the Top 20 Gig List„¢ ranking by participation categories with
1) Restaurants, 2) Retail, 3 – Tie) Customer Service and Delivery/Driving topping the list.
The ˜Top 20 Gig List, illustrates how gig is disrupting massive service sectors, Mason noted. Education, for example, is ranked in the top 10 and will continue to climb higher on the list as online classes for US educators continue to grow domestically and around the world. Counseling, sales and other consultative services are on similar trajectories, making the market more competitive for gig labor talent, added Mason.
For more details, you can see the full study here: https://www.davincipayments.com/research-studies/gig-study/.
About daVinci Payments
daVinci Payments is leading the payments movement to greater value through high-impact brand connections at the intersection of the payment. daVinci optimizes fast corporate-funded payments to businesses, their contractors, customers, employees, participants and channel partners through virtual, digital and physical card payments in 160+ countries, 17 languages and 10 currencies. www.davincipayments.com. daVinci is owned by Syncapay, a holding company investing in the new frontier of payments.