The Gig Economy: A growing workforce trend

We talk about the creator economy a lot, but what about the gig economy? Simply put - it encompasses all independent workers, not only creatives. Breaking out from full-time employment, people are choosing gigs for numerous reasons, including flexibility and extra income. However, facing challenges like inconsistency prevents the majority from doing it for a living. In this article, we will explore the driving forces for the gig economy, delve deeper into the challenges, and discover how MetaPax is the answer to them.

The Gig Economy on the Rise

The gig economy has been steadily on the rise in recent years. According to the findings from McKinsey's 2022 American Opportunity Surve y, approximately 36 percent of employed individuals in the United States, which translates to roughly 58 million Americans, now identify themselves as independent workers. This marks a notable increase from the 27 percent reported in 2016, signifying a significant shift in the composition of the American workforce.

While independent work offers undeniable advantages, including flexibility and autonomy, it is important to note that the majority of individuals engaged in such roles express a strong preference for more stable forms of employment. Surprisingly, 62 percent of those surveyed in the McKinsey study indicated that they would prefer traditional permanent or non-contract positions. As we delve into the challenges and dynamics of independent work, it becomes clear why this preference for stability exists. We see MetaPax as an opportunity to merge the needed stability with the freedom of doing what people love and earning income from it, while taking control of their time, and the income flow, completely.?

Understanding independent workers: a diverse landscape

Independent workers, often referred to as freelancers or gig workers, encompass a wide range of occupations and job categories. They include highly paid professionals such as actors and lawyers, as well as lower-earning individuals like delivery drivers and those who rent out their homes on a short-term basis. Additionally, workers engaged in "side hustles," supplementing their primary sources of income, also fall under the umbrella of independent workers.

Why Choose independent work over permanent employment?

Over a quarter of respondents in the McKinsey survey reported that they engaged in independent work out of necessity, primarily to support their families. This marks a significant increase from 2016 when only 14 percent of respondents cited necessity as their primary reason for independent work. When it comes to choosing the type of gig they wanted to do, convenience was the main driver while money they could make was the second biggest motivator.?

Approximately a quarter of respondents reported that they pursued independent work because they genuinely enjoyed what they did. This motivation was particularly prevalent among high earners. Another quarter cited flexibility and autonomy as the driving factors behind their choice to work independently.

Demographics and income levels

Independent work transcends age, education levels, and income brackets. However, it tends to be more prevalent among younger workers, who may seek greater flexibility in their careers, as well as those with lower incomes. Moreover, nearly half of all surveyed immigrants reported engaging in independent work, highlighting its appeal as a means of economic opportunity for newcomers to the United States.

In terms of income, the gig economy exhibits a wide range. A third of those surveyed reported annual earnings exceeding $150,000p/year, encompassing professionals like lawyers, accountants, actors, social-media influencers, and specialized healthcare workers such as traveling nurses. However, this high-earning group is not representative of the majority. Younger individuals, those with less formal training, and recent immigrants often engage in roles with lower barriers to entry, such as driving for ride-sharing services or delivering take-out meals.?

The factors driving the gig economy

Several factors have contributed to the growth of the gig economy in the United States. Technological advancements have played a pivotal role, making remote work more accessible than ever before. The proliferation of ridesharing and digital food delivery platforms has expanded the gig workforce significantly, connecting a growing pool of workers with potential customers. Moreover, the increasing popularity of remote collaboration tools, especially during the pandemic, has made it just as convenient to collaborate with a freelancer as with an in-house colleague.

The economic disruptions caused by the pandemic have also played a significant role in the rise of independent work. Many individuals who were laid off during the pandemic turned to freelancing as a means of generating income and gaining greater independence and flexibility in their work. More recently, inflationary pressures have driven lower-income workers to explore side gigs through these digital platforms.

Challenges faced by independent workers

The gig economy can provide workers with greater flexibility and the ability to choose their own projects and schedules. This flexible setup can also come with challenges, such as:

Lack of job security: One of the main challenges of the gig economy is the lack of perceived job security which creates instability and uncertainty. Gig work is often short-term and can be inconsistent, which means that workers may not have a steady stream of income or access to benefits such as health insurance or retirement plans. 54 percent of independent workers express concerns about the stability of their employment, compared to only 35 percent of their permanent employee counterparts. This can make it difficult for gig workers to plan for the future and provide for themselves and their families.

Lack of legal protections: Gig workers are often classified as independent contractors, which means that they are not entitled to the same rights and protections as traditional employees. This can make it difficult for gig workers to seek recourse if they are not paid fairly or if they are mistreated by their clients.

Difficulty finding quality work: With so many gig workers competing for a limited number of projects, it can be tough for workers to stand out and find high-paying, fulfilling work.

How MetaPax can help overcome gig economy challenges

Encouraging the optimistic participants of the gig economy, MetaPax solves many of the earlier-mentioned problems that freelancers currently face. Catering to the desire for flexibility, it adds the necessary conditions to turn a gig into a sustainable business:

Full control: as opposed to the current situation, where independent workers are actually highly dependent on the work that's out there - with MetaPax, one can take full control of the workload, working hours, earned money and even provided services. There is no middleman between you and the consumers, which removes many barriers when it comes to providing services for cash.?

Global audience reaches: due to the nature of our platform, connecting with people is the main advantage, as the global audience is within your reach at all times - with no expensive promotions, preparations or strategy. MetaPax account is your playground where gigs are not just limited to your local area, but all around the world.?

Fair and simple monetization model: imagine completing your gig and getting paid within a matter of minutes, with no complicated contracts, deviations, delays or earning caps. MetaPax provides a fair up to 80/20 revenue split, why blockchain-supported payments enable people to exchange monetary rewards from any part of the world.?

How it works??

MetaPax is designed to change the broken models of content monetization by empowering people to earn by doing what they love. Through the POV live streaming technology, our platform creates an opportunity to ‘rent’ another person to complete the tasks, such as a city tour, a house viewing or a piano lesson. So, as an independent worker, all you need is a MetaPax account and a wearable device, we recommend smart glasses for the highest performance. Once you’re in, there are a few ways to do it…

• Create a compelling profile and list your services - wait for someone to reach out.
• Get tasked by someone to do a certain task - get paid instantly.?
• Create an open stream to reach more audiences and show them what you’ve got.?
• Introduce subscriptions to your channel and do regular streams for people to join in.?

What to stream? It could be anything. If it involves passion - there will be an audience for it.?

Cooking, photography, real estate, car mechanics, dancing, fashion, travelling adventures. You name it; it’s possible.?

In conclusion, the gig economy continues to shape the landscape of employment in the United States, with its growth driven by a combination of technological advances, economic disruptions, and shifting preferences among workers. As independent work becomes increasingly prevalent, employers and policymakers alike must adapt to meet the evolving needs and aspirations of the workforce in this dynamic and ever-changing labor market.