Embracing Autonomy: The Rising Preference for Gig and Contract Work

The allure of gig and contract work is stronger than ever, and it isn’t slowing down.

According to research from Statista, the global gig economy reached over $455.2 billion in revenue in 2023, and will continue growing at a compound annual growth rate of 15% through 2026. 

This shift is not just a trend but a significant change in how individuals approach their careers, arrive at a sustainable work-life balance, and meet profound desires for autonomy and flexibility.

Flexibility and Freedom

The primary force behind the rising preference for gig and contract work is the flexibility it offers. Individuals can choose when, where, and how much they work. The power to tailor their jobs to fit their lifestyles – rather than the other way around – is unmatched. This freedom is particularly appealing to those who value work-life balance. Work-life balance, though, isn’t always about time to hike or pursue other leisure activities. It is very often a requirement for individuals who have familial responsibilities that can’t otherwise be accommodated.

Diverse Income Streams

Gig and contract work enables individuals to develop multiple income streams. This is a simple but incredibly powerful concept. Increasingly dynamic markets are driving more workers to diversify their earnings. This is all about reducing financial risk as traditional job security can no longer be taken for granted.

Opportunities for Entrepreneurship

Gig and contract work often serve as launching pads for entrepreneurial ventures. Low-risk environments to test ideas, build a client base, and develop business skills in a real-world context while minimizing risk is extremely attractive. For many, this is an invaluable first step toward owning a business and securing their financial wellbeing.

Tailored Career Development

Unlike traditional employment, which is seen as offering only a one-size-fits-all career progression, gig work allows individuals to pursue opportunities that closely align with their personal and professional goals. Individuals can choose projects that challenge them, enable them to acquire new skills, or align with their passions. Establishing the foundation for a more fulfilling career path is increasingly cited as one of the main reasons gig / contract work is chosen.

Adaptability and Resilience

As individuals learn to navigate diverse projects, manage fluctuating income, and continuously market themselve, gig and contract opportunities foster adaptability and resilience. These skills are seen as invaluable in today’s fast-paced, ever-changing job market.

What’s Next?

Fueled by technological advancements, changing societal norms, and a collective reevaluation of what it means to have a fulfilling career, the appeal of gig and contract work is going to continue to grow.

The gig economy is an increasingly attractive option for individuals worldwide. The movement towards autonomy, diversity in income sources, and personalized career development is reshaping the talent landscape.

In our next piece (to be published later this week), we’ll look specifically at the need to align payment operations with worker preferences in order to attract and retain the best possible talent.