The Rise of Contractors in the Gig Economy

Want to know more? Click here to learn about the contractor surge in the United States or here to see how the Gig Economy has empowered contractors.

The Gig Economy is a labor market system characterized by short-term assignments as opposed to full-time employment regimes.

There are several advantages for those who participate in the Gig Economy:

Why should companies consider hiring contractors?

*Sources: Brodmin, Deloitte, Gallup

In the last few years, the contractor trend has been rapidly growing. Why are so many people looking for independent work?

More versatility by working on a project basis

Additional income if combined with a traditional 9-to-5 job

Independence to work from anywhere thanks to remote work

79%

64%

of full-time contractors said that they feel happier than working at a traditional job.

of millennials working traditional jobs said that they wanted side jobs to earn extra money.

of contractors said that they are working in their preferred line of work.

Hiring international contractors gives companies an excellent opportunity to test new markets before making hefty investments. Companies can hire highly educated contractors with specialized skills to support short-term projects.

51%

53%

41%

of contractors were hired because of their unique or specialized skill sets.

of contractors provided professional services such as computer programming, marketing, IT, and business consulting in 2021.

of postgraduate workers were contractors in 2021.

*Sources: Upwork

The surge of remote work and the digital nomad lifestyle widened the employment options for both companies and workers.

1 out of every 5 contractors in the U.S. has clients outside of the country

Gig Economy – The Economic Backbone of the Future? Accessed March 2022. https://brodmin.com/case-studies/gig-economy-case-study/

How Leaders Can Prepare For The Further Rise Of The Gig Economy. Accessed February 2022. https://www.forbes.com/sites/karadennison/2021/09/27/how-leaders-can-prepare-for-the-further-rise-of-the-gig-economy/

The State of Independence in America. 2019: The Changing Nature of the American Workforce. Accessed February 2022. https://s29814.pcdn.co/wp-content/uploads/2019/06/MBO-SOI-2019.pdf

Gig Economy: Definition, Statistics & Trends [2022 Update]. Accessed February 2022. https://zety.com/blog/gig-economy-statistics

What is the “gig economy”? Accessed February 2022. https://www.bbva.com/en/what-is-gig-economy/

How the Rise of the Gig Economy Influences the Workforce. Accessed February 2022. https://www.entrepreneur.com/article/381850

Freelance Forward Economist Report. Accessed March 2022. https://www.upwork.com/research/freelance-forward-2021

The alternative workforce: It's now mainstream2019 Global Human Capital Trends. Accessed March 2022. https://www2.deloitte.com/us/en/insights/focus/human-capital-trends/2019/alternative-workforce-gig-economy.html

NEW REPORT: Understanding The Long Tail Of The Gig Economy. Accessed February 2022. https://www.pymnts.com/gig-economy/2018/freelance-workers-payments-online-marketplace-hyperwallet/

Sources:

The New Freelancers: Tapping Talent in the Gig Economy. Accessed March 2022. https://www.bcg.com/publications/2019/new-freelancers-tapping-talent-gig-economy

All the tools your company needs to grow globally in one single place Enter new markets quickly and hire contractors in key locations with G-P Contractor.

G-P Contractor is an extension of our Global Employment Platform™ that allows companies to:

Facilitate contract signing between parties.

Ensure that contractors are paid on time without any additional processes.

Enable general management features on one single platform rather than multiple software and payment platforms.

Convert global contractors to full-time employees — upon mutual agreement.

We help companies embrace the Gig Economy and succeed faster

Contractors are an excellent way to test new markets, but international growth can be complex. That is why we have the perfect solution to guide you every step of the way: G-P Contractor.

Here are three tips that will help you efficiently incorporate contractors into your global growth strategy:

Companies must secure their intellectual property and trade secrets.

Make sure that your employment contracts are clear.

Every country has specific labor laws and regulations, and mistakes can be costly.

Follow local legislation.

Automate administrative tasks to allow more time to focus on providing a positive employee experience.

Simplify the hiring process for all parties.

*Source: Upwork.

The job experience contractors seek

Managing an international workforce can be complex but keeping track of a dispersed team of contractors is an even greater challenge. Companies need to consider ways to provide a positive work experience and flexibility to both contractors and employees.

want location flexibility.

73%

of skilled remote contractors want schedule flexibility.

78%

want to work on projects they consider meaningful.

73%

Tel Aviv, Israel

Shenzhen, China

Bangalore, India

Medellin, Colombia

Monterrey, Mexico

Recife, Brazil

Lagos, Nigeria

Talent hubs are an excellent place to start your search. The world is more connected than ever, and talent is available in different cities around the world.

Where to look for talent?

The main challenge employers face is finding the right person for the job. Companies need to know exactly where to look, especially if specialized skills are required.

*Sources: MBO Partners

What is the Gig Economy?

Click here for an overview of a few emerging talent hubs.

In 2017, 55 million Americans were part of the Gig Economy — 36 percent of the workforce. In 2018, 40 percent of the nation’s workforce made at least 40 percent of their income from independent jobs. By 2023, it is expected that more than half of American workers will be contractors.

Northeast contractors in the United States:

79 percent of full-time contractors said that they feel happier than working at a traditional job. 64 percent of millennials working traditional jobs said that they wanted side jobs to earn extra money. 64 percent of contractors said that they are working in their preferred line of work.

There are several advantages for those who participate in the Gig Economy:

*Sources: Forbes, PYMNTS, MBO Partners

Start Your Global Growth Journey Now

12%

44%

use social media and e-commerce marketplaces.

of contractors find work via word of mouth.

51%

34%

25%

Word of mouth

Social media

Other methods

The top three methods contractors use to find jobs are:

Want to know more?

Learn about the contractor surge in the United States

*Sources: Brodmin, Deloitte, Gallup

Gig Economy has empowered contractors