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Gigs Over Employment

- February 04, 2019

Workers Are Choosing Gigs Over Employment

recent survey commissioned by BMO Wealth Management asked respondents their reasons for becoming self-employed. Voluntarily making the choice was the most popular reason (cited by 60% of respondents), followed by needing a new challenge or change (42%), and to find purpose after a previous business venture (15%). More men than women (48% vs. 36%) needed a new challenge, and more millennials voluntarily made the choice (65%), compared to generation-Xers (57%) and boomers (59%). Only 30% of the younger age groups (ages 21 to 39) reported that they would prefer working full-time. For gig economy workers in their 40s, 50s, and early 60s, satisfaction rates scored high. Why have workers embraced the gig economy? The top three reasons cited were to make extra money on the side (55%), balancing career and family needs (48%), and having autonomy and control (48%). According to the study, "flexibility and choice about when, where, and how to work give them greater job satisfaction".?