STAMFORD, Conn.–What is driving gig workers’ choices? A new “deep dive” offers some insights for credit union leaders, according to Legal & General, which conducted the survey of gig workers.
In the third segment of a broad new study sponsored by Legal & General titled “U.S. Gig Economy, Part 3: Why Gig Work Is Becoming a Choice for So Many,” the analysis continues to examine the changing nature of work in the U.S., people’s relationship to it, and what employers should be thinking about in order to attract back talent. Specifically, part three of the study explores the “why” of gig work: why people choose or find their way to the U.S. Gig Economy, and how they describe their own agency within this framework, according to the company.
The ’Choice of the Majority’
The third segment of the study found the proportion of gig workers who have undertaken working in this model by choice (82%) far outstrips those for whom gig work was the next best option when they couldn’t secure a traditional job (13%). The study also looks into the top “best and worst” factors of gig work, and how these inform lifestyle choices, sense of security, and financial stability, Legal & General explained.
“While flexibility is a top driver, ethical concerns with corporations figure in gig workers’ choices,” the company said in releasing the findings. “The study found that many workers who consider themselves part of the gig economy have ethical concerns with corporate America, with more than one in 10 people surveyed expressing this as contributing to their decision to be self-employed.”
Additional Findings
The study further found:
- The study also found that while 16%of gig workers feel better able to adapt to a changing culture as a result of working independently
- 20% reported feeling out of the loop in a fast-changing work culture.
- At the same time, 61% said that being able to work when they want is the best thing about gig work, and 46% said that gig work provides the ability to take on more work and thus make more money.
- “On the negative side,” 67% said that not having access to retirement plans and other benefits is a key drawback, and 62% didn’t like having to pay for their own health insurance.
‘Radical Change’
“The nature of work and the workplace changed radically due to the pandemic, and it’s inevitable that some of these changes will stick. The clear preferences expressed by American gig workers—less than one in five of our survey subjects would even consider working in a corporate setting—suggests a different job market rather than two-way traffic in and out of the gig economy,” said Sir Nigel Wilson, CEO, Legal & General Group.
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