Flexibility and Purpose — Workforce Turns to Gig in Pursuit of the Ultimate Work-Life Blend
August 20 2019 - 3:00PM
Business Wire
One in five U.S. employees are part of the gig
economy, 85% of whom are interested in continuing contract work in
the next five years
Thirty million American workers rely on gig work as their
primary income source and 67% of full-time employees indicated
interest in gig work over their current jobs, according to
MetLife’s latest report, “The Gig Economy: Opportunities,
Challenges, and Employer Strategies.” The report’s findings
demonstrate the fundamental impact gig work is having on the
American workforce in the changing work-life world, as employees
are increasingly drawn to the allure of flexibility, autonomy and
desire for purpose in their work.
Defined as work based on a fixed-term contract or that is paid
per project by a company, third party or online marketplace, gig
work has made a major impact on the economy. In addition to the 30
million Americans generating their primary income from gig, another
15 million workers supplement “traditional” full-time work with
“gigging/freelancing.” These numbers are only set to rise.
“As interest in gig continues to swell, employers who take the
time to understand gig workers—and think through their needs and
wants from work—will reap the benefits of a more engaged, diverse
and satisfied workforce,” said James Reid, executive vice
president, Global Employee Benefits, MetLife. “By creating
experiences within the workplace that offer the same gig-like
diversity of exposure, purpose-driven work and flexibility,
employers can also satisfy full-time employees’ interest in gig
work.”
Rise of the Gig Economy
MetLife’s report found that 85% of gig workers are interested in
continuing contract work in the next five years, versus a more
traditional work role. Additionally, almost 20% of full-time
employees are already earning extra cash through side hustles and,
of those, 49% intend to leave their current employer for contract
or freelance work in the next five years. This trend provides a
serious challenge for traditional employers who need to understand
the overlapping interests of both gig workers and full-time
employees to retain and attract highly-qualified talent.
“Our research shows that workers are turning to gig in the
pursuit of creating the ultimate work-life blend where their
careers meet income needs, provide a flexible schedule, and also
give them a sense of purpose,” Reid said. “However, these gig roles
often come without benefits, which is why MetLife is exploring ways
to offer benefit solutions to this growing segment of the
workforce.”
In addition to flexibility and autonomy, gig enables workers to
pursue projects that are meaningful to them and provide a sense of
purpose. Nearly half (47%) of gig workers say they work to gain a
sense of fulfillment and self-worth, and that they are more
satisfied with their current freelance and contract work than their
previous traditional work roles (45%). Gig workers see work as
necessary to fulfilling their higher needs. In fact, one in three
say that purposeful work would attract them to a full-time job.
Attracting and Engaging Gig Talent
Few employers today offer subsidized benefits to their gig
population, if at all. Only 4% of gig workers report their employer
offers medical insurance and only 5% say their employer offers a
retirement plan. Many employers also fail to provide access to
other traditional and non-traditional benefits, including dental
and vision, short-term and long-term disability and accident
insurance.
This indicates a missed opportunity when it comes to leveraging
benefits to attract existing and potential gig talent. According to
MetLife’s report, 43% of gig workers say employers can offer better
benefits to attract them to consider a full-time job. Additionally,
29% of full-time employees who intend to leave their jobs for gig
in the next five years say better benefits may make them stay.
Benefits Strategy with Gig Workers in Mind
In the ongoing war for talent, understanding the evolution of
what traditional full-time employees and gig workers want from work
can help employers create real and meaningful solutions. Gig
workers have ever-increasing resources to find jobs and
opportunities, giving them the power to pick and choose which
organizations best meet their benefit needs as well as desires for
meaningful and purpose-filled work.
Over the next few months, MetLife will continue to explore the
gig space through research initiatives and in-market testing. These
efforts will provide additional insights into the benefits needs of
gig workers, enabling MetLife to develop solutions that will bring
value to this important and growing segment of the workforce.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries and holds
leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information,
visit www.metlife.com.
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Media: Liz Harish elizabeth.harish@metlife.com (212)
578-6809
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