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February 2020
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TD Magazine

Word Wiz: Giganomics

Traditional 9-to-5 jobs are no longer the only way, nor have they been for at least a decade. The gig workforce is in full force. Giganomics refers to the economy driven by gigs—that is, short-term, flexible, and typically remote jobs.

The gig economy offers individuals the freedom to choose when and how they work and provides workers with opportunities to freelance full time or to supplement their primary income.

And it continues to grow. According to Gallup and Small Business Labs, 57 million US employees are gig workers, whether for their primary job or as a side hustle. This isn't limited to the US, though. BCG Henderson group's BCG Future of Work 2018 survey shows that more than one-third of workers in several developing countries are using gig platforms for secondary income.

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Giganomics is likewise spanning industries and experience levels, with the study revealing more than 19 percent of gig workers in several different industries, such as agriculture, mining, fishing, and forestry; manufacturing; finance and insurance; and information technology. And according to the survey, the gig economy is creating employment opportunities for minorities, women, and individuals in emerging markets.

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About the Author

The Association for Talent Development (ATD) is a professional membership organization supporting those who develop the knowledge and skills of employees in organizations around the world. The ATD Staff, along with a worldwide network of volunteers work to empower professionals to develop talent in the workplace.

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