Branch, a leading workforce payments platform, has released its inaugural State of Gig & Staffing Report. The study delves into the motivations, preferences, and challenges faced by the contingent workforce, revealing a significant shift towards gig and staffing work as a viable alternative to traditional employment.
- Financial Resilience and Preferences
- Confidence in Gig Work: 86% of workers believe gig and staffing jobs offer equal or greater financial resilience compared to traditional roles.
- Higher Earning Potential: 47% of respondents see higher earning potential in gig and staffing roles compared to salaried positions.
- Key Decision Factors:
- Higher Earnings: 73% prioritize earnings when choosing a platform.
- Scheduling Flexibility: 64% value flexibility in work hours.
- Faster Payouts: 55% prefer quicker payment options.
- Technology and Payment Preferences
- Importance of Mobile Apps: 90% consider it crucial for employers to offer a mobile app for managing work hours and shifts.
- Payment Flexibility: 75% of workers want daily payments, and 69% would choose a platform offering instant payments over others.
- Financial Security: 86% believe fast payments contribute to greater financial security and peace of mind.
- Worker Classification Preferences
- 1099 vs. W-2: Workers are twice as likely to prefer independent contractor status (32%) over traditional employee status (15%).
- Reasons for Preference:
- 1099 Classification: Independence (51%) and flexibility (25%).
- W-2 Classification: Earning potential (35%), benefits (19%), and work continuity (19%).
- Shift Towards Full-Time Gig Work
- Primary Income Source: 75% of respondents rely on gig or staffing work for at least half of their income.
- Future Outlook: 38% plan to pursue gig or staffing work as their full-time employment.
- Top Expenses and Financial Concerns
- Major Expenses:
- Groceries: 77% are most affected by grocery costs.
- Gas: 73% report high gas expenses.
- Housing: 48% are concerned with housing costs.
- Emergency Savings: 32% of contingent workers have $500 or more saved, compared to 17% of hourly workers.
- Major Expenses:
- Interest in New Tech Training
- Upskilling Trends: 88% of contingent workers are open to further training.
- Areas of Interest:
- New Technology: 48%.
- AI: 43%.
- Cybersecurity: 35%.
- Digital Marketing: 34%.
- Communication: 30%.
Branch’s State of Gig & Staffing Report underscores the evolving landscape of the contingent workforce. The findings highlight a strong preference for flexibility, higher earnings, and quick payments, alongside an openness to new technology and training. As gig work continues to grow as a primary source of income, these insights provide valuable guidance for platforms and agencies aiming to attract and retain top talent in this dynamic sector.
