The future of the gig economy and how it may affect your business or investment.

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The future of the gig economy and how it may affect your business or investment.

The current pandemic has seen unemployment rise to 15% as of April and dropped to 13.3% in May. This means that millions of people are looking for new ways to earn money to pay their household bills and survive.

Companies who are benefiting from the pandemic

Over the last few months many companies had to shift their business models to stay relevant. Sadly, over 100,000 small businesses closed their doors forever as a direct result of Covid, yet we see the likes of Amazon, Zoom, Clorox, M3 and Nintendo Gaming soar

The pandemic has both created pause and further opportunity inside the gig economy. While Uber and Airbnb operations have slowed significantly, there are others like Instacart and Grubhub who have benefited from new gig opportunities in the marketplace. Many independent contractors are switching companies in order to create a side or full time income. 

What is the gig economy?

The gig economy is explained by Investopedia as: “temporary, flexible jobs which are commonplace where companies tend to hire independent contractors and freelancers instead of full-time employees”. A gig economy undermines the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career.

The shift to independent contractors and the gig economy in a pandemic world

Over one-third of US workers participate in the gig economy. Gartner reveals 40 percent of CEOs are planning on outsourcing roles and responsibilities to freelancers in the contingent workforce.

On a global scale, independent contractors only represent one-quarter of the global workforce, but this figure is projected to increase exponentially to 40 percent by 2025.

Huvr Inc, a new gig economy player who is set to enter the retail market in early 2021, has a covid friendly approach to business. Due to the Covid-19 pandemic, nearly every country in the world has set “new normal” restrictions. From closing and limiting business operations, to masks, to social distancing, the world as we knew it has changed. Huvr provides the opportunity for people around the world to work and to virtually travel inside the guidelines of this “new normal”.

Huvr’s business model is similar to Uber in that it enters the global gig economy creating jobs and a chance for those seeking side incomes or full time earnings while enjoying a freedom lifestyle – Whether going to college, raising a family or semi-retired. 

Huvr Inc is still under wraps from the public, with patent pending technology including gamification and augmented reality features, you will see them more loudly as they release in the coming months – transforming the way we see the world, engaging with real news, media, and events. You can get a sneak peek, available for interested parties who wish to potentially participate in the next round of funding. 

To learn more you can connect with their C-Suite team at [email protected]

Presented by Team Huvr
Chief Marketing Officer
Jaime-Lee Fraser

Sources:

https://www.washingtonpost.com/business/2020/05/12/small-business-used-define-americas-economy-pandemic-could-end-that-forever/

https://www.bls.gov/news.release/pdf/empsit.pdf

https://www.mercurynews.com/2020/05/07/business-is-booming-for-these-14-companies-during-the-coronavirus-pandemic/

https://au.finance.yahoo.com/news/gig-economy-2020-224527957.html