No young love for the gig
Millennials aren’t particularly in love with the gig economy. In fact, the percentage of US millennials with full-time careers has risen from 45% in 2016 to 66% this year, writes David Jolley, EY Americas growth markets leader, in the Harvard Business Review.
He says the data show this generation may actually want the same thing as their parents. That is, steady jobs with a clear advancement track and benefits such as health insurance and paid time off.
Around one-third of the workforce relies of contingent work, lower than the much touted 40%. And only 10% of workers rely on gig arrangements for their full-time jobs. Plus under 1% have used online platforms to arrange work in the past month.
“Most workers are still grabbing extra hours the old-fashioned way — tending bar or temp work on the side — not by being digitally summoned,” says Jolley.
In its annual global survey of middle market company leaders, EY says it found some movement away from part-time and gig hiring. Most companies are committed to full-time hires for all of the advantages that bestows — loyalty, retained knowledge, institutional memory, and stealing top talent from the competition.