The UK’s gig economy is made up of 4.7 million workers and, in 2016, was reported to contribute £119 billion to the UK economy. Freelance numbers have increased by 45% from just under 6.2 million to 8.9 million in 2013, making them the fastest growing group in the EU labour market.
Nick Woodward, CEO of ETZ Payments, is keen to provide the following commentary:
“Businesses, especially SMEs and scale-ups are utilising software that is continually being innovated enabling easy and frictionless recruitment. The long cumbersome process of hiring people by posting adverts online and even in newspapers is dramatically changing and in the future freelancers will be hired, recommended and paid at the click of a button on a smartphone.
Our mission at ETZ Payments is to make all of the processes involved with recruitment seamless and instantaneous. With new technology it should be possible to be hired as a freelancer, carry out your work and then be paid for that work all on the same day using one piece of software. Archaic payment systems that blight the gig economy should be a thing of the past. 22 million Brits manage their bank account on their phone and ordering food and goods via apps has become the norm. This live automation needs to crossover to the world of recruitment and payments too in order to ensure that the gig economy can continue to evolve and grow.”
There is no doubt that the gig economy has received a huge boost from the astronomical growth of app based technology with services like Uber, Deliveroo and Checkatrade allowing people to hire workers at extremely short notice. Research from ETZ Payments found that 22% of Brits switched to working freelance from working 9-5 to achieve a better work/life balance, and now feel happier.
As software and technology develops, it is certain that the gig economy will continue to flourish and develop. New research from ETZ Payments can unveil that 58% of British workers think the most popular method of working in the future will be flexible working.