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daVinci Payments’ Study Shows Boom in the Gig Economy and How to Attract Gig Workers and Grow Their Loyalty

·4-min read

New study identifies changes driven by rapid growth of the gig economy

A new national gig economy study released by daVinci Payments found an explosion of growth in the gig economy in 2020, with an estimated increase of 23 million participants vs. 2019. The study identifies how to grow loyalty and engagement with gig workers who are identified as taking short-term work engagements for income.

Gig wages and participation grew 33% in 2020 to represent 93 million U.S. adults earning $1.6 trillion compared to the 70 million adults who earned $1.2 trillion in 2019. The growth of gig work is driven, in part, by the dynamic shifts in demand for gig services accelerated by COVID-19. daVinci’s study, conducted in November 2020, garnered responses that reflected workers’ motivations to participate in the growing gig market, including supplemental income, flexibility, and stability of work sources.

Gig workers value their employment, but they have requirements to keep their loyalty. Special savings offers delivered with their work pay, same-day payments and app-engagement experiences are highly sought after.

  • 72% would like relevant special savings offers delivered with their gig work pay.

  • 70% of respondents say they would be more loyal to a gig work program with same day pay, and 63% have actually received it.

  • 61% believe apps for scheduling and tracking hours are also important.

"Companies that use gig workers can save time and money while attracting top talent by giving them what they are looking for from their gig work," said Rodney Mason, daVinci Payments’ Chief Marketing Officer. "Gig workers are demanding and want to receive thoughtful pay with relevant savings offers, same day pay with flexibility in virtual and mobile payment options and user-friendly apps to schedule and pay workers. Providing these services can grow loyalty to a gig employer or specific gig job. An additional benefit of providing these services is that they are available at a lower cost than traditional payment methods."

A range of industries have shown reliance on gig work. The top five gig job categories out of the 18 recognized in the study and the percentage of gig workers that participate in each are as follows:

1) Retail 23%
2) Restaurant 22%
3) Cleaning 18%
4) (Tie) Customer Service 17%
5) (Tie) Delivery Driver or Rideshare 17%

daVinci’s Gig Economy study will be presented in a free webinar on Tuesday, Feb. 2, from 3 – 4 p.m. ET. To sign up for the webinar, please visit https://www.davincipayments.com/gig-webinar. Everyone who signs up will receive a copy of the study and a recording of the webinar.

Other findings identifying gig worker characteristics include:

  • 78% of gig workers planned to do the same or more gig work in the next year.

  • 63% of gig workers had a full-time job in addition to their gig job(s).

  • Gig workers are more highly educated than the general public, with 56% having some college experience or degree.

  • 40% prefer a mix of full-time and gig work, while 30% prefer only gig work.

  • More than half of gig workers are Gen Zers and Millennials (18–39-year-olds) and have an annual household income of $50K or less.

About daVinci Payments
daVinci Payments simplifies gig economy payments to save gig companies time and money and make gig workers more loyal with same day pay, virtual instant payments, relevant savings offers and brand engagement. To learn more about daVinci’s Gig Worker payments, go to https://www.davincipayments.com/industries/gig-freelance-and-service-providers/.

daVinci delivers corporate funded payments with greater value for all stakeholders. Blending art, science and a quarter-century of experience, daVinci delivers the most advanced payment solutions including virtual and physical prepaid, push pay and beyond with branded engagement for businesses, their contractors, customers, employees, participants and channel partners around the world. Learn more about daVinci’s payment solutions at www.davincipayments.com.

daVinci is owned by Syncapay, a holding company, "Investing in The New Frontier of Payments" which also owns North Lane Technologies and is backed by Bain Capital Ventures and Silversmith Capital Partners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210126005849/en/

Contacts

Chris Pham
cpham@ideagrove.com
(972) 330-2642