The gig economy has become an undeniable and inextricable part of our lives: our ride, our food, our groceries, our nannies and our handymen are now instantly available at the tap of a button.
Thanks to the shift in the way we consume, products and services have never arrived at our door faster.
But for workers in the gig economy, payment for their services hasn’t quite caught up to speed – and more than half of them say that the delay in getting paid is one of the toughest parts of the job.
And it’s something that should make employers sit up and take notice.
According to a new report by Visa, two thirds of gig economy workers want to be paid on the go – and even within minutes of finishing their jobs.
Not only that, but half of gig economy workers would actually change employers if it meant getting paid faster.
“The immediacy of gig economy services for consumers also needs to hold true for workers when receiving their earnings, providing them with cash flow and the ability to instantly see and track their available funds,” the report said.
Axel Boye-Moller, Visa head of product for Australia, New Zealand and South Pacific, pointed out that payment speed was becoming a competitive factor for businesses.
“Real-time payments solutions will enable a new wave of experiences. And it’s important for businesses to take note, as these solutions will be increasingly critical to building and retaining loyalty from customers and employees.”
Who’s working in the gig economy?
According to the research commissioned by Visa, Australia is home to an estimated 4.9 million gig economy workers – and many of these are actually full-time workers seeking additional income.
Aussies are interested in new opportunities, too: nearly half (45 per cent) of all Australians said they’d consider some casual or ‘gig economy’ work to supplement their salary over the next 12 months.
By 2023, the number of gig economy workers in Australia is expected to rise to 6.7 million.
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