With the cost of living on the rise, more Canadians are turning to the gig economy to make ends meet — a move one Nova Scotia business professor says is indicative of a troubling trend.
As inflation hits record highs, raises are not keeping up, prompting more people to take up a side-hustle, says NSCC business professor Ed McHugh.
“When inflation is running at seven, eight per cent, and you’re getting a great raise of two, you’re already losing five to six per cent in the economic race,” said McHugh in an interview Friday.
He says that’s what’s boosting the popularity of the gig economy.
“More and more people are working full-time, but also adding in the gig economy to their structure,” said McHugh.
Over the last five to 10 years, the job market has seen a shift away from full-time positions towards contract work, says McHugh. But he says not all young people perceive it as a problem.
“I spend my days with people who are 18 to 25 years old,” he said. “It doesn’t scare them as much, actually. They’ve gotten used to ‘that’s how the world is.’”
He says this is not a trend born out of the COVID-19 pandemic, and Statistics Canada backs that up.
Roughly 1.7 million Canadians — or one in 10 — were involved in the gig economy before the pandemic, according to the Statistics Canada report, “The changing nature of work,” released in January.
It says half of those people worked gig jobs full-time while the other half turned to that line of work to supplement their income. The report says most gig workers earned less than $5,000 a year from their gig job.
“I think it’s the new reality,” said McHugh.
If you are thinking of getting into the gig economy, McHugh says you need to consider what you are good at and get even better.
“Figure out how to network and get out there and promote those skills.”
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