On the surface, it would appear that Generation Z are all for the gig economy. According to Kronos Incorporated, a staggering 53% of Gen Z respondents are said to be willing to pass up the regular 9-5 routine in exchange for flexible work schedules and the opportunity to “be their own boss”; unsurprising, given that Generation Z are the most well connected generation and more fluid than ever before in terms of their ability to access and share information across the world in seconds. With freelance and flexible working tipped by many to become the standard working style of the future, it’s encouraging to see that the majority of Gen Z are expressing a desire to work in this manner.
However, despite these initial positive statistics suggesting that the future of freelancing is looking bright, there is a huge obstacle which could potentially scupper Generation Z’s transition into freelance work altogether: reliability. The same report published by Kronos exposes the fact that Gen Zers would hesitate to go all-in with the gig economy because of unwillingness to give up the stability (47%), predictable pay (46%), that a traditional job may offer.
Gen Z’s desire for stability and how they measure success may threaten the future of the gig economy completely, as the current state of this method of working is plagued by inconsistent payments and poor rights for workers.
Job stability is “very important” for nearly half of Gen Zers (46%), with nearly all (91%) saying it’s at least moderately important. Ultimately, almost half of Gen Z workers are dissuaded from freelance work purely due to the lack of stability and unpredictability surrounding pay; this is a frightening prospect when one considers that Gen Z is the generation with the most tools and natural predisposition to working flexibly on a freelance basis.
Addressing the issues surrounding the unpredictability and inconsistency of payment is therefore of paramount importance. This can be achieved by introducing reliable payment systems and software which automates the whole back office and payment processes, thereby allowing flexible workers to plan their finances in the same way permanent employees can. Same-day payment systems, such as those provided by ETZ, will ensure that freelancers are paid frequently and reliably, and will allow for current and future generations of workers to easily transition into working life as a freelancer.
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