Gig Economy in Latvia - Future Prospects

While the gig economy continues to gain momentum worldwide, it remains a relatively new concept in Latvia's labor market vocabulary. At this point, many may question its long-term viability and whether platforms like Taskio have a future in the domestic market.

In this overview, we'll explore the reasons behind the growing popularity of the gig economy model and examine statistics to gain insights into its long-term potential.

The Gig Economy - A Passing Trend or the New Norm?

While the gig economy has been a part of our domestic labor market for some time, it truly took center stage in 2020, driven by the upheaval caused by the Covid-19 pandemic.

The pandemic's profound effects, including business closures, widespread job losses, and limitations on entrepreneurship, triggered a seismic shift in the career paths of individuals across a wide range of fields on a global scale.

The quest for alternative income sources, combined with the surge in gig work during the pandemic years, and boosted by the increasing prevalence of remote and hybrid work models, inevitably had a profound impact on the traditional 9-5 work model.

During this period, many workers gained unprecedented autonomy and professional flexibility, qualities that were previously considered unattainable in the domestic gig economy context.

The era also initiated a broader societal discussion on the importance of work-life balance and sparked debates about the implementation of a four-day work week. The consequences of this period on the global and domestic labor markets continue to reverberate today.

However, can we confidently assert that, in 2023, the gig economy encompasses more than just various courier services and e-commerce side gigs? Furthermore, can it genuinely compete with traditional employment models?

The Gig Economy in Latvia and Worldwide - Insights from Statistics

Expert forecasts and publicly available research indicate that the gig economy has evolved beyond being just a fleeting trend.

On a global scale, the gig economy already comprises 30-40% of the total workforce, surpassing earlier predictions that it would only reach this level in the global labor market by 2025. Moreover, studies suggest that this percentage will rise to 80% by 2030. The total number of individuals employed in the gig economy in the United States and European Union countries has already reached 162 million.

Meanwhile, the market value of the gig economy, standing at approximately $401 billion USD in 2023, is projected to reach $873 billion USD by 2028 according to current forecasts.

Although the traditional employment model still prevails locally, it would be naive to assume that global dynamics have no impact on the domestic gig economy.

The increasing trend toward digitization and the communication opportunities it offers have fostered a conducive environment for the growth of micro-enterprises and self-employed individuals. Besides on-demand delivery services such as "Bolt" and "Wolt," young professionals from the millennial and Z generations are now exploring alternative income sources through global gig economy platforms like Upwork and Fiverr.

Individual entrepreneurs can also leverage various e-commerce platforms to offer limited yet exclusive products to both local and global audiences. Popular websites like Shopify, Etsy, and Amazon offer opportunities for this kind of market reach..

Given the gig economy's close association with the digital landscape, one might question whether the model is limited to younger specialists who have grown up alongside technology and are more proficient at navigating the digital age.

While the mentioned groups currently make up the largest portion of the global gig economy workforce, statistics indicate that the model is attractive to individuals of all age groups.

Worldwide, about 48% of gig economy workers belong to the Gen Z demographic cohort. Additionally, 32% fall into the 26-40 age group, and professionals aged 41-60 make up approximately 20% of the current global gig economy.

Compared to traditional employment models, the gig economy model is notably inclusive, primarily due to its specificity. In most cases, success depends on professionals' willingness to acquire new skills, adapt to new technologies, and manage their time effectively.

Regardless of age, location, or field of activity, the gig economy model is gaining increasing popularity both globally and locally. The opportunity to maintain control over one's work-life balance is appealing to professionals from all walks of life. Platforms like Taskio have become the primary channels for promoting the gig economy in the domestic market.

Taskio - A Solution for All Ages and Experience Levels

Taskio stands out as one of the few platforms where local professionals from various industries can easily connect with clients and collaborate with them on a task-by-task basis. The process is straightforward: a specialist is hired for a specific task under prearranged conditions, whether it's home repair, software development, or beauty services. After the task is completed, both the client and the specialist have the option to provide feedback.

The platform operates on the gig economy model, providing experienced professionals, existing businesses, and aspiring individuals with a unique opportunity to communicate directly with potential clients and build their online reputation based on the quality of their work.

The elimination of intermediaries and the ability to advertise services at no cost are key reasons behind the platform's growing popularity in the domestic market. Taskio's roster of performers already includes hundreds of specialists from various industries, and this number continues to expand.

Does Taskio have a future in the domestic market? At present, we can confidently affirm that the platform's trajectory is heading only upwards. For clients, the accessibility, ease of communication, and the mutual feedback system make Taskio one of the fastest, most cost-effective, and reliable channels for addressing various daily tasks. These same qualities also make it the most convenient platform for anyone looking to take their initial steps in the gig economy market.

Would you like to witness the platform's effectiveness in action? Whether you require expert assistance for specific tasks or you're a specialist exploring new income opportunities, why not sign up and give it a try today?