State and city governments may soon make it mandatory for companies to offer more comprehensive insurance to nontraditional employees. (Photo: Shutterstock)
More than one-third of U.S. workers — roughly 57 million — participate in the gig economy, and that number expected to grow to 50% by 2027 as job markets continue to shift to ad hoc contracts from full-time employees. Internet marketplaces and digital businesses such as Uber, Lyft, Freelancer.com and TaskRabbit thrive on this model and even more traditional employers are increasing their use of independent contractors.
The 'new normal'
The rapidly developing "new normal" for both employees and employers hinges on finding a happy medium. Independent workers desire some of the traditional security of fulltime-equivalent status, while assuming some of their own risk in exchange for flexibility in schedule and work location. Simultaneously, employers enjoy more HR and payroll bandwidth while ensuring that their workforce is protected by workers' compensation coverage, for instance.
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