Last week, I wrote about how every on-demand company needs Odin™ as its primary tool for attracting, retaining, and paying its independent contractors. But the scope was too narrow.
That’s because the gig economy is seeping into nearly every corner of our workforce, and before long, there will be very few companies that don’t use independent contractors. It was reported that just last year, Google’s parent company, Alphabet, used more independent contractors than regular employees for the first time ever—and that’s just the beginning.
Wal-Mart and Amazon have each kicked off delivery programs that will rely on independent contractors as well, proving that a number of major corporations are jumping on the gig bandwagon. Intuit sees the gig economy growing to 43% of the workforce by 2020, and UpWork estimates that the majority of U.S. workers will freelance by 2027.
The looming specter of an economic recession could spell trouble for some industries, but not for the gig economy. While the last recession saw the loss of many jobs in the traditional labor force, the job market for independent contractors rebounded faster and recovered much more quickly.
In fact, between 2006 and 2016, at least 100% of jobs growth came from the growth in contractor and temp jobs. No matter which way the economic winds blow, more and more companies will be turning to a gig model to handle some or all of their core tasks.
This is why it’s not just companies that style themselves as “on-demand” need Odin—every company does.