From Layoff to Gig
The wave of layoffs starting in 2022 further pushed workers toward the Gig Economy.
This article is a part of a series based on our Annual Strategic Report, The Future Is Gig. Download the report here.
The layoff trend of 2022-23, particularly in the tech sector, has contributed to the growth of the Gig Economy. The tech industry saw over 240,000 jobs lost in 2023, a 50 percent increase from the previous year, with major companies such as Google, Amazon, Microsoft, Meta, and Zoom driving mass workforce reductions.
The layoffs have created intense competition for job candidates, leading to a “big reset” as economic headwinds and concerns about a potential recession have cast a specter over the industry.
In such a climate, individuals affected by layoffs have turned to the Gig Economy as a means of finding alternative sources of income and employment, given the flexibility and immediate income-earning potential it offers.
The layoffs have reshaped work dynamics, creating a climate of uncertainty and increased competition for available positions, leading many individuals to seek opportunities in the Gig Economy as a more viable and flexible employment option.
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