'It’s the new reality': N.S. business professor says gig economy is keeping with trends
With the cost of living on the rise, more Canadians are turning to the gig economy to make ends meet — a move one Nova Scotia business professor says is indicative of a troubling trend.
As inflation hits record highs, raises are not keeping up, prompting more people to take up a side-hustle, says NSCC business professor Ed McHugh.
“When inflation is running at seven, eight per cent, and you’re getting a great raise of two, you’re already losing five to six per cent in the economic race,” said McHugh in an interview Friday.
He says that’s what’s boosting the popularity of the gig economy.
“More and more people are working full-time, but also adding in the gig economy to their structure,” said McHugh.
Over the last five to 10 years, the job market has seen a shift away from full-time positions towards contract work, says McHugh. But he says not all young people perceive it as a problem.
“I spend my days with people who are 18 to 25 years old,” he said. “It doesn’t scare them as much, actually. They’ve gotten used to ‘that's how the world is.’”
He says this is not a trend born out of the COVID-19 pandemic, and Statistics Canada backs that up.
Roughly 1.7 million Canadians -- or one in 10 -- were involved in the gig economy before the pandemic, according to the Statistics Canada report, “The changing nature of work,” released in January.
It says half of those people worked gig jobs full-time while the other half turned to that line of work to supplement their income. The report says most gig workers earned less than $5,000 a year from their gig job.
“I think it’s the new reality,” said McHugh.
If you are thinking of getting into the gig economy, McHugh says you need to consider what you are good at and get even better.
“Figure out how to network and get out there and promote those skills.”
CTVNews.ca Top Stories
BREAKING Trump promises a 25% tariff on products from Canada, Mexico
U.S. president-elect Donald Trump said on Monday that on his first day in office he would impose a 25 per cent tariff on all products from Mexico and Canada, and an additional 10 per cent tariff on goods from China, citing concerns over illegal immigration and the trade of illicit drugs.
'It's just not fair': Retirees speak out on being excluded from federal rebate cheques
Carol Sheaves of Moncton, N.B., says it's not fair that retirees like her won't get the government's newly proposed rebate cheques. Sheaves was among the seniors who expressed their frustrations to CTVNews.ca about not being eligible for the $250 government benefit.
NDP support for part of Liberal relief package in question, as House stalemate persists
After telling Canadians that New Democrats would back Prime Minister Justin Trudeau's holiday affordability package and help pass it quickly, NDP Leader Jagmeet Singh now wants it split up, as he's only ready to support part of it. Public Services Minister Jean-Yves Duclos said the Liberals are 'certainly open to working with the opposition parties,' to find a path forward.
Premiers seek 'urgent' meeting with Trudeau before Trump returns to White House
Canada's premiers are asking Prime Minister Justin Trudeau to hold an urgent first ministers' meeting ahead of the return to office of president-elect Donald Trump.
Deer spotted wearing high-visibility safety jacket in Northern B.C.
Andrea Arnold is used to having to slow down to let deer cross the road in her Northern B.C. community. But this weekend she saw something that made her pull over and snap a photo.
Warren Buffett gives away another US$1.1B, announces plans for distributing $147B fortune after death
Investor Warren Buffett renewed his Thanksgiving tradition of giving by announcing plans Monday to hand more than US$1.1 billion of Berkshire Hathaway stock to four of his family's foundations, and he offered new details about who will be handing out the rest of his fortune after his death.
Canada Post says progress 'limited' at negotiating table as strike continues
Canada Post says they have made 'limited progress' with the union at the negotiating table 11 days after the strike began.
Los Angeles judge postpones hearing on release of Menendez brothers
A Los Angeles County judge on Monday postponed a hearing over the possible release of Lyle and Erik Menendez after 35 years in prison for the shotgun murder of their parents, saying he wanted to hear from a new district attorney due to take office on Dec. 3.
Canadian Army corporal fined for stolen valour at Remembrance Day ceremony
A corporal in the Canadian Army has been fined $2,000 and given a severe reprimand for wearing service medals he didn't earn during a Remembrance Day ceremony in Alberta two years ago.