Seven trends for 2024 –
#2 The time of fear

The grip of fear is nothing new. From fear of the Russians and gang criminals to being haunted by unpleasant thoughts. And this is the second of the seven trends that will affect us all in the coming years.

Below is the complete list of the seven trends in case you missed our previous articles:

  1. Hyperpolarization
  2. The time of fear
  3. The big data theft
  4. With your fingers in the cookie jar
  5. Time to share fairly
  6. The call for myths, meaning and context
  7. Wonder – the new black

It’s now the second week, and we will share our thoughts on the Age of Fear and how this trend will impact us all generally and the Gig economy specifically.

As we began, fear occasionally grips us, and that’s no news. From fear of the Russians and gang criminals to being haunted by unpleasant thoughts. But there are reasons for fear – as societal institutions are infiltrated, as cybercrime already costs the world 8% of GDP annually and grows by 15% per year. There are reasons why twice as many people are afraid to go out at night as ten years ago. And trust falls like a stone, where if the trend continues, fewer than half will trust their neighbor by 2030. Compared to 70% in 2016. We also live in a time when nearly half agree with the statement that we are “living in a time that could lead to a breakdown within 10 years.” Not surprising then that we have a political materialism backlash, to speak “Inglehartian,” where values like a stable economy, strong defense, and combating crime outweigh aesthetics as well as a world where ideas, human values, and people’s right to express themselves are paramount. Security above all.

Connecting this scenario to the Gig economy is not entirely easy as there are several driving forces that need to come into play to reach a conclusion.

On one hand, increased insecurity may mean even more people seek an extra income source and increased flexibility to quickly adapt to changing circumstances. But it can also lead to increased competition and price pressure where the increased supply of workers choosing the Gig economy means competition for tasks increases. Increased competition, in turn, leads to prices being pushed down, and workers must be more flexible in terms of fees and conditions to secure tasks.

On the other hand, the increased focus on security and stability may lead more Gig economy workers to seek traditional employment with fixed salaries and benefits, which would mean the opposite.

In times of fear, flexibility and adaptability are of utmost importance, qualities that are central in the Gig economy. Despite the fear and uncertainty, many may continue to choose the Gig economy as a way to manage the rapidly changing job market and the flexibility it offers both customers and workers.

In summary, this scenario can create a complex dynamic within the Gig economy, with both opportunities and challenges for workers and platforms in this sector.
Against this backdrop, BayInCo’s mission, “To create opportunities, flexibility, and solutions so you can reach your full potential,” feels more relevant than ever. Together, we can overcome fear, but to do that, we need to work together and support each other along the way so we can all become who we want to be, or as we say ourselves, “Be All You Can Be”!

Do you need to recruit, cover a parental leave, increase flexibility at peak times, bring in specialist skills or is it to carry out improvement projects connected to current or future needs?

Feel free to contact us and we’ll offer you a cup of coffee and listen to your thoughts.

BayInCo – Interim within finance, accounting & sustainability