Benefits for gig workers: What's holding employers back?

Looking forward, 15 percent of employers that do not already extend benefits to independent contractors are interested in doing so in the future, while a similar number are “somewhat” interested. (Photo: Shutterstock)

Many Americans are now participating in the “gig” economy. According to LIMRA, 16 percent of U.S. workers are earning income exclusively from gig work, while an additional 10 percent  are using these jobs as a secondary source of income. While some of these workers have stereotypical gigs, such as driving for Uber, the majority are actually filling contract, temporary or contingent positions at traditional companies.

Although nontraditional workers generally do not receive insurance or retirement benefits from their employers, more than half say that they wish their jobs provided them with benefits. The workplace is also one of the top channels gig workers would prefer for purchasing financial products.