Steady Gig Employment Index Reveals Gig Workers on Average Add an Extra $624 to Their Monthly Income

Wednesday, 28. August 2019 14:00

ATLANTA, Aug. 28, 2019 (GLOBE NEWSWIRE) -- Steady, a groundbreaking platform building a better future for America's workforce, today unveiled its inaugural Steady Gig Employment Index that highlights never before revealed earnings data for one of America’s fastest growing employment classes - the gig worker.

As part of Steady’s growing commitment to today’s gig employment worker, the Steady Gig Employment Index highlights proprietary earnings data from tens of thousands of gig workers who use the free Steady Incomer Tracker to help them better understand their income and make better decisions on how to spend their time amongst their sources of income.

In this first iteration, the Steady Gig Employment Index tracks average monthly income by MSA and employer from January 2017 through the end of July 2019. Select highlights include:

  • Average monthly deposit transaction volume for workers who use the Steady app to track their gig economy income was $624. This figure represents user income from employers that are identified primarily as gig employers.
  • For July 2019, average monthly deposit transaction volume was $688, up $64 from the average of all previous months.
  • States where gig economy workers have the highest monthly deposit transaction volume on average are: New Hampshire ($1,237 per user), Rhode Island ($782 per user) and Washington ($764 per user). Rounding out the Top 10 are Montana, Massachusetts, Alabama, Arkansas, Idaho, Illinois and Arizona.
  • The employers providing the top average monthly income to these gig workers are Aerotek, Costco, Petco, Adecco, Safeway and Airbnb, with Steady’s members generating an average monthly income of at least $1,000 from these employers and platforms.

“While $624 might not sound like a lot of money per month, that’s extra money for rent or mortgage, a car payment, groceries, savings towards retirement, saving towards a large purchase, or extra income they can put aside for a rainy day, retirement or a family vacation,” said Steady CEO Adam Roseman.

He added, “The move of businesses toward on demand labor to drive efficiencies creates consistent income challenges for today’s worker and Steady is working hard to build a platform to mitigate these challenges. With the changing nature of work and increased earnings unpredictability, it is important to be registered for one or more on demand platforms to be able to earn. Roughly 36% of American workers participate in the alternative work economy, having more than one source of income, with some working two or three jobs to pay the bills and save for the future. We created the Steady Gig Employment Index so that workers can have greater information to inform their decisions around the nature of how they work.”

According to a recent NPR/Marist poll, today 1 in 5 jobs in America is held by a contract worker, and that number is climbing.

Steady users earn more than $4,000 per year on average after they become a member of the Steady community, which has more than 1 million registered users in approximately its first year of operation.

In addition to the Steady Gig Employment Index, Steady is empowering today’s gig worker in a variety of ways:

  • Community: Steady’s objective is to put the power of technology and collective knowledge back into the hands of the American worker, so they can best compete in a changing work environment that unequally disadvantages the worker, many of whom are most vulnerable to reduced available hours and the impact of automation.
  • Increasing incomes: The Steady platform helps users find extra income opportunities that are right for them, whether they be part-time, one-time or anytime work.
  • Income tracking: Steady’s Income Tracker lets workers focus on what and when they are earning, allowing Steady to provide them with income opportunities better tailored to fit users’ locations, availability and interests.
  • Advocacy: NBA Hall of Famer and Steady Advisor and Advocate Shaquille O’Neal has been traveling around the country, talking to Steady users to share their stories.

Led by Propel Venture Partners, Flourish Ventures and Clocktower Technology Ventures, and backed by former NBA star Shaquille O’Neal, Steady raised $9 million in Series A funding last year and was previously seed financed by Loeb Enterprises. Earlier this year, Steady joined the World Economic Forum’s (WEF) Centre for the Fourth Industrial Revolution and was selected as one of the cohort companies to participate in Common Cents Lab’s annual cohort, supported by MetLife Foundation and Blackrock. As of August 2019, more than 1 million American workers have registered for an account with Steady.

About Steady
Founded in 2017, Steady is building a life-changing platform that puts tools into the hands of American workers to help them solve their increasing income challenges caused by wages not keeping up with costs of living, the reduction of available work hours at employers due to their driving efficiencies and future job loss due to automation. Steady makes it easier than ever for workers to fill their income gaps, gain insights into their income and improve their overall financial well-being. As of June 2019, the Steady app has been downloaded more than 1.2 million times.

To join the ever-growing Steady community, Members can improve their income by downloading the free app from the App Store and Google Play. Employers interested in partnering with Steady can contact Steady at partners@steadyapp.com.

Media Contact
Paul Wilke
steady@uprightcomms.com
+1415-215-8750

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