As many as 63% of UK employees and 68% of European employees are interested in, or would consider self-employment or freelancing, according to research from ADP, a global provider of cloud-based HR solutions.

The report also shows that pay and work-life balance are the key motivating factors for employees who are interested in self-employment. Further data showed that 28% of employees say maintaining a work-life balance is the most important factor motivating them at work.

“While the gig economy brings with it many benefits for both employers and workers, such as a varied and accessible talent pool and increased control over working hours, it can also be a challenging experience,” Jeff Phipps, Managing Director at ADP UK, said. “Employers may lose individuals with valuable expertise, while the workers themselves may not gain the control they had hoped, due to the fear of turning down work and not being offered it again.”

“Employers should ensure that they are providing excellent career development opportunities and that they treat workers respectfully so that they gain their loyalty and protect their brand, while people considering a gig economy job should think carefully before embarking on a freelance basis, ensuring they have carefully weighed up the positives and negatives associated with this working style,” Phipps said.