COVID-19 negatively impacted many industries, among those was the rideshare industry. According to Forbes, Lyft and Uber ridership dropped between 70% and 80% during the pandemic. Now, three years since the pandemic’s start, industries have gotten back into the flow of daily business, with travel open in most countries.
However, the impacts of the pandemic are far from over. We’re seeing how the global recession and inflation rates make it impossible for drivers to survive paycheck to paycheck. As a result, taxi drivers have been trading in their yellow cabs for Uber and Lyft with the promise of more money and working on their own terms.
With the looming recession, things continue to change. According to new research from the Taxi and Limousine Commission, Uber and Lyft drivers now earn less in fares and tips than taxi drivers. Although Uber has increased earnings for their drivers, rising inflation rates have canceled a number of of these wage increases, making it impossible for drivers to pay for basic living expenses like rent and food.
The Rideshare Guy, a well-known blog that drivers follow, polled over 300 drivers, finding that roughly 40% were driving less and that 15% had given up driving completely.
Sound like you? If you’re reading this and thinking of leaving your driving profession but are afraid to make the first move, we hope this blog encourages you to take the first step in your career change journey.Continue reading