From writers to designers and even accountants and assistants, the freelance industry has taken on a life of its own. Thanks to the connectivity of the internet and rising globalisation, just about anyone with a marketable skill and an internet connection is able to monetize his/her skills.
In fact, from a recent 2018 study conducted by Betterment, it is estimated that nearly 1 in 3 workers are full-time freelancers. So, what is about freelance work that attracts people from all walks of life?
Is it the additional income or could it be changing attitudes towards freelance work? Join us as we take a look at some of the reasons why freelance work has become so popular.
1. The need for additional income
Where in the past, our parents were able to live on their salaries alone, the reality today is no longer so rosy. Stagnating salaries and rising costs of living means that it may no longer be feasible to survive on a single income source.
As a result, folks have turned towards freelancing as a means to earn some extra income on the side. Typically, most freelancers work on a part-time basis after their day jobs. The flexibility offered by freelance work means that many will be able to work from the comfort of their own home.
Thus, this makes freelance work extremely attractive to somebody with a day job and a unique set of skills. Being able to set your own hours without having to travel can be one of the reasons why freelance work has taken off the way it has.
2. Employers are looking to build a more agile workforce
In today’s highly competitive environment, organizations have come to the realization that there exists a need for an agile workforce.
Instead of having to recruit and develop a specialized team for projects, freelancers are able to bridge this talent gap. The power of the internet and remote working means that employers are able to reach out to talent from all over the world.
Alongside this, as most freelancers are skilled specialists, employers will not have to worry about providing training or any other facilities. As freelancers are short-term employees, they can be hired to provide much-needed expertise on select projects.
On the other hand, full-time employees may not necessarily possess the right skills and are unsuitable for short-term projects.
3. Technology is able to facilitate freelancers
The internet is without a doubt one of mankind’s greatest achievements. It has also contributed significantly to the rise of the gig-based economy. By connecting us all, the internet is able to facilitate communication between people from all over the world.
This seamless connectivity now means that remote working and telecommuting have become a part of the workplace. Nowadays, it’s relatively common to have teams of people who haven’t seen one another collaborating and working together online.
Because of this, anyone with an internet connection will be able to earn a supplemental income from the comfort of his/her home. It is because of this drastic evolution in infrastructure that the gig-based economy has grown so exponentially.
4. Small online business are the future
In a day and age where huge corporations dominate the economy, it would appear as if there’s little room for budding enterprises. However, thanks to the internet, a savvy entrepreneur can carve out a niche for himself or herself.
With freelancers offering a variety of specialized skills, companies have begun to realize that in lieu of more established businesses, smaller may indeed be better. This is because, most freelancers have cut their teeth honing their skills in larger organizations before branching out on their own.
Thus, these smaller enterprises are able to offer the same capability at a cheaper rate with better service.
Even betting companies are nowadays more focused on online services. Almost all bookmakers have apps and if you want to bet, for example, on the NFL Superbowl odds, you can do it easily from your sofa.
An ever-evolving economy and changing market conditions have changed the way we work and source for talent. As we move forward, one can only expect the freelance market to continue growing.