2020 has been a roller coaster year for the world. Every aspect of the global economy faced turbulence. It started like any other year with lots of celebrations, parties, resolutions, and what not! But within a few months, COVID -19 brought the dark clouds of uncertainty, ill-health, and job loss. A majority of the businesses were to bear the impact of the pandemic, which resulted in huge losses, layoffs, pay cuts, etc. In a backdrop like this, businesses are exploring several alternatives to cut down their operating costs and survive in the market. Asking employees to work remotely is one such alternative that has helped employers significantly.
Outsourcing the work helps cut down labor costs. The only cost the company needs to bear is their pay for the work done. Freelancers are going to be the most wanted workforce in the future, provided they have the potential skills. According to the research by Upwork, one of the top freelancing platforms, 47% of hiring managers are willing to hire independent professionals who can work for them from any corner of the world. Let us have a look at what could be the freelancing trends that are in store for the coming year.
Demand for freelancers is increasing
With businesses large and small preferring to work with freelancers over hiring full-time employees, the demand for freelancers has increased. This trend is a golden opportunity for skilled independent professionals who have been freelancing for some time now.
Time for Freelancing revolution
Freelancing came into the picture from the year 2004. It saw a boom after the global recession in 2008-09 and has shown stable growth from then on. Now, COVID-19 has propelled this segment like never before. According to a study by Upwork, more than one out of three American workers, which equals 53.7 million Americans, is freelancing now. 60% of them said that they started freelancing by choice. This clearly shows the freelancing revolution is here and will grow extensively in the coming years.
Freelancing career to be stable
Landing a job that promises a stable income is a dream for everyone. A freelancing career is not preferred because it does not offer job security, stable income, insurance, etc. However, this perception is now changing. Freelancer’s Union, a Non-profit Organization, is working to promote the interests of freelancers worldwide. It is not a trade union and does not work on behalf of its members. This organization allows its members to buy health insurance, life insurance, disability insurance plans, and other benefits.
Rise of two-tier cities
As freelancing and remote work came into existence, it is no longer necessary to live in a big city, with expenses like housing and taxes. To work remotely, all you need is high-speed data and apps such as Zoom, Slack, Skype, or Google Hangouts, which allows you to connect with your employer and peers. With companies asking employees to work remotely and employees moving to their home towns, big cities have seen a significant decrease in population.
A gradual shift from traditional employment to freelancing
This year, people employed in full-time positions have opted for freelancing and realized the several benefits of this arrangement. With the job flexibility coming in, full-time employees have also realized that they have to keep going, and they opt to freelance their skills.
The major takeaway from these trends in freelancing is freelancing is here to stay and will increase at a significant rate. With this demand continuing to surge, a rise in income is to be expected. The idea of a start-up business in hiring full-time resources is going to be replaced by the idea of freelancing. If you have the skill and are ready to upgrade it, be ready to be an independent professional, excel yourself, accelerate your career growth, and enjoy the working freedom. Either you run a firm with freelancers or become a freelancer. The choice is yours! Success is yours!