“Corporations can recognize freelancing talent these days and thus are more willing to deal with experienced individuals.”
The world of freelancing is remarkable. It has seen phenomenal development in recent years, and individuals from all walks of life are increasingly viewing a freelance job as a feasible choice. Let’s take a look at how the industry is now and how it will develop in 2022.
Current Trends in Freelancing Market
At this time, the successful growth of the freelancing market is pronounced.
According to a research by management consulting firm McKinsey & Company titled “Independent Labor: Choice, Needs, and the Gig Economy,” 162 million individuals in Europe and the United States participate in some type of independent work.
Yet, according to Kalido’s ‘Opportunity Engine,’ 64 percent of organizations now use freelancers in specific capacities.
Employees are now working 2.5 extra hours after almost two years of remote work. Furthermore, businesses are putting new projects and plans into action today. This, along with a lack of resources after significant layoffs, has resulted in a new dependence on freelancers.
COVID-19’s rapid growth demonstrates that partnerships between enterprises and freelancers are going to stay. In fact, according to a 2021 Upwork research, 12 percent of the US workforce began freelance work recently in 2020, and 47 percent of recruiting managers are more willing to employ freelancers.
In the future, the number of people freelancing is projected to rise, and it will continue to expand beyond typical freelance positions.
Not to mention that The advantages of the growing ‘gig economy’ are evident as well. Thus, it is expected that overall production would grow, job prospects for the jobless would expand, and businesses will have better access to specialized services.
The Role of Freelancer
Traditionally, the majority of current freelancing jobs were in creative and production types of work.
While possibilities in other competencies or jobs tend to develop, the production sector sets the bar for how outsourced talent may be brought in to supplement in-house efforts. This is especially true for media and production firms throughout the world.
Corporations can recognize freelancing talent these days and thus are more willing to deal with experienced individuals.
Companies desire to profit from freelancers’ professional conduct, expertise, and strategic current thinking. Surprisingly, organizations’ entire ecosystems are changing, and they’re becoming viable of being made up of a diverse group of workers rather than the usual 9-5 staff.
Interesting Facts about Why Do People Freelance and Why Should You
People between 18 and 29 are 53 percent more likely to get a job using their cellphones, thanks to the continued rise in Internet consumers in the United States. This percentage is 28% for adults in the United States.
According to another survey, over 70% of individuals find work online marketplaces, gig economy websites, and freelancing platforms.
For 53% of Gen X employees, freelancing is a long-term professional option. According to Edelman Intelligence’s (2021) study, the following are the primary reasons individuals of each age began performing gig work.
With 64 percent and 53 percent, respectively, Gen Z and Millennials think that freelancing provides them with a temporary source of income.
On the other hand, 53% of Gen X employees see freelancing as a career option. As they said, freelancers earn more money than regular employees, and they have greater scheduling freedom.
Another survey asked freelancers the very same question but separated their responses by gender. Men like to be in charge above all else — this was the most prevalent response from 69 percent of male respondents.
Seventy-four percent of female freelancers, on the other hand, responded that flexibility is more important to them than anything else (MBO Partners, 2020). Except for a few single-digit variations in several of the replies, MBO’s 2021 survey findings for this question were almost identical to those of previous years.
These alone answer the question of why you should become a freelancer. Flexibility in schedule and the determination to be in charge are the most common reasons. Pact with a promising future, a freelance career is a path anyone should take right now.
The Future of Freelancing
The number of freelance possibilities has been steadily increasing.
According to a 2018 survey of 6,500 executives conducted by Boston Consulting Group, approximately 40% of respondents intend to expand their usage of freelancers within the next five years.
As a result of COVID-19, business opportunities in different sectors exploded in 2021.
2021 has been an excellent year for both companies and workers all across the globe, and one thing is for sure: we’re in the middle of a freelancing revolution.
Although the pandemic has hastened this significant market change, freelance trends will not slow down once the vaccination is widely accessible.
The issue now is when contemporary firms will see where the employment is going and make the required changes to adjust to the game’s rules and use freelancers to grow their company.
What to Expect and How to Be Prepared?
Future issues for freelancers are unlikely to alter significantly from how they are now.
Accounting issues will continue to be a constant source of frustration for freelancers, particularly as their networks expand and their customers relocate. Unfortunately, getting payments, contracts signed and keeping on top of regulatory compliance will always be a challenge.
This leads to another point about the never-ending balancing task. For example, if you work as a freelance editor, you must also be your PR machine, finance team, and life coach.
Moreover, before someone takes the plunge into self-employment, job uncertainty will always be a key factor. This is why many individuals start out freelancing as a side hustle before committing to a full-time profession.
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Conclusion
As the market grows, you need to be prepared for what may come in the future of the freelance universe. However, we firmly believe that now is the perfect time for you to become a freelancer. You know what they say. The sooner, the better!