“Freelancing” — Why You Should Give It A Try In 2020

“The gig economy is empowerment. This new business paradigm empowers individuals to better shape their own destiny and leverage their existing assets to their benefit.” — John McAfee, Author.

This year has really been tough for working professionals and made the workplace markets more volatile and unpredictable. As per a report published a few months back in economics times, millions of people have lost their job in the last 5 months and job security is one of the major concerns for those who are fortunate enough to be called ‘employed’. Companies are also facing tough times in retaining and giving perks/allowances to the existing employees due to the economic slowdown, so they are looking for cost-cutting from wherever they can.

But along the lines, there is a rise in the gig economy. Since remote working and work from home is a new norm this year, more and more companies are turning to the freelance economy to save their cash-burning pockets. They are apprehensive to commit longer-term employability due to the current uncertain situation and recession that we are going through.

This is where gig economy can be a solution in these times and this is already happening as the reports, Flexing It, a gig platform for freelance and project-based work said there was a 75% spike in the number of freelance positions published in April, while HR technology solutions firm PeopleStrong estimates that 25–30% of the workforce in sectors such as internet business companies, IT, ITES, startups, retail, and logistics will get converted to freelance roles over a period of time.

The gig economy is already worth billions of dollars across the globe as per Forbes. Everyday transactions worth thousands of dollars take place across different freelancing platforms. It perfectly fits in today’s scenario where one side there is a scarcity of job opportunities, people are losing their jobs and on the other side, companies are turning towards project-based hirings where they have the flexibility in choosing the skilled talent as per the business needs without committing for a long period of employable time.

This provides an opportunity for those who are finding it difficult to get a job in a traditional work market. They can utilize their skill to fulfill the new demands that have been on the rise in these virtual times where the line between the traditional full-time employability and the freelancing is blurring day by day. This will also give the advantage to the individual as well — the advantage of the flexibility which is often a concern for today’s working professionals and another perk is to work for more than one prospect/client.

So, the gig economy seems to be the future ahead as some of the companies are now bringing in policies where they will have 50:50 metrics for traditional full-time hiring and freelancing workforce in their hiring styles. Just to add here a few of the companies like Tech Mahindra, Infosys have already using the freelancing style of working from quite some time now for the projects of short duration.

So, if you’re someone who has faced the wrench during this year of losing your job, then go ahead and try your hands at the gig economy because — this is where the future is heading. And what better than earning at your own will and having the flexibility in the working hours. And if you’re someone who feels you don’t have the requisite skills, then learn them. All you need is a laptop and a good internet connection (now the 4th basic need for humans) to earn money.