This is a guest post for the MELD Coworking blog written by Valerie Chua.
The times are exciting for the recruitment and talent management space now more than ever due to the growth of the freelance market. This pertains to the model of employment where professional individuals render service to a company or business organization on a contractor basis.
As an independent contractor, you’re not tied to any company, and you can take on multiple freelance jobs with different clients. In fact, it’s not uncommon for freelancers with forward-thinking skills to work, say, as a writer, editor, and virtual assistant, all at the same time.
The freelance economy is also marked by an ecosystem where recruitment agencies can match talents with companies that need temporary staff leasing instead of permanent employees, so it benefits both businesses that are trying to cut costs and people who are looking for work.
According to a study by Upwork and Freelancers Union, 56.7 million Americans performed freelance work in 2018 compared with 53 million in 2014. The study also found out that from this number, the amount of time done for freelance work amounted to 1.07 billion hours per week, which only goes to show that more and more people are choosing this particular work setup or model.
If you’re a freelancer, you’ll be glad to learn that there are tremendous amounts of opportunities that await you. An article from Forbes estimates that a vast majority—more or less 90%—of companies already employ the services of independent contractors to beef up their human resources.
Just how did the freelance revolution come to be? In the United States, the latest slew of recession weakened the job market that forced people to take odd jobs, including freelancing, to help them get through some tough years.
However, it turns out that this would pave the way for professionals and business organizations of any size to participate in the freelance economy more actively. Here are some factors that triggered the so-called freelance revolution:
1. Lucrative benefits
Through freelancing, professionals can have multiple sources of income from taking part-time jobs from various clients. Meanwhile, from a company’s perspective, hiring freelancers means paying for piecemeal projects without the need to provide additional employment benefits.
2. Shift in priorities
Flexibility is what makes freelance attractive to many professionals. With freelance work, you don’t need to spend all of your days sitting in an office, as many freelance jobs can be done at home.
The freelance model of employment is also tied with the coworking culture, where you get to meet and learn from other professionals in or out of your industry.
These scenarios can lead to significant results if you’re looking to have more work-life balance, or you want to keep your options open at this point in your career.
3. The power of technology
Advanced digital technologies are making it possible for companies and independent contractors to stay connected. Nowadays, there’s no shortage of platforms and tools that allow people to exchange ideas and get things done all through the online space.
The Future of the Freelance Nation
There’s an indication that the freelance revolution has started and will continue to go on in the years to come. Companies and independent contractors alike would do well to be up-to-date on trends and technologies that will further affect the way things and people work.
Valerie Chua is a Content Specialist at Manila Recruitment, a company providing headhunting solutions for the recruitment of executive, expert, technical and specialist positions in the Philippines. Follow Manila Recruitment on Twitter @MNLrecruitment or connect with them on LinkedIn.