Technology has changed the way we do things today. This also applies to the future workforce which is expected to look a lot different than what it does today.
Are you familiar with the gig economy? This is a future where traditional jobs are displaced by mostly freelance work and short-term contracts. Experts expect a rise in freelancing and freelance writing is a part of it.
The New York Times has published on a press release recently on “The Gig Economy’s False Promise.” Experts are still debating if this is a good or bad thing.
CEO of Work Market, Stephen DeWitt, believes that freelancing will affect almost everyone in the years to come.
We take a look at the reasons why freelance writing may be the best job that you can have in the near future.
Stats would show that the Gig economy is now close to reality. About 35% of the U.S. workforce which is around 55 million people did some kind of freelance work in the past year.
Experts expect this number to grow further. An Intuit 2020 Report says that traditional employment will no longer be status quo. More than 80% of companies are planning to increase their hiring of freelancers. It is also projected that freelancers will exceed 40% of the workforce in 2020.
Companies are now smart enough to know that labor is not efficiently utilized. Advancement in technology and the change in consumer behavior has resulted in businesses needing to keep an agile workforce to meet the present challenges. They need to have a quick answer to digital disruption and execute solutions in real time.
Some companies hire 200 people and only 50% are fully utilized. That’s a whopping 50% waste in labor. DeWitt explains this as the same principle in the “cloud,” people discovered that servers were only being used at 50% capacity. The Cloud technology changed the way consumers buy networking and storage equipment. Companies like Amazon took advantage and turned this waste in server usage into something better that they can sell.
There is a lack of affordable health insurance which has led to full-time employees having to pay more or choose to go without health insurance altogether. Currently, freelancers spend for their own dental, medical and retirement plans. When the numbers of freelancers grow, there could be more choices available for benefits.
In the future, maybe a law can be passed that would subsidize the benefits for freelancers as part of the emerging gig economy. The current labor system is inefficient regarding policy and market. Drafting new laws and policies that are automated and efficient will reduce middlemen and make it easy to tax every transaction in a freelancer context.
Cloud-based platforms that allow freelancers to connect with clients are readily available now and are inexpensive to use. We can now say goodbye to the middlemen that have been the traditional way to get access to the workforce. The time is coming when every business will have access to every worker and the only thing that separates it is by search.
Millennials are truly a different bunch. They choose to engage either on a full-time basis, 6-month project or hourly gig. They are part of a generation that grew up with a smartphone in their hands at all times.
They have short attention spans and it is not in their nature to stay with a company for 10 years or longer. They are always after adventure, immediate results, and connection. They crave for automation and data that should be easily accessible.
Gig workers are the wave of the future. You can work when you want and with whom you want to. You can reject an assignment for any reason if it does not pay well. You are also not dependent on the stability of one company for income. Even if your current company closes down there are so many that can give you the same assignments. Flexible time allows freelancers to spend more time with their families instead of being stuck in an office 8 to 12 hours a day(including travel time).