The rise of the digital nomad and freelance economy has begun and it is being led by self-employed or small businesses. Entrepreneurs create more job opportunities than any other sector of the economy and they are at the forefront of an evolving 21st century economy that is shaping world’s new employment landscape. It is a place where brick-and-mortar store fronts are constantly being replaced by online retailers where contractors and freelancers are the new version of a typical office worker.
This transformed economy is providing the self-employed with unprecedented freedom to work on their own terms. The advancements in technology are the driving force in the freelance economy as they are paving the way for more people to work for themselves.
Young enthusiasts are becoming disenchanted with the traditional 9-5 office settings all around the world therefore they are struggling to find meaningful work for themselves. This tussle has led many freelancers to strike on their own and they are no doubt thriving in this new environment. More and more people are choosing this path of freelancing due to greater flexibility as freelancers enjoy where and when they want to work and what type of projects they want to work upon. Many researches have shown that majority of the freelancers are highly satisfied with their preferred career path. They are finding new and creative ways to either supplement their income or make freelancing as their full-time career.
It should come as no surprise that major drivers of our economic recovery can be these freelancers. A study revealed that this overlooked sector of a workforce plays a large part in boosting an economy.
Although the traditional contracting arrangements are still being used by freelancers to find work, a growing number is using online outsourcing marketplaces such as UpWork, Freelancer.com and Fiverr for connecting freelancers with firms to fill their business needs through contract work. These platforms are enabling people to find work within their own domain.
Hiring of freelancers by small and large businesses is a cost effective practice as it allows them to complete short-term projects without having to hire a permanent employee. This enables businesses to find someone with professional skills to help them with their particular business needs. These kinds of work arrangements benefits businesses and freelancers as various companies can hire freelancers on as-required basis while giving contractors the flexibility they are longing to have.
Freelancing community in ASIA, in particular India, Pakistan and China is getting popular and this trend is on the rise. The researches have shown that freelancers are not only here to stay but they are giving a boost to the economoy. As more people realize the benefits of utilizing the advanced technologies to start their own businesses, this section of the workforce is expected to drive the economy even further.
Although freelancing trend is increasing but these independent workers are still facing hurdles for sustaining self-employment. As many more people are expected to join the freelancing activity; government must update policies that reflect this evolving workforce and facilitate freelancers.