Freelancing has become a mainstream mode of work for millions of Americans. 59 million Americans are freelancers, which is almost 40% of the U.S. workforce, tells an Upwork report. Many talented freelancers are earning around $80,000 in annual income offering different skillset.
The rise of the gig economy has been driven by several factors, including the increasing use of technology, the flexibility it offers, and the need for individuals to supplement their income. Freelancing also provides a level of freedom and control over one’s work schedule, which is especially attractive for those who want to balance their career with other commitments such as family and personal pursuits.
There’s a strange shift in the job market as many Americans are turning to Freelance during the pandemic. This new trend could well lay down a benchmark of what is yet to come. Youngsters prefer flexible work alternatives rather than opting for a full-time job, many full-time employees have been laid-off since world economies have enforced lockdowns since March, and most importantly, the truth of the matter is — there are no jobs.
Shares of Upwork (NASDAQ: UPWK) rose by 14.5% in September, reports S&P Global Market Intelligence.
The Upwork report always states that 36% of freelancers do freelancing full-time, a massive 8% increase from 2019. 75% of people who left their full-time jobs say they make the same or more money doing freelancing than their traditional job and 22% have reported an increase in their total annual freelance earnings, accumulating annual earnings of freelancers to $1.2 trillion this year.
Picture Credits: Upwork Infographic Report
So it is safe to say the Pandemic has fueled a freelancing boom not just in the U.S. but also all over the world.
In conclusion, freelancing is rapidly becoming a major part of the American workforce, generating significant earnings for millions of individuals. While there are challenges to be addressed, freelancing offers many benefits, both for individuals and for the economy as a whole. It is clear that freelancing is here to stay and will continue to play a significant role in the future of work.