In the U.S. the freelance workforce is continuing to expand and play an influential role in the economy. The increasing number of freelancers is changing the complete face of the labor pool. All these are leading to a freelance economy. According to some reports and surveys of Upwork, a few of the trends have been identified:
As per the estimation, these freelancers and the growth of the freelance economy will continue to grow. Read more to have detailed information about how the freelance economy continues to set new records.
What is the Freelance Economy?
The freelance economy is a system in which people are self-employed workers, earning income by completing their tasks but not in a traditional full-time job. While some freelancers also do full-time jobs along with their freelance work to get more monetary benefits. Also, people are getting more and more into freelancing because platforms like Fiverr, Upwork, and social media have increased the number of opportunities. While once freelancers were relegated to home offices, now they have the freedom to work from anywhere. They are also signing up for co-working spaces to have some work routine and activities in their life.
What Exactly do Freelancers do?
Freelance work includes an expansive range of industries. The work can be related to any project or any assignment that will last for a few days, weeks, or months depending upon the type of project. Freelancers’ work also involves living by making content and entertaining an audience online. In some industries are easy to work as a freelancer but some need more than skills like more effort and time. There are several freelancers like illustrators, video producers, animators, and graphic designers.
Why People are Attracted Towards Freelancing?
The independence that comes with freelancing is fantastic. You get to pick and choose whatever projects you wish to work on and reject those that don’t. You make your own selections and select initiatives that interest you. Managing your job obligations permits you to have some leisure time in your life. Other reasons why people are opting for freelancing work include:
How is the Growth of the Freelance Economy Boosting?
Annual Growth
Assistance To The Economy
Change in Perceptions
Education
Generational Element
Generation Z and Millennials are the most likely to experiment with freelancing. In 2022, 43% of Gen Z professionals and 46% of Millennial professionals were self-employed.
Knowledge Services
This year, 51% of all freelancers, or roughly 31 million workers, offered knowledge services including computer programming, marketing, information technology, and business. This study took place when asked for the poll by 3,000 U.S. working persons over the age of 18 online between September 21, 2022, and October 7, 2022. At the 95% confidence level, the study had an overall margin of error of 1.8%.
Fulfillment
Freelancers continue to show high levels of satisfaction amidst the quits and resignation of full-time employees, as said by Margaret Lilani, vice president of talent solutions at Upwork.Today, satisfaction matters a lot as there are a lot of major shifts in the workforce especially when talented professionals start questioning the traditional methods of work. Due to all such reasons, people started opting for freelancing as their career. Also, freelancers are seeing the benefits of mindset shifts in the workforce. Not only do such opportunities encourage people to leave their full-time jobs but look for a more positive outlook.
Conclusion
The good news is that an ever-expanding freelance labor pool implies that businesses will soon have a wider range of independent contractors to pick from and collaborate with in some time. As per some future reports, 69% of hiring managers will prefer freelancers over full-time employees. And, at the same time, 60% of people will find it difficult to fill full jobs with skilled people as most of them will be working as freelancers.
Due to all the above reasons, there is tremendous growth in the freelance economy. And, it will continue to boost over the years.
