In the digital age, freelancing has experienced an incredible boom. Now, according to Forbes, freelancers make up an astounding 35% of US workers, accounting for right at $1 trillion of income in 2016.
So what are the factors behind this growth of the freelance economy, and how can freelancers and businesses alike take best advantage of this growing trend?
Factors Leading to the Growth of Freelancing
The rapid growth of freelancing is no coincidence, as several factors have boosted freelancing to the prominence it now enjoys. These factors are:
By far the biggest factor contributing to the growth of freelancing has been innovations in technology. The internet and the plethora of tools and platforms it has given birth to have opened the door for many employees to complete their work remotely. No longer required to show up at an office, employees in legal, marketing, engineering, design, and many other fields are now able to find clients and deliver work to them on their own thanks to advances in technology.
The attitudes and lifestyle of modern workers, particularly millennials, have played a large role in the popularity of freelancing. Many millennial workers have a thirst for freedom and travel that only freelancing can provide. They value the ability to set their own hours and work from the location that they choose above most anything else that a traditional job could offer. Of course, it isn’t only the younger generation that is recognizing these benefits – 28% of Baby Boomers worked as freelancers as well in 2016.
Talented freelancers are in demand. Companies all over the world value the flexibility, diversity, and skill that freelancers bring to the table, and they are willing to pay for it. According to a survey of freelancers who quit their traditional jobs to begin freelancing, a little over half of those surveyed said that they are now earning more as a freelancer than they did at their old job. Meanwhile, 53% of freelancers surveyed said they believed having a number of clients they work for makes them more financially secure than relying on a single employer.
How to Take Advantage of the Growth of Freelancing
The growth of the freelancing economy offers plenty of new opportunities to both businesses and freelancers alike. For businesses, more freelancers in the field means more options to choose from, providing plenty of flexibility in regard to how modern companies complete their projects.
For freelancers, freelancing’s rising popularity may mean more competition, but it also means more opportunities that may have not been available just a few years ago. As companies all over the world continue to increasingly rely on freelancers as part of their workforce, you can expect more and more lucrative freelancing positions to become available.
Whether you are looking to hire a freelancer or you are thinking of starting a career as one, now is an excellent time wade into the wonderful world of freelancing. If you’re ready to get started, be sure to check out the freelancing platform freelancemyway.com.