In the past couple of years, with the unprecedented pandemic, we have seen some notable trends surfacing with how we work and run our business.
Hybrid working and Freelancing (Gigs) is not a new trend as we know it, but the recent pandemic has become a catalyst that pushes the phenomenon at a speed that wasn’t seen before.
Gigs economy
The gig economy is not a new phenomenon—freelancers have been around for a while. So have consultants, temps. The gig economy has been under scrutiny for the past couple of years because technology has lowered barriers to entry so much that “gigs” have become easily accessible to an unprecedented number of people.
With the triumphant entry of many platforms such as Fiverr, Upwork, Freelancer., leveraging on the tech and internet, these platforms are enabling and fueling the rise of the gig economy.
Popular freelance works examples:
- Graphic designer, copywriter, web designer, voice-over talents
- On-demand works such as ride-hailing drivers & Food delivery (Grab, Uber, Gojek etc)
The proliferation of specialized skilled freelance worker
2020 ~ 2021 is when the buzzword the great resignation comes to notice by many. The question is, where do these talents go to? According to Forbes, many turn to freelance work engagement similar to the gig work mentioned above, such as:
- Consultants
- Independent contractors and professionals
- Temps (temporary contract workers)
Freelance executives continue to grow demand: 66% of freelance executives polled see demand growing, and 29% see no change. Only 4% were less positive
Project management is the largest category of freelance executive demand. This is followed by executive roles that support revenue growth, business and digital transformation, and change management
The most active and growing markets for freelance executives are western Europe, U.S. and China
The breadth of interest in freelance executives continues to expand into new categories, beyond disciplines like project management, finance and IT into area such as change management, HR, procurement, compliance and risk management, and legal
In the relation to this, here are excerpts from Stoke Talent CEO, Shahar Erez in his article in Nasdaq:
Hybrid Workforces are the Currency of the Future
In 2020, many companies took hits to their business and were forced to cut costs or reevaluate how they were operating and spending to drive new efficiencies. As businesses remain laser-focused on driving revenues and rebuilding — or in the case of some tech giants, continue on their growth trajectories — anything that is seen as a competitive advantage will be a priority. Companies are finding that freelance workers can help build the business, and as a result, a mix of full-time and freelance staff will become commonplace.
Companies Will Lean on Contractors to Fill Technical Skill Gaps
Companies are looking for qualified staff wherever they can find them, and in many cases, this means that they are expanding their use of contractors for tasks that require specialized skill sets. Knowledge workers — and especially those with skills to fill in-demand roles in data analysis, big data, AI and machine learning, software and application development, and IT security — will continue to be in high demand. This provides ample opportunity for freelancers with these skills to pick up contract work, fill in these gaps, and be selective about the companies they work with and the time they spend.
Highly Skilled Professionals Will Opt for Freelancing Work Over Traditional Employment
Bringing a highly-skilled independent contractor on board for specific projects can save organizations tens of thousands of dollars as compared to a full-time team member while delivering equally high-quality results. It can also give organizations the ability to launch new projects and initiatives more quickly than if the company took the time to hire a full-time or train in-house staff to do the needed tasks. There has also been a shift where people are opting for freelance work rather than full-time roles because of the flexibility it provides. As this trend continues, there will be a growing crop of highly skilled workers for companies to choose from, making this a win-win for both organizations and the independent contractors they hire for these projects.
Organizations Will Rely Less on Staffing Firms for Contractors
The shift to freelance and remote work has brought with it a proliferation of hundreds of on-demand talent platforms, which can lead to time and cost savings for companies when compared to traditional staffing agencies. With a higher availability of skilled workers than ever before at their fingertips, in 2020, many hiring managers took the opportunity to roll up their sleeves and circumvent staffing firms completely in favor of finding freelance talent in on-demand marketplaces — a trend we can only expect to continue growing in the coming years. Platforms like Stoke Talent that build in tools to help navigate the intricacies of freelance hiring – including features that help companies remain compliant, elements that support onboarding and offboarding, and payment capabilities — will also become integral in making this process just as smooth as hiring a new full-time worker.
Full-Time Remote Work Is Here to Stay
Today, a growing number of workers can live wherever they want and still have access to a variety of job opportunities they otherwise wouldn’t be able to pursue. Not only that, but large swathes of both tech and non-tech workers like consultants, marketers, insurance brokers, and financial workers are wanting and expecting permanent work-from-home options. Many companies — including some of the tech sector’s biggest players — are accommodating this new preference. In fact, 50% of Facebook’s 48,000 employees are expected to work remotely within 10 years, and Twitter and Square made their “work from home forever” options official.
As a growing number of companies experience firsthand the feasibility and affordability of fully-remote workforces, this also means that a greater number of doors can be opened to remote opportunities for contract workers that may not have been considered previously.
What does This mean for your organization?
It’s certainly been an unprecedented year for both businesses and employees around the world, and if one thing is certain, it’s that we are in the midst of a freelance revolution. While the pandemic has accelerated this major market shift, Now, the question is when modern companies will understand where the workforce is headed and make the necessary change to take advantage of the new rules of the game, leveraging freelancers to build their businesses.
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