Everyone wants to be a Freelancer. The rise of the Gig Economy

What do you want to be when you grow up?” Every child has heard this question over the ages. And surely the adult posing this annoying question will not have been prepared to hear “freelance architect and part-time volunteer” for an answer.

Move over conventional work settings — the gig economy is on the rise and it isn’t slowing down anytime soon. But what exactly is the gig economy? The gig economy is the career path that allows you to make an income by completing short-term tasks. This involves everything from working a purely flexible work schedule full of freelancing to doing contract work, being a part of online marketplaces, and holding down that conventional full-time job with a few side hustles to complement. Nowadays, professionals are turning toward this option in order to fulfil their work-life wants and needs.

Is the gig economy really that popular?

According to a recent report, 67 percent of professionals are interested in switching to gig work from their traditional work setting, while 20 percent of these full-time professionals already have a second job or side hustle. Of this percentage, 49 percent plan on leaving their current employer to pursue their gig work within the next five years.

Of those who are already gig workers, 85 percent reported that they would continue following this career path over something more conventional, with three-fourths stating that they gained more flexibility to create their ideal work-life balance. Meanwhile, nearly half shared that the fact they couldn’t work remotely at their old job was one of the main reasons they switched to the gig economy in the first place.

And this work setup is, well, working for them. Forty-five percent of the professionals surveyed said that they are satisfied with their current contract/freelance work than their previous conventional job.

The takeaways

Being a part of the gig economy is a great way to gain the ideal work-life balance and flexibility you need to live your best life. But of course, not everyone wants to just freelance or do contract work, or can’t afford to leave their conventional job. Yet, they still want more flexibility than their rigid nine-to-five can give them or to have the ability to do something else. If you agree with this sentiment, it might make sense for you to consider these options:

Find a second job that works for you (and helps you earn that extra cash!).

Negotiate flexible work arrangements with your employer.

Start looking for a remote job.

Whatever you choose, you need to make sure the pros outweigh the possible cons. Whether that means sticking to your conventional job, negotiating for flexibility, or going off to become a freelancer, follow the career path that makes sense for you.

Wouldn’t it be great to ditch the micro-managing boss, take on exciting new projects whenever you want, and work the hours that suit you?

Well, thanks to the rise of on-demand talent marketplaces, the so-called “gig economy” is fast becoming a reality.

Cloud-based platforms are making it easier for firms to find the people they need from a global talent pool, and for freelancers to advertise their skills. 90 Seconds offers flexibility. The work from home and can just accept work when you want. Another advantage is that all the communication with the client is via one central hub.

If there’s a new script change or say you have made a video cut, the client gets updated through the platform.

‘Uber for local jobs’

For companies desperate for flexible workers, these platforms are both convenient and cost-effective.

“With millions of experts from all around the world, people can get help with their business within minutes of posting a project,”

“They can scale up or down as needed. It offers flexibility of budget, space and time, and rates that people can afford, with lower overhead expenses.”

Many websites allows companies to find freelancers within a 30-mile (50km) radius, and not just for the typical online work involved in the gig economy, but for location-based tasks, such as deliveries.

It is the easy access to specific skills that employers like. Many times, employers don’t need full-time support, but rather targeted, objective talent infusion.

You don’t need to hire this team full-time, but you do need them for a few weeks.

Eyes on the prize

This on-demand economy is also leading to the rise of competition-based marketplaces where companies can post tough work challenges for innovators to solve in return for prize money.

The clients get fresh perspectives and a diverse range of creative solutions for their pressing organisational concerns, all in a very cost-effective way.

But what are the risks of hiring people on the hoof?

While the freelance lifestyle may seem appealing, job security disappears you might want to validate who the freelancer says they are and what qualifications and experience they have. You should also be careful around what data you share because that person is not a full-time employee – they could be working with your competitors the following week.

You need to be thoughtful as to where and how you share high-risk data.

Growing market

Such concerns aside, the gig economy is clearly booming and set for rapid growth.

In the UK, the number of self-employed people has risen to nearly five million, approaching the number who work in the public sector. And in the US, around 54 million people are now freelance, roughly a third of all workers.

And the market for gig economy platforms and related services will be worth almost $63bn (£43bn; €56bn) globally by 2020. In 2014, this global market was valued at $10bn.

The gig economy will also see more professionals in sales, marketing, finance and law adopting a gig-economy mentality, not just the usual suspects of software development or event planning. This trend affects us all and it’s just getting started.