A great shift in the workforce priorities has been triggered due to the COVID-19 pandemic. People now are looking for fair wages and better work flexibility. The reason behind this is the pandemic experience which made people realize that for them to live a life, there is much more than just passing the time. So, they are not out looking for work that can help them grow and remain meaningful towards their goals.
What does the trend of Global Mass Resignation say?
In 2021 people in millions started resigning. This happened not just in the United States but also in Australia, the United Kingdom, Canada, and India, with workers following a similar suit. Even before anyone could realize it, it became a trendy global phenomenon.
Amidst the crowd above, many who were a part of the global mass resignation looked for full-time jobs, while the sizable number amidst them started considering taking freelance projects. They became more interested in the per-project/task basis rather than losing control over their schedule by continuing as full-time office employees. This allowed them not just to manage the schedule but to work remotely, select their projects and finish the same on time. As per the reports, the platform of online freelance work showed that the freelancers alone contributed to 2021's US economy by around $1.3 trillion, which was $100 million higher than in previous years. Today, this number keeps increasing, not just in the United States but worldwide. This is because freelancers now provide skilled services that include marketing, business consulting, programming, and much more on a freelance basis. Freelancing is like a dream for workers looking for a work-life balance and flexibility. However, one must not forget that it also comes up with certain disadvantages. This is why before deciding to be an independent contractor, one must take a closer look at many factors related to freelancing, including the pros and cons.
Pandemic effect on the workforce, especially freelancers
Post-pandemic freelancing has become a huge part of our lives. The damage caused by the pandemic was quick, and millions were furloughed worldwide. In some cases, the entire positions got eliminated with the workers never to return, and this number kept on increasing every week. As the pandemic's future was unpredictable, many workers turned to freelance. It helped them survive. According to data, the increase in such a number of the freelance workforce was 36%. All this was happening around the world. As per Payoneer, some countries with the highest freelancers' growth include the Philippines, Hong Kong, India, Mexico, Australia, and Japan. The good part of all this is that the work is plenty, and now even employers have started to prefer temporary hiring and contract-based workers. In short, the survival strategy of the companies became an opportunity for freelancers. It is being said that, with such a huge majority of workers with independent services offering, the pandemic wasn't the start of the shift, but it was an accelerant.
The implications of the remote work experiment are expected to be long-term, considering the traditional hiring methods. However, with companies embracing remote work, more opportunities are about to be open for how freelancers are hired, recruited, and managed. It is quite amazing as it wouldn't make the company confined to the local labour market but will give them a huge pool of skilled talent, irrespective of the location. Hence, all this will meet the business needs most satisfyingly. So, if you are a freelancer working in the post-pandemic world, note that the freelance work environment is full of opportunities. It will continue to grow, so the one thing you need to consider here is, are you okay working as an independent contractor? If yes, the world is yours to step in.