The (Freelance) World is Your Oyster

The scope of the freelance economy is vast and expected to continue to grow over the next decade.  In fact, the 2017 “Freelancing in America” study expects the freelance workforce to outgrow the non-freelance workforce by 2027 in the United States. 

In 2027 the freelance workforce will consist of 86.5 million people.

It represents a major change for both the worker and the employer creating opportunities as well as challenges.  Those who adapt best will be able to leverage the changing dynamics to their advantage … and that applies to both sides of the aisle.

Defining the Freelancer

Gig economy.  On-Demand.  Sharing.  Freelancer.  Part-timer.  Independent Contractor.  The list goes on and on ... The expected growth of the freelance economy is eye opening.  However, what does the freelance economy really represent?  Many terms and profiles are used interchangeably to identify these individuals and jobs.  They are often associated with the Uber type of services but clearly transcend across many types of professions.  The concept of the independent contractor or self-employed has been around for a century as evidenced by the 1099 tax form.  

Driving Forces

It is clear we are in the early stages of a workforce evolution impacted by several factors.  The access to and advances in technology, both software and hardware, are the primary drivers to this change.  The power of the iPhone enabling millions to log into their apps anytime, anywhere is staggering.  The value created is only enhanced by a combination of the sophistication of solutions offered and the people network tapping into them.  Publicity is a vastly understated factor to driver traffic and create brand awareness.

Typically the younger generation is more adept at sourcing the newest technologies and open to adapting to changes.  Therefore it is fair to assume the millennial generation is at the forefront of the freelance economy.  Access to healthcare alleviates some of the health insurance risk previously faced at the expense of pursuing a more flexible career path.  Enveloped around it all is the notion of a strong work-life balance that drive happiness and result in a higher degree of success.  The rationale behind these factors is strong yet also reflect an idealistic view of the freelancer and the freelance economy. 

Join us on our own journey as we immerse ourselves into the freelance world, identifying market leading solutions and offering knowledge for this rapidly evolving component of our economy!

Sources: Freelancing in America 2017

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