The New Normal - Why Freelancing is the Future of Work
A new normal is a term used to describe the state of affairs following a crisis, in which things return to a different, but sustainable status. In this sense, the new normal may be considered as the rise of freelance work as the dominant model for future business.
While traditional jobs will still exist, more and more professionals will choose to pursue freelancing in 2023. In fact, according to one estimate, freelancers contribute over $1.4trn to the economy annually, with millennials leading the way. This shift toward independent working may seem surprising, but there are several key factors that are contributing to it.
Among these, the most important is the growing desire for flexibility in the workplace. In many traditional roles, a full-time employee is expected to put in 40-60 hours of commitment, leaving little room for leisure activities or spending time with family and friends. This imbalance often leads to burnout and a lack of happiness, resulting in the need for a more balanced lifestyle. In many cases, it is difficult to find this balance in a full-time role — even with the option of remote work.
Freelancing offers individuals the freedom to choose their own assignments, set their fees and control their schedules. This allows them to achieve a more fulfilling career with the added benefit of a better work-life balance.
In addition, companies may find it more cost-efficient to hire freelancers for specific projects. For example, a company with a project that requires specialized expertise can quickly and easily search for expert freelancers on platforms like Fiverr, rather than seeking out a new hire that will need to be onboarded, trained and paid a salary plus benefits.
Additionally, companies that rely on freelancers for specific tasks can also use these experts as a model for their own employees. By allowing freelancers to share their knowledge and experience with other employees, it can create a stronger team culture that can benefit the company in the long run.
Finally, with the COVID-19 pandemic bringing offices to a close, it is more convenient than ever for professionals to work remotely. This has opened the door for freelance opportunities that can be done from home, enabling more professionals to pursue freelance work in 2024.
There are plenty of benefits to freelance work, but it is important for people considering this type of career to remember that it does not come without its challenges. The need to regularly upskill, maintain a healthy professional reputation and secure steady income are all critical aspects of freelance success. In addition, the absence of employer-provided health insurance and retirement plans can make for an unpredictable financial situation if not managed properly.
Overall, however, there is no doubt that freelancing is the new normal for the modern workforce and is here to stay. To help your organization prepare for the changing landscape, we have created a custom New Normal toolkit that includes tips and best practices for managers.
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