Overview
The workplace is constantly evolving. The global economy has transformed the workplace into nearly unrecognizable from 40 years ago. Companies used to hire employees who would work for 20 or 30 years before retiring with a pension. An employee may have one or two careers or employment in a lifetime.
Companies are no longer dependable. Before they are 40, the average worker has ten jobs, with an average of 12-15 jobs across their lifespan (Bureau of Labour Statistics).
Freelancing has increased by 8% in the previous three years in the Canada, and figures suggest that by 2027, over half of the workforce will be independent consultants or freelancers (Forbes).
These shifts in the work landscape affect retail, manufacturing, white-collar, blue-collar, and a wide range of creative professional businesses. These changes affect everyone. For a good reason, freelancing is here to stay.
1) More money is to be made than ever before in freelancing.
Companies are recruiting more freelancers than ever before to keep their overhead low by decreasing their full-time staff, and hence their benefit and healthcare expenditures. Because there are fewer full-time employees, businesses may expand or shrink their workforce. Because of these favorable incentives for firms to engage temporary staff, freelancers are in higher demand. It's simpler than ever to make a livelihood freelancing now that there's more work available.
2) Freelancers are better prepared for market fluctuations.
New business trends, skill sets, new sectors, and new inventions constantly emerge. Full-time workers tend to feel comfortable and complacent, but freelancers make it a point to keep up-to-date on what's going on in the industry. Freelancers understand the need to stay alert and anticipate the future.
My professional network of consultants and partners frequently discusses these market shifts. We keep far more up-to-date on the newest technologies, movements, business trends, and skillsets in the marketplace as a result of this than our full-time colleagues, I feel.
3) Freelance job and artificial intelligence
Fast Company reports that 50% of freelancers already feel AI's influence in the workplace, which is a hot issue among my consulting network. Artificial intelligence is having a significant impact on the creative industries. Envato templates, Canva, Haiku Deck, Adobe Spark, and Relay That, are some examples. These programs are plug-and-play, similar to WYSIWYG website templates for graphic design, and they are eroding the bottom line of the design profession.
However, the creator of LinkedIn believes that freelancers are more equipped than full-time employees for the danger of AI. True, because freelancers have a direct touch with their clients, AI will less influence them. They work in P-to-P (person-to-person) connections, and they interact with people directly and develop skill sets and knowledge grounded on human relationships. AI does not threaten this type of labour.
In brand consultancy, for example, AI will not be able to replace human knowledge. Consulting competence necessitates applying judgment, planning, and resource management abilities, which AI cannot learn. Artificial intelligence will never be able to replace my sense of discovery, competitive analysis in design, or creative strategy planning for a particular avatar. Freelancers are accustomed to enhancing competitive advantages and adapting to market upheavals like these.
4) Freelancing allows you to diversify your risk.
Freelancing spreads employment risk similarly to index funds, where owning a diverse variety of firms reduces the danger of anyone company failing. Competent freelancers operate with a variety of businesses and clientele. Working across a diverse array of industries minimizes the chance of being negatively impacted by a downturn in a single area.
Working in various businesses drives freelancers to broaden their skill set, which keeps them in demand. They are constantly learning about new technology, systems, and procedures. They become less specialized and more of Swiss army knife, which is particularly advantageous for businesses that need to keep their freelance staff low.
5) You own your brand when you freelance.
Freelancers are working to establish their brands. They believe that they "own themselves" and that no one can take it away. As freelancers, they keep all their work in their practice, network, and clients. They are constructing their equity, not that of their company. It is unaffected by layoffs, market crashes, downturns, or organizational changes. No one has the authority to dismiss you.
Change is the only constant, which is true now more than ever in the employment market. Freelancing embraces the concept of change, making the freelancer less susceptible to it. It forces freelancers to grow their skillset and network organically, reducing the chance of a sudden shift, such as a layoff.
Freelancing is like getting a license to grow professionally as much as you want. Indeed, in recent years, the traditional disadvantages of freelancing, such as a lack of commitment, consistency, and susceptibility to market swings and economic factors, have begun to appear less as a disadvantage and more as a competitive advantage.
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