Just a few years ago, freelancing wasn’t considered by many to be a serious career option. A lot of misconceptions surrounded the freelancing industry. Some believed that freelancers did not earn enough money to sustain themselves. Others believed that freelancing was a career option for those who couldn’t land a good enough job in big time firms.
Covid has put these notions to bed. The pandemic restructured the global workforce and forced individuals to find a way to work remotely. Thanks to this — remote work is the norm and freelancers have become a fast growing part of the global workforce.
There has been a recent upsurge in the number of freelancers operating globally, and this comes as a result of their work finally coming into the limelight. This trend is particularly noticeable in the Asia Pacific region, where a reported 84% of hiring managers are outsourcing projects to freelancers.
SMEs and corporates offering competing professional skills lag behind freelancers in terms of the quality, timeliness and cost of their output. This leads to the final output being rushed, uncreative and cliché — basically not up to the clients expectations.
Managing client expectations is of paramount importance, but what is more important is meeting them. Freelancers have mastered the art of striking the perfect balance between the two.
Why is demand for professional freelancers at their peak?
1. Creative mindset — Freelancers are highly specialized professionals who have spent years at perfecting their craft. This experience in the space helps them look at things with a different perspective and come up with extremely creative and efficient solutions. For them, building and nurturing relationships is everything, and with that coms the responsibility of delivering high quality output.
2. Focused work — Since these freelancers are not doing a full-time job at a big firm, they are almost never burdened with overwhelming amount of jobs. This means they can take each project one at a time and devote more time and energy to produce high quality output.
3. Cost-effectiveness — One of the main reasons why companies have started hiring freelancers is that they are more cost-effective than full-time employees. Freelancers are almost always good for their word and deliver the output on time. With no additional expenses tied up to regular staff, they get the job done in a nifty manner. Even at an hourly rate, freelancers tend to cost 20–30 lesser than full time employees.
4. Less supervision — Freelancers are much more flexible and adjusting than full-time employees, who are usually set in their own ways. They require low supervision as they are representing themselves, not a bigger firm. The lack of hand-holding and spoon feeding from the client helps them to approach the project in an independent manner.
5. Young blood in the game — The youth of today have such a hunger for novelty, originality and immediacy, that they do not prefer being held back by full-time jobs . With a huge chunk of the freelance workforce made up by millennials, the industry has an access to latest technologies, advanced research methods and better connections like never before.
Keeping these factors in mind, we can say that the significance of freelancers is only likely to increase in the future. At Friz our mission is to help them get the recognition and resources they need and deserve.
If you are a freelancer who has a story to tell about your experience with banking or just wants to chat — drop us an email on email@example.com.