Friz

Neobank for freelancers and digital entrepreneurs

Gigs prevail — A way of life for the new normal

Covid-19 has destabilised the best of economies and industries. It has reshaped the livelihoods of millions globally and altered the manner in which human capital will be structured for years.

The obvious winners of Covid-19 are e-commerce/online retail, food delivery, home services, healthcare, pharmaceuticals, etc. Yet another counterintuitive winner that has seen a boom in business is the freelance industry. Professional services platforms have seen an unprecedented surge in demand for their services — a whopping 25% increase in demand and supply for services between April — June, 2020.

There are many reasons contributing to this growth:

1. Faith in remote working — Pre-pandemic the norm was to treat remote working as unsatisfactory. Workers were required to be present at the workplace so as to get a false security of work being done. However, the pandemic has proved that remote work is sustainable and efficient even at scale.

2. Flexible hours — Since the lockdown/circuit breaker phase was introduced, people have been working from home. What started out as an inconvenience has slowly become a luxury too good to give up. This has seen a huge number of people shifting from working full-time jobs to becoming freelancers.

3. Unemployment/Reduced working hours — Possibly the reason why a majority of the people have made the jump to becoming a freelancer. Covid-19 has seen a massive amount of people getting fired or forced to work reduced hours. The number of working hours lost in the second quarter of this year is equivalent to 400 million full-time jobs.

4. Prioritising freedom — Everyone at some point dreams of working for themselves and not being answerable to anyone, they just need a push to pursue it. This pandemic has come as a push for these individuals to work for themselves on their own terms and supplement their own income.

So far, the gig economy was thriving primarily in the semi-skilled space, but the pandemic might lead to a shift of a larger variety of jobs into project mode too. The pandemic has accelerated our shift to the human cloud. The knowledge apparent as more white collar jobs are being moved into the remote project realm.

Freelancing sites have also seen a considerable growth in freelancer registrations in the past few months. On Upwork, freelancers and client registrations jumped 50% since mid-March. Freelance job postings rose 41% to 605,000 in the second quarter of 2020 compared to the same period in 2019.

The freelance wave is the only new wave being awaited with keen anticipation, and at Friz we want you to be a part of this power shift. Check out our website on www.usefriz.com to get started with the fintech revolution.

Partner with us for a seamless transition into the freelance revolution, with credit lines available at reasonable terms with flexible pay back periods. 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 support@usefriz.com.

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