Will Freelancing Ever Rule the World?

Freelancing is one of the fastest-growing sectors in the world. In this profession, people work on a remote basis with no permanent terms of employment. Several years to come, it’s expected to contribute as a major source of income for many. The future workforce will comprise both remote workers and full-time employees. The traditional employment system will continue as usual.

An American survey by Statista estimates that more than 50% of the U.S. population will freelance by 2027. Again, what’s so special about it that it’s likely to rule the future?

Below I have given four Reasons Why Freelancing is Gaining Popularity

1. Simplicity

Earning some income as a freelancer is easy. A specialized set of skills and a portfolio showing one’s capabilities are vital. This gives your potential customers an easier time when it comes to hiring you. 

According to Medium-off shoot, 80% of the U.S. workforce expresses interest in working from a home setup. They added that half of the jobs in the U.S. are doable from home. Yet, it’s only 7% of employers who can manage to let their staff freelance. With time, they are likely to gain confidence in this system.

2. Unmatched Flexibility

Technologically evolving qualities call for the growth of remote working. The post-industrial period had its focus on establishing job stability. The 21st-century era aims at establishing a balanced work-life environment.

A survey by Statista shows that, as of 2020, 64.8 million people were freelancing in America. If a similar trend continues, the figure should rise to 86.5 million people in 2027. 

3. Rapid Technological Changes

With globalization, it’s easier to share skills in various parts of the world. Let’s say you need a report written for you. All you need is to get online, and in no time, locate a specialist in that field to do it. That’s how simple the process is. More companies have embraced outsourcing. This has made millennials turn out in large numbers to freelance. Statistics show that 47% of millennials have worked remotely at one point in their life.

4. Rise of Blockchain Technology

Blockchain is an advanced technology that can decentralize networks. This makes it easy for people to connect. It creates an independent working space. So, how is the blockchain of help in the future of freelancing?

The flourishing abilities of blockchain enhance the contract signing process for freelancers. It’s now easier to build trust using the blockchain’s infused smart contracts. The increased demand for blockchain experts continues to rise. More qualified people will help in the setting up of smart contracts.

A blockchain payment system eliminates fraud-related issues. People can work without worrying about their payments. Smart contracts also ensure that no one can tamper with a person’s work history. This will build trust, and more people will get attracted to venture into freelance work. Companies and corporations will not shy off to outsource either.

Bottom-line

What are the chances of freelancing ever dominating the world? Employers can access remote labor at reduced costs. Contrary to the traditional system, companies can now outsource remote skilled labor. Remote working will dominate, considering the unpredictability in the current job market. The earnings potential is unlimited, with a possibility of earning as much as one’s skills allow. With proven statistics, it is without a doubt that freelancing will rule the world in years to come.