Telling the future of employment requires a close examination of the gig economy.
In the last 10 years, this economic movement has changed the way we work.
We also expect different things from our employers (if we have employers). How does that affect the gig economy and our view of it?
In the following article, we’ll be discussing what the gig economy actually is, how it works, and what you can expect from it. We’ll also dig into the five current trends that will define how it operates moving forward. Let’s gig!
What Is the Gig Economy?
Freelance in the Philippines caught on quickly enabling many skilled workers to interface with Western-based companies and entrepreneurs for things like computer coding and content creation.
This was arguably the start of the gig economy, or at least the moment it caught fire.
The trend began 10 years ago when the two hemispheres realized they didn’t need to limit their talent searches to geography. As employers sought assistance from qualified freelancers, it created a global economy with more economic and worker freedom.
Since that time, the gig economy has evolved. And here’s what you can expect from it in the next several years.
1. Strength in Numbers
There will be growing movements toward freelancer union activity in the years ahead. Look for this to occur specifically with freelancers who have proven skills and competencies.
Generalists and entry-level professionals will have a tougher time building a freelance union with teeth because they’ll be easier undercut on price by those looking to break into the gig economy.
2. Subletting Work
The freelance management system nDash.co started with a freelance writer.
He was able to build a system that brought other freelance writers together for work that required greater skills and expertise.
In so doing, he was able to bow out of the writing process by essentially subletting the jobs he found. Look for more of this to occur as in-demand freelancers find more work than they can handle.
3. Freelancer Recruiting
From 2019 to 2027, expect more virtual platforms to crop up. Each will be in competition for quality freelancers and they will take steps to attract (and keep) the best.
They’ll do this through higher pay opportunities, hiring proven freelancers to full-time positions, or offering incentive bonuses. Freelancers, in turn, may need to give up some degree of independence in exchange for a more dependable income stream.
4. Occasional or Sporadic Freelancing
The freelancing life offers a lot of freedom. But it also comes with burdens like the following:
- Self-motivation
- Handling your own taxes
- Paying additional taxes
- Seeking your own (often more expensive) health insurance
As a result, look for many freelancers to parlay their gig economy wins into more permanent and stable employment. Even so, they may keep freelancing on the side to supplement earnings.
5. A Rise in Support Services
Services that support freelance platforms and their community of workers will become more prevalent. Example: a generate freelance pay stub service could be a great outsourcing option for handling payroll and keeping tabs on payments and taxation.
Telling the Future of Freelance Is Not an Exact Science
But with current gig economy trends, telling the future is easier than it was 10 years ago.
We know we’re heading towards more organization, more globalization, and a greater emphasis on talent and reciprocal pay and benefits.
Check out our other blog posts for more on the gig economy and other business trends.