We are living in peculiar times. Gone are the days when job security was the prime demand of candidates. Today everyone is interested in working according to their suitable terms. Freelancing has taken the center spot. Flexible work hours, comfortable and unconventional workspace and a lot of focus on mental well-being is the current focus of millennial workers.
Startups as well as established companies are breaking their traditional boundaries of talent acquisition and are readily investing in building up a remote workforce of talented freelancers. The current scenario of job insecurity, frequent budget freezes, job cuts and a pandemic added the fuel to the fire and gig economy and freelancing took the front seat in no time.
So what is gig economy?
According to the Oxford Dictionary, gig economy is an economic system in which many short periods of work are available rather than permanent jobs.
So, it a type of economy that is driven by short term, goal/project based flexible and unorthodox working system.
Why is freelancing going mainstream?
Companies love this form of employment as they can hire qualified individuals from any corner of the world to fulfill their demands on short terms like for a project or a new product launch without adding to the overall permanent costs of the company.
Millennials love this form of working as it provides them with work hour flexibility, they can work at the comfort of their home, they can maintain a portfolio of many freelancing jobs at a time and can maintain a work-life balance.
So, inevitably it’s a win-win situation for both the company and the freelancers.
The boom of gig economy in India.
According to the ASSOCHAM (Associated Chambers of Commerce and Industry of India), India contributes 40% to the global freelance economy, and currently, there are 15 million skilled gig workers in India. The Indian gig economy is expected to grow at a compound annual growth of (CAGR) of 17% and generate $455 billion by 2024. It is also expected to create 350 million jobs by 2025. These overwhelming numbers have undoubtedly proved that India’s gig economy is growing fast and taking giant strides in its way ahead.
According to the Times of India, India has the second largest freelancer workforce in the world, after America. The graph is still skyrocketing. Around 50% of all professionals are expected to go freelance by 2020 while at present, around 43% of existing freelancers are millennials.
This astounding popularity has led to birth of several freelancing companies, such as:-
UPWORK: It is an USA based, freelancing market that connects freelancers with their client companies. According to Wikipedia, “In 2017, Upwork had over twelve million registered freelancers and five million registered clients. More than three million jobs worth over $1 billion USD together were posted in 2017”.
FIVERR: It is an Israel based freelancing website. It is based on collaborated efforts. Freelancers can earn by listing and selling their products in Fiverr. Products like digital services and small digital products like animations and videos can be sold to companies or individual clients in Fiverr marketplace. According to Blacklinko, Fiverr had 3.42 million active buyers from more than 160 countries in 2020. That’s an increase of 45.53% over the previous year.
TRUELANCER: It is an Indian startup and an online platform for companies to hire professionals to get their work done and freelancers and professionals can search for jobs and earn money while staying in any corner of the world.
It has 1 million users registered as of now and it seems the growing trend of the startup isn’t going to stop anytime soon.
Interview as a service: This is another method to appoint aptly skilled freelancers to the companies. It provides a platform where the industry experts work as freelancers to evaluate candidates on the basis of their technical and soft skills.
In today’s world, freelancing has become a popular option for those seeking flexible work arrangements. With the rise of remote work, recruitment for jobs in various industries has also shifted to online platforms. IT recruiters are no exception, as they now rely on job portals to source and screen potential candidates. One example of an IT recruiter based in Delhi who embraces this approach is ABC Solutions. They specialize in content recruitment and offer work from home opportunities, which has become increasingly important in light of the ongoing pandemic. As a result, job seekers interested in IT positions can now easily find and apply to relevant roles without having to physically visit the company’s office.
The exponential growth of gig economy and freelancing in India inevitably shows that freelancing is being led to a vibrant future. Going by the trend it won’t be a surprise if freelancing takes the front seat leaving behind traditional hiring practices in the near future.
Also read: DIGITAL INTERVIEW- An effective way to revamp your hiring process