As the world adapts to living with COVID-19, many freelancers are concerned about job security and financial stability. Unlike the traditional economy, the gig economy comprises independent contractors who engage in temporary and flexible jobs under various clients.
During such uncertain times as this, one may think that having a secure and stable job in the traditional economy is a better option. But, you’ll be surprised at the great potential the gig economy can present under these circumstances!
What then is in store for the future of the gig economy in light of the pandemic? Here are 3 ways the gig economy will continue to increase its strength in the new normal.
Greater Awareness for Social Protection
Freelancers are legally considered as self-employed but have not been entitled to employee benefits like paid sick leave and health insurance. However, the onset of COVID-19 has led business owners to be more aware of the importance of ensuring such benefits are provided for workers in the gig economy.
Freelancers across Southeast Asia have also launched campaigns such as the ‘I Lost My Gig’ campaign to disseminate resources and support one another.
While freelancers may have had minimal support in the past, these emerging trends are positive indicators for a more protected employment for freelancers and ultimately, a more transparent relationship between freelancers and clients in the future.
Increased Job Opportunities
Although the pandemic has reduced the number of gig jobs available, past trends show that this is only temporary as the number of freelancers rises after every economic crash. Hence, in time to come, freelancers everywhere can look forward to more opportunities in the gig economy.
Demand for freelancers is expected to rise over the next few years as more industries begin to rely on them, whether to take on additional workload during peak periods or to provide particular expertise for a short-term project. In light of constant change, organisations need to become more flexible and streamline to maintain a competitive edge. Retaining a smaller full-time workforce and outsourcing jobs to the global pool of freelancers will enable them to do this.
Pioneering New Workforce Trends
The way we work is evolving. It is not far-fetched to say that freelancing will eventually replace full-time work as the main mode of employment in the next few decades. As such, companies must begin to be more forward-looking as well as adaptable by beginning to cultivate a more agile as well as blended workforce.
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