Freelancers have grown in number for the past couple of years and have even branched into various types. From self-employed workers, gig workers, to digital nomads, there’s a freelancer category for everyone. Despite economic downturns, the freelance market continues to expand, showing resilience and opportunity. This growth can inspire you to consider freelancing as a viable path, even during challenging times. Why is that?

Here are several reasons why there is more work for freelancers even if the economy is bad:

Companies Get Access to High-quality Talent

Previously, companies had to work with employees who did not necessarily fit their job description, which affected their operations. But thanks to the economic downturn and subsequent downsizing, they can now access high-calibre talent for specific tasks through the freelance market.

Faster Hiring

Freelancers are also in high demand despite the poor economy because they can be hired at any time to help companies with their new projects and keep them on track. This flexibility can make you feel more in control of your career and your ability to contribute meaningfully, even during tough economic times. Compared to traditional hiring, these take time and money to complete, which results in the loss of bits that could otherwise be used to actually achieve its goals.

It is Cheaper for Companies to Hire Freelancers

Companies also save a lot more money when they hire freelancers. Sure, they have to change their operational practices to match freelancers to their needs perfectly, such as establishing clear communication channels and project management systems. Once they create the appropriate system for hiring and onboarding, they can find the perfect freelancer each time they need one, making integration smoother and more efficient.

SMEs and Startups Benefit Greatly from Freelancers

For startups and SMEs, freelancers are the ideal talent because they can afford them more easily than hiring specific employees through the traditional method. SMEs and startups also work well with freelancers because they need projects done faster to help them grow.

Gen Z is also Focusing on Freelancing

The freelance community is also growing, as younger generations are opting for freelancing rather than traditional work. There are many reasons why the younger generation sees freelancing as the next best thing, from the flexibility it offers to being able to work wherever they wish. With this in mind, companies hoping for younger employees will be better off finding them through the freelance market.

The freelance market will continue to grow regardless of whether the economy weakens or strengthens. With people seeing it as a way to develop their careers on their own terms and not be constrained by traditional means, companies should now recognise that their current strategy for finding the right talent needs to be adjusted. If you are a job seeker looking to shift your career into something more flexible, like freelancing, take the time to do your research before jumping in.

Remember, freelancing isn’t for everyone! If you think it is for you and make the necessary preparations, go for it!

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