How The Gig Economy Is Changing Workplaces

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How the Gig Economy Is Changing Workplaces
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Independent freelancers will outnumber
traditional in-house employees in the U.S. and
other developed economies within the next decade.
Even now, between 43 percent and 47 percent of
all U.S. workers aged 16 to 34 are freelancers,
surveys by Upwork and Edelman show.
Self-employment is increasingly popular among all
generations while companies tend to outsource
more work looking for cost efficiency and
on-demand solutions.
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The Changing Freelancing Concept
With a few exceptions, there are no barriers to
outsourcing and providing freelance services as
communication, collaboration, and data sharing
platforms are maturing. The average work and
collaboration platform now offers
enterprise-grade security and advanced features,
which in turn results in higher demand for
outsourced freelance services by security
conscious businesses.
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Over 50 percent of freelancers are saving for the
future and some 60 percent take care of their
life insurance themselves, other reports say.
This is not your old-fashioned freelancer, those
are people you to reckon with as there are
increasingly independent and constantly
performing above the average performance rates of
in-house employees. The concept for workplace
stability and professional development is now
being redefined as more and more workers do not
rely on traditional employer benefits and are
relatively free to select their job assignments.
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Winning Strategies for Inter-connected Economy
Freelancers are also becoming increasingly
successful in closing deals online and making
their online presence outsmart even established
online services. The gig economy forces
freelancers to constantly innovate offering
brand new types of services and connecting to
corporate and individual customers in a variety
of ways. Most of those who are freelancing for
100 percent of their income are not relying on
one-time clients. This marks an important shift
toward a freelance economy that is
inter-connected but also is knowledge based. For
a business to bind with a freelancer in the long
run, the latter should provide a service that
outsmarts the respective in-house know how and
also offer cost efficiency.
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A freelancer cannot afford to underperform too,
or at least can afford it only on very rare
occasions. The gig economy is flexible enough to
replace underperforming freelancers in a quick
fashion, so any decent freelancer will invest
more efforts than the average in-house worker
will. This is not an axiom, of course, but is
very close to the real labor market situation
these days. One more thing that makes the gig
economy attractive and adds to its competitive
advantage over traditional workplaces a
freelancer can effectively fire an employer
should a project fails to meet certain criteria.
It might be unjustified low payment, lack of
ambition by the employer, or unrealistic time
schedules and excessive revision requests.
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New Freelance Contracts Ecosystem Emerges
The gig economy offers a plenty of choices for
clients and contractors to find each other and
conclude a contract on provision of services. A
freelancer can build a site and take orders
online or the contracting parties can post gigs
on their website. You can also use an online
marketplace such as Fever, Freelancer.com, Guru,
or Upwork. Most of these platforms are around for
years, making money by charging both the parties
involved in a gig. This business model may change
in the very near future, though.
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Smart contracts on blockchain are already
available across a number of industries and the
gig economy will follow suit sooner than later.
You can conclude a smart contract between a
customer and a contractor on any blockchain. What
you need is reliable token to complete the
transaction, since a freelance work contract is a
transaction where funds change hands upon the
completion of the contract.
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nomy-is-changing-workplaces/