For years we have seen a variety of different work trends which have created various opportunities for both employer and employees. Last few years have seen various changing trends in the employment sector. From full-time 9-6 job to part-time and now freelancing, the changing trends in the workplace have continued to improve the job market. These trends have benefited both job seekers & employees in many ways like increased wages & incentives for employees, work from home options, contract employment, etc.
The demand for more flexible work environment has increased in the recent times giving a boost to the freelancing sector. Freelancing now makes up around 35% of U.S. workers and have collectively earned around $1 trillion in the past year. Just like freelancing is on the boom, there are various other work trends on the boom.
Following work trends will have a major impact on the coming years, some of the trends are already very visible:
1) The Freelancing (Supertemp/Contingent) sector
2) Skilled Professionals, especially as self-employed as much as their need for permanent commitment, also increases (information technology, skilled trades and data science)
3) Social Media Networking will create a lot more job opportunities
4) Considerable growth in more online employee training & workshops related careers
5) And significant growth in more online human resources functions including data management or data analytics which is increasingly becoming a huge part of HR
The above trends are changing the employment sector for good; we will try to analyse each of these trends in a complete series of InteriMarket work trends over the coming weeks where we will try to focus on each of these growing trends. As we explore the first trend here are some stats: Freelancing is at an all-time high. In U.S. alone, among the young workers in the age group of 18-24, 47% are working as freelancers on a part-time or full-time basis. The freelance workforce has grown from 53 million in 2014 to 55 million in 2016 which represent around 35% of the entire U.S. workforce. And by 2020, it is expected to increase by 5% reaching around 60 million. The total freelance workforce earned a whopping $1 trillion in the past year, representing a significant share of the U.S. economy.
Freelancing is increasingly becoming popular with the majority of people choosing to freelance by choice over necessity. Freelancers think having a diverse portfolio of clients is more valuable than having one employer.
With rapid advancement in technology, freelancing is becoming easier and freelancers can now easily find new freelancing work. The amount of work is also increased in this category with different types of segments of flexible workers within the fast growing “Gig Economy”.
There are freelancers who prefer to work offshore, or provide services globally sitting from the comfort of their own homes/offices, then there are temps who are almost loaned from company to company by managed service providers, and increasingly there is a growth in the “super temps” categorically mid-senior level of interim/contract/consulting talent who work on more stable longer-term projects which is ever more increasing with the likes of highly skilled millennials joining the group of talent.
All these different categories of contingent workers now prefer it more and wouldn’t want to go back to the traditional job as it provides a better work-life balance. With such amount of progress in the freelancing sector, freelancers still feel the best is yet to come. We are very hopeful to see a growing trend of freelancing in the future too and estimate it will open up new horizons and opportunities. With the ease of setting up on your own, it’s no surprise millennials are starting to make the most of this trend.
We shall continue with the next trend in the second part of the series where we will focus on the booming skilled professional sector. To read more or follow our series explore our blogs; to speak with us about employer’s hubs and how we can help transform your contractor talent management by bringing efficiencies through our simple cloud platform, get in touch.