The number of millennials bidding goodbye to 9-to-5 jobs, early commutes and office politics are on the rise.
The number of millennials bidding goodbye to 9-to-5 jobs, early commutes and office politics are on the rise. The obvious rise of technology in the past several years has seen the internet playing a crucial role in many areas of our lives – from shopping, dating, to education, even employment opportunities are now coming into play. As technology enables the growth of the freelance economy, it is even predicted that by 2020, freelancers will constitute 50% of the workforce.
The traditional work environment is not panning out as well as expected for the young people of today. In response to that, many of them have taken things into their own hands and changed the definition of “work” – it is no longer confined to an office.
Here are some reasons behind the shift towards and growth in freelancing, and why it’s here to stay.
1. The Work Is Brought To The Worker, Rather Than The Worker To Work
When all you need is a laptop and internet connection for you to access your work, you are no longer confined to a single space. It can be done anywhere and everywhere. Be it a hipster cafe in Brooklyn, a coworking space with fellow freelancers, or on a WiFi-enabled train in Europe, freelancers get to choose when and where to carry out their projects.
Moreover, with tools such as Skype and Google Drive, face-to-face meetings and discussions are becoming things of the past. Thanks to technology and internet, the work can now be brought directly to the worker. And with an abundance of information on how millennials loathe the confines of a 9-to-5 job, this concept of freedom and flexibility is something that millennials are very receptive to.
2. It’s A Thriving, Growing Community
As the demand for freelancers increases, so does the number of opportunities (and money) for people who choose to pursue independent careers. Individuals who are self-employed also tend to hire other self-employed individuals, thus creating a cycle of independent job opportunities. Assistant Secretary General Ang Hin Kee has called for freelancing to be “a viable and sustainable career option” and more support is being provided to the freelancing community. The freelance community isn’t just surviving, it is thriving.
For businesses, hiring freelancers also saves time and money. There is no longer any need to filter through stacks of resumes and arrange for face-to-face interviews. With the availability of freelancing websites and platforms, information such as portfolios, profiles, skillsets and recommendations are provided at the employer’s fingertips. There is no need for full-time generalists when pools of specialists are available right away for a specific project at hand. By hiring freelancers, businesses also save money on tax and insurance matters, which can add unnecessary burden especially to a startup or small company.
3. The Opportunities For Growth Are Endless
Millennials tend to have a wide variety of skills and interests. Being made to use just one single skillset in a workplace does not provide enough mental stimulation for them. Many studies have been conducted to find out exactly what this generation wants out of their career, and a global study by PWC found that millennials prioritize balance, leveraging the use of technology and opportunities for growth. Unfortunately, these things cannot always be achieved in a traditional 9-to-5 job.
For millennials, reinventing themselves is of importance. In Singapore with the SkillsFuture movement, young people are able to further develop themselves. Being a freelancer means they can capitalize on this and build on their range of skillsets. With a freelance career, millennials can choose from which skills to use and don’t have to confine themselves to a specific field. For example, a freelancer could be filming and editing a video campaign today, and doing graphic design the next day.
4. It’s The ‘Safer’ Option
We know what you’re thinking. “Doesn’t a freelance career carry more risk than a full-time position?” In some sense, that is true, as many freelancers do not contribute to CPF and are generally not covered by the Employment Act. They miss out on health, dental and leave benefits. However, many millennials only see this as a minor disadvantage.
Many of them entered the workforce at a time where recession was a problem in the economy. Millennials are familiar with unemployment, cut-backs and layoffs. With a freelance career, it’s likely for the millennial to have a few clients under his or her belt. Even if one client terminates the contract, there are still others in the wings. In this sense, being a freelancer carries less risk than working full-time in a company.
5. Freedom & Flexibility To Work Anytime, Anywhere
Millennials want flexibility in their careers, yet they do not want to compromise on the quality of their work. A study by Bentley University has found that by dropping the 9-to-5 work life and adopting a flexible work schedule, it allows 77% of millennials to be more productive. 84% of them are always connected and check their emails outside of the standard working hours. By managing their own schedules and choosing the hours where they are most productive, it allows them to contribute more and with more efficiency.
At the top of many millennials’ priority is also work-life balance, and a freelance career allows them to do just that. They choose their own working hours and make time for their social lives. Contrary to popular belief, millennials are not lazy. They want more for themselves, expect more from themselves, and are willing to put in the work to achieve “more”. However, “more” does not have to equate to working hours. Being there for their friends and families are just as, if not more important than their careers. Work-life balance is clearly of more importance to millennials than any previous generations, and many young people are willing to pursue a freelance position for that.