Business

THE GIG ECONOMY; A BLESSING OR A CURSE?

The average individual has heard about freelance at least once. 

What really is freelance? Who are freelancers? What are the requirements for being a freelancer? What are the merits or demerits of freelancing? These are the questions this article seeks to answer. 

To freelance is to act or work as a freelancer. Who then is a freelancer? A person who pursues a profession without long term commitment to a particular employer, is considered a freelancer. It is no longer news that the corona virus outbreak changed the course of several lives, struck a terrible blow against the global economy and forced many to discover new ways of life. One of such ways of life, was employment. Several individuals lost there jobs and others had their incomes reduced. Nearly two years after the pandemic began, many are still suffering  from its ripple effects. 

To survive, many have turned from the traditional means of employment to marketing their services on online platforms such as Upwork and Fiverr. According to a report from Forbes in December of 2021, over one-third of the workforce in the United States are freelancers, and the numbers seem to be rising. The same is true in Nigeria, many individuals have opted to be a part of the gig economy. Many however still have doubts as to whether or not it is the right path for them. 

Freelancing has it’s benefits such as the convenience of setting one’s own work hours, choosing clients, multiple sources of income among other benefits. A freelancer does not need to do the regular 8am to 4pm or 9am to 5pm. This alone is a very compelling reason to embrace freelancing, considering eliminating the time, energy, money and what other resources involved in commuting to and from work on a nearly daily basis. The ease of working at one’s own convenience is an added advantage. Freelancers, also have the liberty to choose their clients and possibly establish more definite relationships with them than a conventional job would allow. As the working hours of a freelancer are usually very flexible, it can be a means of earning some extra income for individuals who still wish to retain their regular jobs. 

However, like most things in life, it is not all bliss. There are downsides to being a freelancer. The difficulty of finding customers when one is just starting out and doesn’t have established credibility, the inability to separate work life from home life , not getting extra bonuses from more demanding projects which might be possible with traditional jobs and so much more. 

About 54% of Facebook employees are freelancers with only 46% as permanent employees. According to a report from MasterCard in May of 2019, the transactions of the global gig economy were forecast to grow by 17% a year to around $455 billion by 2023. Knowing these, it’s beyond question that freelance is here to stay. Whether or not you become an active participant, is up to you , but I dare say individuals who do not join the train soon are bound to be left behind.