Today the freelance market for skilled workers is out performing 70% of traditional jobs according to CNBC. By 2020, over 40% of the US workforce will be freelancing. The fast growth of the freelance market is driven by the Human Cloud. We believe the fastest growth in the Human Could is the gig market.
“There are now 57 million Americans in the freelance economy,” and as of today according to CNBC, “the majority or just over 50% say no amount of money would lure them back to their traditional job.” The top reasons: flexibility and the ability to work and live wherever they choose, made possible by Human Cloud-based employment. The average freelancer, providing skilled services, earned a medium rate of $28 per hour. That’s better than over 70% of workers in the overall US economy.
Overall, the number of people looking at freelancing as a long-term career option changed from around 30% to almost 50% between 2014 and 2019.
“The technology industry in particular seems to be experiencing the benefit of this perception shift,” Kasriel said, “as evidenced by the highest-paying skills for freelancers which shows that businesses are willing to pay independent professionals top dollar — as high as $215 per hour.”
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Nearly 70% of younger generation managers allow their team members to work remotely. These younger managers are 28% more likely to utilize remote work flexibility over Baby Boomer managers. And the number of purely virtual companies is exploding.
With a stronger labor market, over 60% of freelance providers say they started freelancing by choice, up from 53% in 2014, Today it appears the fastest growth is in the Human Cloud providing gig work on platforms such as Freelance Global Gigs Marketplace (FGG), where many are now establishing their own little online factories.
For example, someone is providing news press release out of their home for only $12, which is only a fraction of the price charged by established news services. The final product, judging by Google News acceptance and search engine placement (knowing that Google News and organic search control around 88% of the market share) is quit surprisingly superior. The gig press release provider also doesn’t require any long term or monthly contracts. “It simply much cheaper for us, while providing a better end service,” claimed PR Services. Thus the FGG over time will become very attractive to the younger workers riding the wave, and scarier for those this disruptive technology is negatively affecting.
“With a strengthening labor market, we will increasingly see people work on the terms that they prefer, and for many that means freelancing,” said Adam Ozimek, “The stronger economy provides more optionality and opportunity, and as a result, more people are seeing freelancing as a long-term choice and fewer are doing it on a temporary basis.”