Written by: Flexing It
19/10/2023
5 minutes read
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Work is changing rapidly, and young professionals are at the heart of this transformation. According to the World Bank, nearly 47% of workers are freelancers. There are around 1.1+ billion freelancers worldwide, and even among Gen Z professionals, a whopping 43% have taken the plunge into the freelance world - Statista
Half of the 80,000+ consultants registering on Flexing It is under five years of experience - Read the report.
So, what's driving this shift towards freelancing among young professionals? Let's dive into the top reasons behind this significant change.
Greater Earning Potential:
Freelancers often have the opportunity to earn more than their traditional counterparts. Big money can be made with the potential for multiple income streams and the ability to set their rates.
- On a global scale, freelancers rake in an average hourly rate of $21, according to a Payoneer study involving 7,000 freelancers worldwide.
- In India, where 60% of freelancers are under 30, the average annual income stands at a solid INR 20 lakh, with an impressive 23% making over INR 40 lakh per annum, as per Razorpay
- In 2022, freelancer project per diems shot up by a remarkable 11%, outpacing the full-time equivalent (FTE) salary increment of 9.5%, read the Flexing It Report.
Remote Work Opportunities:
Remote work is the new normal! The desire for it is so strong that Forbes reports that 98% of workers want to work remotely at least some of the time. Freelance opportunities are primarily remote, while most 9-5 jobs aren’t. This means one can work with clients worldwide without any geographical constraints.
Job Security:
Traditional job security? It's not what it used to be.
74% of professionals said in a recent FastCompany survey that the recent waves of layoffs have made freelance work more attractive than before
Freelancers can hedge their bets by diversifying their client base and income streams, reducing their reliance on a single employer.
Work-Life Integration:
Freelancers have a much better work-life balance, less stress and better overall well-being. A Buffer study found that 32% of remote workers consider flexible schedules a top benefit.
Independence and Skill Diversification:
Freelancers have the power to pick their clients, projects, and even their work environment. That autonomy allows one to pursue passions and interests, making work more satisfying. Freelancing enables the opportunity to work on various projects across different industries, helping acquire a whole range of skills and increasing marketability.
Entrepreneurial Experience:
In a study which surveyed 1,000 Gen Zers aged 18 to 25, 75 per cent of respondents ultimately want to become entrepreneurs.
Freelancing often serves as a stepping stone to entrepreneurship. It lets you test business ideas, build a clientele, and gain valuable experience and insights.
The shift to freelancing isn't just a trend; it's a whole new way of working. With the gig economy showing no signs of slowing down, young professionals can embrace the flexibility, financial rewards, and personal growth of freelancing. Whether seizing the benefits of remote work or paving the way for entrepreneurial dreams, freelancing has become the go-to choice!
Start your freelance journey with 3000+ clients eager to hire talented professionals like you.
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