The world is witnessing a dramatic increase in the number of freelancers, owing to the shift in demographics, digitalization, flexible work situations, freedom to continue working past retirement age and the desire for job satisfaction. A recent research study by Morgan Stanley on the freelance economy and the future of work shows that freelancers now represent 35% of the total U.S. working population and could represent more than half of the nation's workforce by 2027. Today, India has the second largest population of online freelancers, and 40 percent of freelance projects offered online are staffed by independent contractors based in the country.
The current landscape in India is experiencing a massive shift due to internet penetration. Recently, it has been noticed that a majority of freelance graphic designers are coming from tier II & tier III cities. Freelancing as a career is lucrative and provides a measure of personal satisfaction. It has been observed that millennials in India as freelancers earning much more money doing freelancing than a regular job, this trend is going to continue for the next five years. The advent of digital economy and increased dependency on a fluid workforce is disrupting the traditional hiring module for corporations and making outsourcing and consulting more viable. Be it a small medium enterprise or a multinational organization; both are drifting towards this model which enhances their productivity and time management skills. Further, Freelancing can give companies a more flexible approach to talent management.
According to an EY report, 20 percent of organizations globally with more than 1,000 employees have a workforce that is made up of 30 percent or more contingent workers. The Indian community of freelancers have built confidence and trust among the customers who have created an acceptance for freelance work from India. A lot of jobs from abroad are shifting to India because of it. Also, in recent EY report, it has been mentioned that most of the start-ups and SMEs do not have funding for graphic designing services further giving scope to freelancers both in India and overseas.
The freelancing model and gig economy allow large organizations to tap freelancers with multiple skills for the price of a single employee. In recent years, India has witnessed an impetus trend in this space with global firms hiring contingent workers on a project basis. Developing countries now have a more evolved customer base which is not afraid to order services online. Even the most traditional companies are looking to outsource non-core services due to the availability of quality freelancers at an affordable price which leads to time and effective cost efficiency.
There are various platforms which provide work opportunities to thousands of freelancers from all over the world and give them a chance to showcase their talent to the right target market across verticals. The future of freelancers in India will tend to grow, with every month, more than 500,000 new businesses are being set up. The rise in internet penetration, cloud computing and other technologies have combined to make working remotely possible for freelancers across the globe. Technological access and crash courses online for skill enhancement for the masses has given freelancing a boost in India and will witness a rapid momentum in the recent future as well.