Navigating the Gig Economy - Freelancing in the Modern World

As the world shifts from traditional employment arrangements to newer ones, many people are turning to freelance work in an effort to find greater control over their working lives.  While the ability to work independently and make your own schedule has its perks, there are also some challenges that freelance workers must overcome to be successful.

One of the biggest challenges is financial security.  While people choose to work independently for a variety of reasons, including career fulfillment and independence, they must be careful to manage the trade-offs and make sure they are adequately withholding and reporting taxes, saving for retirement or health insurance, and managing their finances in other ways.  This can be challenging, but it’s possible to make the switch successfully if you know what to look out for.

Another challenge is finding enough work to cover all of your expenses.  While it may be a challenge to find the work that is right for you, there are plenty of ways to market yourself and connect with potential clients.  Networking, taking classes to advance your skill set, and making use of a number of online freelance platforms can all help you land the gigs that you need to support yourself.

The good news is the gig economy is growing at a rapid pace and there are plenty of opportunities to be found. Many of these jobs are also very rewarding, as gig workers can often make more money than their counterparts in full-time employment and can enjoy flexibility that can be hard to come by in a traditional workplace setting. Additionally, the freedom to pursue projects that interest you and to build a portfolio over time can lead to increased recognition and pay in the future.

Technology has been the catalyst of the gig economy’s growth, as digital platforms have made it easier for both businesses and freelancers to find one another.  This has also led to the emergence of efficient freelancer apps that allow freelancers to track their time accurately and communicate with companies or clients remotely.

As the gig economy continues to grow, it is important for all stakeholders to work together towards a fair and equitable classification of independent contractors versus employees.

This will help to ensure that the gig economy is not exploitative or unnecessarily restrictive, and it will also give gig workers access to certain benefits that they would not otherwise be entitled to under existing laws.  For instance, workers who are employed by a company are typically covered under wage and hour laws, social security taxes, and anti-discrimination policies.  If independent contractors are granted these protections, the gig economy could continue to be an effective and beneficial way for professionals to work.

~Miles Segers

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