Is freelancing the future of work? (2024)

People are still working longer hours than before. The pervasive internet allows for communications to become smoother but the drawback is that you may not be able to clock off and be completely away from your keyboard even after the sun sets.

Perhaps the reverse reaction towards this intensity at work is people taking a completely different turn in their career choices because of that very lack of freedom. Some have decided to take their learnings from working a few years into self-employment.

In fact, many startups were created from freelancing in their spare time. Some passionate founders created their own businesses while running freelance gigs. In a freelance setup, individuals are essentially self-employed and offer their skills and expertise to clients and projects.

It is clear why people choose to freelance despite the lack of job security, income variability, and the need to manage own finances and pay themselves CPF for retirement.

Why people choose to freelance

The younger generations value experiences and want autonomy at work. You've seen parodies of Gen Zs not answering calls from Millennial managers before and after working hours. These group of workers may not prioritise job progression in a single company that much as they grapple with various concerns that may cause them to consider other options in their career - including whether staying in the same job and its compensation will be able to make them happy.

The arrival of remote work due to the advancement of technology has made freelancing a more accessible option. Social work tools such as Zoom, Microsoft Teams, and Slack make communication smoother even if workers are living in faraway mountains (with good internet).

The flexibility to command work on your own time instead of ring fencing your personal time around work is something that appeals to many. Individuals can choose when, where, and how they want to work without needing to check the mood of the boss. They can be offline and go for a meditation retreat anytime they want without worrying about a pile of work waiting at their desks by the time they return.

Can freelance really be the new job cure

These benefits are seen as luxuries to many who are full-time workers. But one clear drawback is job compensation, AKA salaries. Are you able to match dollar-for-dollar or earn more than you did if you make the switch to freelancing? What if you get so expensive in the full-time workforce that you can never make the switch?

In a dynamic and evolving job market, freelancing is certainly going to play a part in providing employers with flexible headcount to be able to cut budgets whenever they need to. More people will opt to freelance as a way to earn income as they want greater autonomy with what they do. This will be clearly seen in markets that are culturally adaptable and have workers who are looking for work outside of the nine to five box.

The way forward to being an impressionable freelancer is to be someone who's continuously learning and aware of the latest trends. Building a CV from young can also help establish clout. There will certainly be more companies looking to farm out ad hoc work to manage budgets and adapt to the tech disruption and this brings more opportunities.