The future of the freelance economy

The technological advances over the last few decades have dramatically changed the world of work, which resulted in the disappearance of some careers, allowing new jobs to step in. One of the most recent, but yet one of the most popular jobs nowadays is freelance. In October 2019, Forbes reported the 8.1% increase in freelance workers in the US just in 3 years. Moreover, if this field continues to grow, it will take about 50% of the total US workforce by 2027 (Goodman, 2019). 

The freelance industry has been proven to be a high-earning industry as the worldwide average hourly rate is 21$, which is significantly higher than the average earnings in many other countries. Another thing that makes the freelance workforce stand out among other jobs is the age of its workers.

Nearly 70% of freelancers are below 35 years old, and about 21% of them are below 25. Moreover, one of the most optimistic discoveries about the freelance industry is that the average wage gap between male and female freelancers is much smaller than the average gap for all workers, making women earn about 84% of males’ earnings among all fields (Payoneer, 2020). Freelancing is spreading around the world, among genders and generations, allowing people to stay connected, at the same time transforming the work world. However, as it’s gaining popularity, freelancing is becoming one of the most competitive employment among all of the other fields. Moreover, it still depends on the selected industry, where the chances of success may still vary. Yet, the advantages of freelance still outweigh potential difficulties: flexibility, high pay, opportunity to balance personal and professional life make freelancing one of the most attractive jobs nowadays.

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