Almost three-quarters of freelancers claim they make higher incomes through freelancing than they would in traditional full-time employment.
The COVID-19 pandemic has led to a significant change in the workforce, with an increasing number of professionals venturing into the freelance world for the first time. This trend is not only beneficial for workers but also for businesses, according to Upwork's Freelance Forward report.
The report, commissioned from an independent research firm and based on data from 6000 participants, reveals that the shift towards remote work has brought about a new demand for independent professionals. Companies are finding that freelancers can quickly inject new skills and capabilities into an organization, strategically flexing capacity up and down along with changes in demand and workloads.
The report indicates that freelancing can provide value during these challenging times. In fact, 75% of freelancers are earning equal or more than they did when they were in full-time jobs. This trend of relying on freelancers as essential contributors to operations is expected to continue, according to Hayden Brown, President and CEO of Upwork.
Brown stated that freelancers are benefiting from income diversification, schedule flexibility, and increased productivity. The report also shows that 71% of freelancers believe that freelancing as a full-time career is becoming more acceptable. Moreover, 97% of freelancers plan for long-term gig work.
The report also highlights the entrepreneurial spirit of freelancers. Similar to running a small business, freelancing requires an aggressive plan to secure more work. This is evident in the findings, with 58% of freelancers having worked for more than 5 clients in the past six months, an increase from 2019.
The optimism among freelancers is palpable, with 86% believing that the best days of freelancing are yet to come. Two-thirds of non-freelancers are even considering freelance work full-time to support their families.
For more information about the findings of the Upwork Freelance Forward report, you can click here. The Upwork Freelance Forward 2020 study was conducted by Upwork itself.
In conclusion, the COVID-19 crisis has accelerated the trend towards greater workforce flexibility, with freelancing playing a crucial role. The benefits for both businesses and workers are clear, and it seems that this shift towards a more flexible, freelance-friendly workforce is here to stay.
