Paro’s CEO, Anita Samojednik, shared her thoughts on the evolving ‘gig economy’ narrative in this Q&A.
Tell us what you think of the term ‘gig economy.’
When I heard the term ‘gig economy’ for the first time, my initial impression was that it painted a challenging picture of perpetual hustling and navigating part-time gigs just to get by financially or make extra cash. I certainly did not initially think of the ‘gig economy’ as a path that individuals could follow to build a full-time career or fulfill their professional goals.
How has the term and its workforce evolved since you first heard it?
Its buzzword status certainly soared about 4-5 years ago, but its evolution and the changing dynamic of its workforce have undergone a profound transformation in a relatively short span of time.
The transition from a buzzword to a genuine workforce model started before the onset of COVID-19, but the pandemic served as a catalyst, propelling this career path into mainstream acceptance. Research shows that a projected 86.5 million people, or over half of the total U.S. workforce, will be freelancing in the United States by 2027. The sheer scale of this shift challenges the notion of the term ‘gig economy,’ as it no longer encapsulates the essence of short-term gigs. Rather, it now signifies the pursuit of a sustainable, long-term career through freelancing and establishing an independent business on one’s own terms.
What are some common misconceptions about the ‘gig economy’ workforce?
The term still carries a negative connotation amongst those who may not fully understand its positive implications. Common misconceptions I’ve heard surrounding this workforce include:
- Inability to secure full-time, permanent employment
- Lack of job security and company loyalty
- Perceived lack of professionalism
- Absence of ambition for success and career growth
- Having different priorities than successful, full-time business professionals
Overcoming these misconceptions is crucial to recognizing the value this workforce brings. Embracing alternative terms like freelance economy, fractional experts, professional services economy, independent consultants/workforce, solopreneurs, or a flexible/agile workforce can drive a more accurate understanding of a career path that prioritizes flexibility, autonomy, and work-life balance.
What types of training and skills are important for someone considering the freelance talent route and what are the benefits of embracing this type of career?
Considering a freelance career requires honing specific skills and ensuring relevant training for a variety of roles. Some of the most crucial ways for an individual to prepare themselves for the freelance talent route include:
- Refining Your Expertise: Developing specialized expertise in a particular field not only enhances competitiveness but also establishes a distinct professional identity, which can be used to market yourself to a company. It is essential to effectively communicate skills, experiences, and unique value propositions to stand out as a freelancer in a competitive talent pool.
- Industry Savviness and Literacy: Proficiency in relevant technologies and best practices within various industries is imperative to landing a role as a freelancer. In a digital age, staying up to date on the tools and platforms widely used across industries enhances the ability to secure and flourish in different roles.
There are myriad benefits of joining the freelance economy:
- Flexibility: Freelancers redefine flexibility by pursuing work on their terms, imagining new ways of working, having the autonomy to decide who to work with, when, and where, and allowing for a personalized work environment that aligns with individual preferences and lifestyles.
- Meaningful Work: Embracing a freelance career enables individuals to grow and develop their careers by undertaking work they are genuinely interested in and passionate about. This goes beyond doing the same thing every day, and it creates continuous growth through a diverse and fulfilling professional journey.
- Balancing Work and Life: Escaping the 9-5 grind, freelancers can set their own hours, prioritizing well-being and empowering a healthier work-life balance and job satisfaction.
How can embracing the freelance economy help companies with recruitment, training, and employee retention?
The freelance economy presents new and beneficial opportunities not only for individuals but also for companies who embrace freelancing culture within their internal workforce, including:
- Recruitment: For organizations with fluctuating workloads or constrained budgets, leveraging freelancers expands access to a pool of skilled workers without the commitment of a full-time hire, allowing for added expertise and efficiency within specified budgets and time frames.
- Future of Work: Integrating fractional, seasonal, contract, and remote employees into the workforce can yield successful outcomes, particularly during busy seasons. This approach enables full-time employees to operate at a higher level on their core tasks and offers flexibility for companies to scale up or down as needed, ensuring proper resource and skill set allocation.
- Employee Retention: In an era where attracting and retaining quality talent is challenging, embracing a freelance-friendly culture allows companies to be adaptable with their hiring, locations, and work hours, in turn appealing to a more diverse talent pool. Retention is easier when employees feel supported in achieving work-life balance, reducing stress, feeling appreciated, and experiencing a streamlined work environment.
- Training Efficiency: Utilizing freelancers addresses training challenges by tapping into individuals who are already experts in their respective fields. This approach aligns freelancers with core workforce competencies more seamlessly, enhancing overall work efficiency and quality. It also minimizes the need for extensive training, allowing organizations to benefit from immediate expertise.
Any final thoughts you’d like to share?
In the face of a rapidly changing work landscape, the future of work demands companies adapt to the needs of today’s workforce. The ‘gig economy’ has certainly evolved from what it once was and now signifies a sustainable, long-term option for a fulfilling and independent career.
Acknowledging and harnessing the diverse skills and experiences of freelance professionals creates a pathway for individuals and companies to foster flexibility, efficiency, and passion in the workplace.
