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What Is Freelance Economy? Freelance economy is a labor market consisting of short-term contracts. In freelance economy, companies hire self-employed workers to undertake specific jobs in return for an agreed-upon payment, instead of offering them permanent positions. Freelance Economy and Freelancing is not a new phenomenon like autonomous economy. Freelance economy is also known as the gig economy. Flexible hours, the chance to work from home and the opportunity to deduct business expenses from earnings are perks available to freelancers in freelance economy. Freelancers have the freedom to work as they like.
The labor market in freelance economy is composed of full-time and part-time workers. Freelance economy is not without issues. Airbnb has led many property owners to now let out their spaces to short-term visitors. Ridesharing has given rise to reports of unregulated drivers assaulting passengers. The rise of the freelance economy has also negetively affected American wages, and the overall full-time job market, as employers are shifting jobs to freelancers.
The number of freelancers have increased manifold in diverse fields. People who are employed to do these temporary jobs are called freelancers. More than 50% of America’s workforce is expected to go freelance making freelance economy the prime engine of growth. In 2018, nearly 57 million Americans worked freelance, according to a survey by Upwork and Freelancers Union, representing over 35% of the entire workforce.
Freelancers agree on a fee upfront with clients and typically send them an invoice when the work is complete. Freelancers are considered independent contractors. They are responsible for paying their own taxes, insurance, and other contributions. The benefits of freelance economy include the opportunity to pursue livelihoods that were out of reach. No need to purchase or lease an expensive license to operate a cab. Frelance drivers need just a car and a smartphone.