How has COVID-19 affected Freelancing?
What is Freelancing? To begin with a basic introduction, freelancing means self-employment. Now, what exactly does self-employment mean? An individ
What is Freelancing?
To begin with a basic introduction, freelancing means self-employment. Now, what exactly does self-employment mean? An individual who works
for himself and not for a specific employer who will pay them a consistent salary or wage. Freelancers can directly contract with a trade, business or a client and earn. Flexibility and autonomy are the two things that chaperon freelancing. Where there are pros, there are cons as well, Freelancing is also accompanied by a great deal of employment risk and volatile income.
There is no particular genre for freelancing, it can be related to any field such as – Accounting, graphic design, marketing, project management, social media manager, teaching/ tutoring, virtual assistant, web design/ development, writing/ editing.
How has COVID-19 affected Freelancing?
The world has been flustered with the chaos and suffering as COVID-19 pandemic has entered our lives. Overnight employees have had to adopt digital tools and cybernetics as the pandemic accelerates its behavioural shifts over the way we work. But it is also expected that the gig economy will be nourished and strengthened along with the rise in freelance projects. In the near transitory period, freelancers and self-employed individuals are mutilating but it is predicted that the new future might be in the favour of the gig economy. Estimations say that a year from now, freelancing projects will be going to be big gainers in the industry. Freelancers may meet to the need for fresh new talents as the economy revives and the wheels of enterprise start spinning.
According to a survey done in the month of May, by the financial service company, Payoneer suggest that almost 32% respondents said the demand for freelancers has been decreased, while 53% hoped that the urge for freelancers and freelancing projects will be billowing once the COVID-19 outbreak came under control. The headlines during April, May and June may have been in command of mass layoffs but the pandemic may lead to a shift in the economy and white-collar jobs may transfer into the gig mode. By hiring experts for a project rather than full-time workers will emanate cost-cutting and the savings accrued would be undeniable. Since revenues for most companies have been dragged into financial disputes, the demand for freelancers is high but hirers having leverage are negotiating better rates. Thus, freelancers are working at a high demand and doing more work but at lower rates.
The pricing for freelancers has experienced significant changes in Covid-19 with earnings reaching a high peak by March, following a notable fall after this peak. Given the economic implications of the Covid-19, overall prices for design and copyright services have been slightly decreased. Businesses need appealing and attractive designers and writers to build up their online presence. Freelancers are being hired based on quality and experience rather than price by clients although the market is experiencing a diminution. In the current scenario, remote working has been a major evolution within the freelancing sector. Remote working does not affect the quality of output, hence more than 95% of freelance bookings that were on-site projects have switched to remote working due to Covid-19. Experts say that this will continue to evolve post-COVID-19. Networking is one of the major perks in freelancing and people with a higher degree of creative talent is not confined to just one place but habitat all over the world. This makes freelancing unique and proper exposure of talent is globally acknowledged. One thing is clear that remote work is here to stay as the businesses around the world adapt to working online.
How are Freelancers managing the challenges in COVID?
If you are not making money and dwelling on stress, that surely won’t make your problems go away. Instead, freelancers or for that matter the creative people are putting their energy into a passion project. According to surveys, nearly 37% of freelancers are moderately concerned, while the rest are fairly optimistic for the future. Some freelancers are anticipating that since the coronavirus outbreak, a host of opportunities to write about COVID-19 and its impact has risen, hence increasing the demand cycle.
While some are worried about mass layoffs that might create more competition as white-collar jobs begin to seek freelancing as a new career. Some state this global crisis as an opportunity for the freelance market to grow and flourish. And people are busy building relationships to find work that they love to do. During this economic disruption, freelancers are exceptional and cost-effective resources on which businesses rely as the remote work model is adapted.
Tips and Tricks for Freelancing in the crisis
- Now is actually the time for young freelancers to build up connections and expose their creativity by building portfolios and journal their thoughts through daily blogs and social media.
- Market yourself and look out for job opportunities yet do not be a victim of mental pressure to prove your worth. Hard-work, creativity, passion, and resilience will always yield you fruit-full ramifications and accordingly, your success will be determined.
- Be ambidextrous! You never know what a situation can put forth before you, there might be a situation where it will just be hand to mouth. So, it is better to always have a plan B.
- Do not reduce your rates on showcasing your talents just because of the global current situation. Keep calm and produce creativity in every platform possible.
- Niche your services and specialize in your worth. There might be hundreds of bloggers writing the same content, so the more you specialize in your genre services, the more likely your monthly value will be retained.
- Lastly, never panic. Perseverance and patience along with hard work and creativity will help you achieve your goal. There is no fixed time to venture a success, and in times of crisis all, we can hope. What we should do is, work and improvise our skills as the bad times are transitory. So, better put up that confident smile, and get going.
- Work hard, know your worth, and follow your targets, success will come running onto your feet!