The continual rise in gigging and people’s fascination for freelance platforms and networks will lead to significant market shifts

The gig economy is galloping. The U.S. alone has 50 to 68 million gig workers today. And it’s basically the Millennials and Generation Z that’s riding the gigging wave. According to Upwork.com, 35 per cent of the American workforce is part of the gigging (freelancing) economy, thanks to sharing platforms such as PeoplePerHour, TaskRabbit and Upwork.

Regardless of your location, these and more platforms are offering freelance jobs to people, the world over. Let’s say, if you are looking out for freelance web development and design jobs, Upwork.com is the best bet. If you want you to earn some extra bucks during summers, just log on to Taskrabbit or Lyft or Uber and you will have a temporary job on hand in no time.

In fact, the significant rise in the gig economy has got people trading their full-time jobs for more-fulfilling, freedom-laden, freelance jobs.

The continual rise in gigging and people’s fascination for freelance platforms and networks will lead to significant market shifts in the coming months and years.

But then, first let’s briefly discuss the reasons that led to the rise of this economy before diving into the trend part of it.

So, what’s the Gig Economy, basically?

Gig economy, also referred to as “on-demand workforce,” or “shared economy” was born in the wake of the global meltdown in 2007-2008. Apparently, at the same time, digital platforms were also picking steam, coupled with growing demand for Internet and smartphones. With people losing their steady jobs because of the meltdown, small-time jobs with emerging digital companies seemed to be a golden opportunity. Accounting, cabs and even cleaning jobs got merged with the digital domain as individuals with excess resources in terms of time, cars and even homes became part of this economy. The Gig economy was born.

The gig economy trends that are going to catch fire in the coming months and years include:

1. Blockchain will revolutionize the gig marketplace

With gig economy evolving at a rapid pace, traditional payment methods will soon be discarded. In other words, simple payment methods with regard to stipends, tasks, and other monetary transfers will become speedy and seamless. Transactions that take place with freelancers across international borders will become a piece of cake. All thanks to Blockchain technology that’ll be introducing these cascades of changes. The technology will bring clients and freelancers on the same page and help them do business in a cooperative model.

For instance, CanYa, a known blockchain-based marketplace operating from Australia, gives users the option to get paid in digital currencies, regardless of the location. The digital coins so earned could either be spent on the platform or converted and transferred to a crypto wallet with no additional charges involved. If you wish to pay through bitcoins or other cryptos, but don’t know how you can seek the help of top blockchain technology companies and get started without further ado.

This mammoth shift in the marketplace in terms of interactions and logistics is bound to usher in a slew of changes.

2. Remote freelancers will emerge in a big way

As blockchain technology picks steam enabling short-term work opportunities world over and with compensation flowing in an unencumbered and unhindered fashion, it’s being predicted that there will be a massive influx of freelancers in the coming years.

The result? Digital workers will have their own schedules and even will enjoy the liberty to work from home, thanks to the technologies and platforms mentioned above.

This means employers will have more options to pick and choose from, regardless of his office location.

Also read: 5 freelancers share how to thrive in the gig economy

3. Bots and virtual reality will grow manifold

Connectivity is the key to gig economy. And collaboration tools such as chatbots and VR will play a crucial role in connecting in-office employees with remote gig workers. Tools such as Slack, Invisionapp and more will help workers collaborate and stay connected with the task at hand.

4. Job search will become effortless

Previously, finding freelance jobs, much less permanent jobs were like finding a needle in the haystack. The sword of unemployability was always hanging over our heads. Currently, thanks to the rise of gig-style employment opportunities, jobs can be found with just a few clicks via freelance platforms. It has taken the stress out of job search, and more importantly, offers employees a sustainable cushion of income, lending them enough time to find the next best gig.

5. Mega-corporations will seek a slice of the gigging pie

Sure, the gig economic was an exclusive domain of startups and small businesses. In other words, startups and small businesses relied on gig economy to fulfill their manpower requirements. No more! Even mega-corporations like Fortune 500 companies are relying on freelance platforms to fulfill their job requirements. For instance, Samsung is turning to Upwork to fill in their various vacancies with regards to marketing, IT, design, among many others.

According to Upwork CEO Stephane Kasriel, initially only startups showed interest in the platform but now the company is serving 20 per cent of Fortune 500 organizations.

Also read: With all this talk about blockchains and crypto, how does the solopreneur and gig economy benefit?

6. Networking will be a critical asset

According to a research by Adler Group, 85 per cent of the critical jobs are filled through networking. Yes, companies are not to turning to consultancies or job boards to hire freelancers. Instead, they are connecting with freelancers who, in turn, lead them to other freelancers skilled in a separate set of expertise.

Companies will also be keen on tapping into alumni network, local markets, and even LinkedIn groups for sourcing talent for different projects.

7. Increase in micro-tasking opportunities

No matter your qualifications, you can easily take up a micro-task in the gigging world. Let’s say, you haven’t got an engineering degree in IT, but then coding seems to interest you, in such a case you can easily look for small development projects and start polishing your coding skills right away.

Parting lines

Believe it or not, freelance platforms and blockchain technology are disrupting the defined job marketplaces as millennials and Gen X flock towards the gig economy.

Needless to say, you may claim, there’s a long way to go; however, new technologies are fostering its growth in a major way.

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