The Future of Work

KEY TRENDS

Freelance Economy

Currently, more than one in three workers are freelancers. In 2019, Edelman, an independent research firm, analyzed freelancing trends. They reported that 57 million America, representing 35% of the U.S. workforce, freelanced. The share of full-time freelancers increased from 17% in 2014 to 28% in 2019. This is despite a tightening labor market. It is projected that by 2028 that 50.9% of the total U.S. workforce will be freelancers.

Companies are increasingly hiring freelancers rather than full-time employees – for the following reasons:

    • Expertise: Frequently companies don’t have the expertise in-house to perform work. Freelancers tend to be ambitious, agile, skilled, and highly disciplined self-starters. Freelancers are motivated and typically have higher levels of expertise.
    • Costs: Hiring full-time employees is expensive and includes salary, insurance, retirement, paid time off, facilities, etc. When a company hires a freelancer, they do so for a period – which gives them more cost flexibility.
    • Project-Based-Work: Organizations are decentralizing and are moving more and more towards a wider variety of project-based work. Many projects are one-offs and hiring a full-time employee with the needed skills doesn’t make sense.

Agile Organizations

There is more competitive pressure for organizations to flatter organizational structures, and to become more nimble, responsible, and collaborative. More and more routine tasks will be automated – and collaboration, working across cultures, and being able to more quickly go to market will become increasingly important.

Technology and Remote Work

The quality of remote, communications, mobile technologies and infrastructure continues to improve while the cost decreases. Working at the office is becoming less important. Employees will increasingly work from home or in other decentralized locations. IWG estimates that 70% of the global workforce works remotely at least once a week. This trend will continue to grow.

Planning for the Future

The right plan will help you to excel in the future.  This is an opportunity to be clear about  who you want to become and how your career or business will support that goal.  Define your noblest of passions - so you are inspired to go to work each day and make a difference. Discover your talents and strengths. Identify where there are market opportunities.  Develop a plan to become a thought leader in your niche. How you go about defining your future is critical to your real success.