Picture this: you’ve signed into your social media account, you get page recommendations, you click and turns out there’s another freelancer with a similar skillset in close proximity. What do you do? Do you check out the freelancer’s profile or consider them as a threat and competition? Do you fear that your clientele would stumble upon the other freelancers’ profile and hence you should prove you are a superior freelancer? If you feel that way, you shouldn’t.
About one-third of the core skillsets in most jobs will be soon replaced by the new ones. The lack of understanding of these disruptive changes will be one of the major barriers to this progression. There is a constant, fundamental transformation taking place in the way we work today. With the growing market and the changing work culture, the skillsets required in a workplace are also changing day-by-day. Subjects like Data Science, content management, statistical modelling, digital marketing and so on are gaining momentum. This is not the time to relax and wait for the events to unfold. Organisations have to be prepared for the future, while recognizing the changing talent requirements and redefine it accordingly.
In large organisations, the employers are focusing more on investing into training and development programs. Skill development has become one of the most important course of actions. However, for SMEs, the challenge still persists. The resources are limited, so is the skillset. So how do small organisations keep up with the rising competition?
SMEs face newer challenges with the ever-changing complexity of global businesses. As customers get more demanding and competition gets more intense, companies try harder to stay agile, innovative and profitable. This is why, it is necessary for companies to have their workforce aligned with their business goals, rather than just being a tool for enhancing operational efficiency. In order to be flexible and adaptable to enable people to respond faster to changing business needs, a global workforce is a must.
A few decades ago, employers would’ve turned down the idea of hiring someone they’ve never met in person to complete and submit an important task over the internet. But in today’s world of rapidly changing technology, businesses of all sizes and industries are turning to freelance and contract workers as an affordable way to run operations without ever meeting these partners face-to-face.
Outsourcing workforce without borders gives business owners the opportunity to learn, adapt, grow and evolve without being country-specific or geography-dependant. It allows more freedom and flexibility in decision-making.
The ever-changing technological trends, global competition and the immense opportunities have brought on board even the smallest businesses. This phase of the reinvention of the SMEs has now enabled them to operate in the same environment as the large-scale industries. However, the larger corporations have an edge on this as they have the luxury of tapping into abundant resources and get things done.
Typically, the challenges faced by an SME in a globalized ecosystem include limited resources, lack of financial benefits, poor administration and management access. When you run a small or a medium enterprise, managing higher expenses becomes difficult. Because of the limited skillset, you need to hire resources; And while doing so, the cost versus the productivity ratio needs to be taken care of specifically. This calls for SMEs to improve and elevate the levels of their operational efficiency.
Enhanced operational efficiency helps in reducing wastage of resources, increases profit and also gives a competitive edge to small businesses.
In recent years, the sharing economy or the Gigonomy has become a fascinating business trend. Companies adopting the sharing model have become adept at tapping excess capacity of both product and services and using to their benefit. With an emphasis on trust, communalism and most importantly, peer to peer transactions, Uber and Airbnb have rewritten the rules on how consumers commuted or stayed in hotels. Consumers benefit from wider and cheaper choices, ease of use and access to user reviews. Besides Uber and Airbnb, there are many other industries offering services, forming a part of the Gigonomy. Example, DogVcay – an online community that connects pet parents with pet sitters across North America or Getaround – a peer-to-peer car sharing company that allows people to borrow cars from others.
The freelance workforce is growing and it’s on the rise across the globe. A ‘Life-first’ attitude is observed among the millennials who’re choosing self-employment for the utilization of their skills.
The world of freelance is undoubtedly colourful, but it’s not all bed of roses. There are pros & cons, ups & downs to everything and freelancing is no exception! Know your challenges before you begin. And if you’re still wondering if you should get started as a gigger, there’s a lot more to consider about.