28 Aug Why has freelancing become popularized in Canada?
As virtual working conditions skyrocketed after the spread of COVID-19 in 2020, freelance work became a great way to continue working during a time of isolation and uncertainty.
The professional world has changed drastically since the pre-pandemic 9-5 jobs that people were accustomed to. Even before the virus, workers were noticing a shift away from working for just one company for over thirty years. Workers have been transitioning to working for multiple companies, working with employers for shorter periods, and broadening their careers through experiencing new roles. Working started to become a tool to build and strengthen a career, instead of solely working to benefit a company. This progression has encouraged many employees to engage in freelance work.
Freelancing is a type of self-employment where the freelancer will provide their skills or services for multiple businesses or companies. They are extending their expertise to multiple clients, which gives them more control over their schedule and how they engage in their work.
Why has this type of work become so popular over the past three years?
There is an opportunity to make a good income. Freelancers have total autonomy over how many clients they want to work with and how many projects they will take on. Because it is entirely in their control, they can choose how much cash flow works for them on a weekly, monthly, or yearly basis. Further, companies have been wanting to reduce their costs as the economy is in a current downturn, and therefore, limit full-time workers. Companies are becoming more open to hiring for a specific service when needed, which is giving freelancers more opportunities.
There is guaranteed flexibility. Because freelance workers control the number of clients and projects they complete, it gives them full control over their own schedule. This type of work allows employees to build their calendar around their own individual priorities, instead of catering to a company’s timetable.
It is easier to adapt to shifts in the market. Because freelancers aren’t following a company schedule or list of responsibilities, it is easier to adapt their skillset to the upcoming demands of the market. The flexible aspect of freelancing allows these workers to easily engage in professional development and training. They have the time to learn how they can improve, and they are eager to enhance their skills to stay competitive in the workforce.
It decreases financial risks. A trending term in the current market is “career cushioning” which is when employees will engage in multiple jobs, develop their professional skills, or hunt for other jobs while still actively employed. People engage in career cushioning to ensure consistent cash flow even if they are laid off by an employer. As a response, there is incentive to become a freelance worker because workers can maintain multiple jobs, protect their revenue stream in a poor economy, and mitigate their financial risks.
If you are a freelance worker and want your short-term contract examined by a lawyer, please contact KCY at LAW by filling in an online consultation request or contact us by phone at 905-639-0999 to book your consultation today.