Not so long ago, “freelancer” was a nice way of saying someone couldn’t get a job. Not anymore. Today, freelancers make up a large part of the workforce, and that number is expected to grow as more millennials choose to go in business for themselves. The question for business leaders is what does the trend toward freelancing mean for your hiring efforts and how can you capitalize on the appeal of working from home?
Why is Freelancing So Appealing to Millennials?
For Baby Boomers and Gen Xer’s, a 9-5 day at the office was not only the norm, it was pretty much all that was available. Today, with the advent of video conferencing, online project management options, document sharing, and mobile technology, working from home can be just as efficient as working at the office. And for many millennials, it’s a whole lot more attractive.
The 3.7 million college graduates who will be job-hunting following graduation this spring tend to value things like flexibility, professional fulfillment, optimal work/life blend, and collaboration. Many businesses haven’t placed much emphasis on these values, meaning that even if young workers do take a job, they’ll be more likely to jump ship when a more attractive offer comes along.
Freelancing is an attractive solution to the challenge of work/life blend, because it gives workers the chance to develop professionally from the comfort of their homes. As freelancers, millennials can create an ideal work environment that allows them to:
- Incorporate Even Greater Flexibility—While working from home for an employer gives you flexible hours, freelancing takes flexibility to a new level. Freelancers can work when they want, where they want, and how often they want.
- Set Their Own Hours—Freelancers can work at their own pace and don’t have to clock in a set number of hours each week. They can do all their work in four days rather than five, take a three-week vacation, or work longer hours in order to complete more projects.
- Determine Compensation Parameters—Freelance work may not offer benefits, but freelancers can decide how much their time is worth and charge accordingly. Of course, the market will determine the high and low ends of the spectrum, but a highly talented freelancer can charge more for his work, charge more for certain kinds of work, or charge more for quicker turnaround.
- Grow at Their Own Pace—Freelancing greatly reduces the chances that an individual will be stuck in a boring job, because there is always the opportunity to learn a new skill, develop a niche, or seek out additional clients.
Of course, there are drawbacks to freelancing as well, including lack of income reliability, no health care benefits, and potential difficulty finding work. But for many millennials, the attraction of being their own boss far outweighs any associated challenges.
How Businesses Can Capitalize On the Freelance Appeal
It’s a rare employee who can compartmentalize his or her life into an effective work/life balance these days. As technology has integrated work with the rest of life, employees now seek to create a positive blend of work with other areas of their lives rather than maintain entirely separate realms. In this vein, flexible job hours and the opportunity to work from home appeal to more than 60% of millennial workers. Businesses who want to attract the best and brightest of this generation should consider policies that mimic some of the benefits offered by freelance work, such as flex hours, opportunities for self-motivation, and work-from-home options. By incorporating these values into their corporate model, businesses can create an employer brand that attracts self-motivated millennials as they find a niche in today’s business environment.
