Being part of the gig economy has never been easier. Whether you’re a Generation X-er seeking a healthier work-life balance or a boomer headed to retirement looking to make some sporadic, easy money, joining the gig economy is as simple as going online.

Asia, in particular, has taken to this shift in the workplace with a gung-ho attitude. All across the East, the gig economy has spread like wildfire in the recent years due to the high demand for gig services (as much as 65 per cent hiring managers consider it a normal workflow). With the advent of the COVID-19 pandemic, the number of freelancers just increased manifolds. 

Asia and the freelancers

Even before the pandemic Asia has been the major frontrunner in the gig economy. As of 2019, countries such as India, Pakistan, Bangladesh and the Philippines have taken the lead in the top five capitals of freelance workers in the world followed by Russia and Serbia. The US breaks the eastern trend sitting between them in third place.

According to a Payoner study, the percentage of the world’s gig economy year-on-year growth through Asian freelancers are distributed as under:

• Pakistan: 47 per cent
• Philippines: 35 per cent
• India: Just under 29 per cent
• Bangladesh: 27 per cent

And the market continues to grow in countries such as Vietnam by 56.9 per cent in self employment; Indonesia 50.9 per cent; and Malaysia by 25 per cent. 

Also Read: Is the gig economy taking over?

There seems to be a never-ending list of benefits that come with taking the freelance approach to work. Of course the most notable is the ability to be your own boss and working as much or as little as you might like. 

Other benefits include:

• The ability to work from anywhere, anytime, as long as you have access to the internet
• Having to report to no one
• Creating your own hours to suit your lifestyle
• No participation in regular company culture that often causes anxiety or additional stress
• Pay the bills on the side while pursuing real passions the rest of the time
• No money or time being spent on commuting to and from work
• Opportunities to travel more frequently

It is largely believed that the most notable benefit of switching to freelance work is the improvement in one’s quality of life. This is reported by 79 per cent of freelancers, who believe they live with more time for the things they enjoy since making the change.

This is probably why this culture has spread as rapidly as it has. It seems that millennials and now Gen-Z are willing to do whatever it takes to avoid the seemingly downward spiral that the baby boomers left behind.

And if it’s working, who are we to stand in their way? In fact, why not join the party too! One of the best benefits to the freelance world is that it does not discriminate on age, gender, race or religion. If you are capable of the work, you are welcome to do it.

The key to the gig economy’s success

Software development, web development and technologies generally dominate the freelance sector. This is mostly because of the wealth of online resources that are available to global freelancers these days: 

• Graphic designers have access to a plethora of tools by which to create their work such as logo makers, website builders, vector graphics, font foundries, etc.
• For freelance writers use grammar checker and plagiarism checker tools to take their abilities from average to sought after.
• Freelance platforms such as Freelancer, Upwork, PeoplePerHour, etc. have become easy gateways to reaching new clients for bitcoin, blockchain, web development, app development and more. 

The services these freelancers provide are vital to businesses’ success in the modern market. Key concepts such as having a website, designing a company logo or doing SEO (search engine optimisation) are non-negotiable for any company.

Also Read: The rise of gig economy and how it affects fintech

Many freelancers benefit from the fact that there’s a continuous request for these services and all they need to perform the work is be available online.

It’s not all hunky dory

Of course, the freelance world isn’t void of challenges. There are certain elements that make up a big part of the gig economy that make it a bit less carefree:

• Cash flow can be inconsistent and come in at unusual intervals
• Little to no job security
• No health benefits
• No paid sick days or vacation time
• Discipline is required to get work done on time

The same freelancers who reported having more time to enjoy the finer things in life, also reported that their stress levels didn’t necessarily decrease, but simply shift.

Moreover, it’s difficult to juggle multiple projects with different deadlines which can backfire freelancers who are looking to earn big bucks in a short amount of time. 

What we can deduce from this is that the freelance world is not void of the natural trials and errors that come with every workplace. Managing one’s stress level will still need tending to — it’s all about finding balance.

That’s not all. With the increased number of freelancers entering the Asian gig economy due to the pandemic, the same can’t be said of client growth. According to a report freelancers in Singapore and the Philippines are facing a setback due to the cancellation of gigs or stalled projects by clients in the past six months or so. 

So will the gig economy sustain?

The fastest-growing skill base within the gig economy is the areas involving blockchain and bitcoin. Artificial intelligence and robotics join these sectors and all topped the official fastest growing list in 2017.

Also Read: How Kwork is making a splash in the gig economy by advocating a new way to freelance

Other skills and resources seeing continuous growth in this industry include:

• Blogging and blog content creators
• Web design and development
• Photography and filmmaking
• Clothing and design
• Sharing of skills: teaching English, tutoring math etc.
• Social media management

As technology advances, so will the list of skills and resources that the gig economy sees demand of. Just a few years ago no one would have even imagined something called bitcoins that would have millions of people in new jobs almost overnight. Now we can’t imagine a world without it!

The foreseeable future

Instead of accepting mediocre pay in exchange for unhealthy hours, the working class took things into their own hands and found solutions where problems once lay through gigs. 

And so far so good; overall work performance has improved for this working class. Until the coronavirus pandemic, the gig economy has been considered to be a sustainable model of making a living. Now, however, experts estimate that the gig economy is among the most hard hit due to the pandemic as millions of gig workers are facing unemployment.

No doubt this is simply a downturn of the gig economy, or perhaps it is the beginning of the shift back to conventional nine to five jobs, only time will tell.

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