REASONS FOR THE BOOM OF CONTRACTORS

Posted On By lun neh

The work environment has been undergoing drastic changes as technology influences how businesses operate and interact with clients. Through modern technology employees can work from virtually any location and serve clients on a global scale.

Professionals across all industries are being influenced by the appealing move toward independent work.Through online platforms they are matched with potential clients from all over the world. These professionals such as lawyers, technicians, and assistants maintain profiles on these online platforms which potential clients go through to find their right fit. More professionals are taking up the contractor roles disregarding job security but nevertheless being able to charge premium on their services and embracing the freedom that comes with independent contracting.

“This is can be defined as the work arrangement for the future. The new normal will be freelance work to be precise. Twenty years from now, I don’t think a typical college graduate is going to expect that full-time employment is their path to building a career,” ArunSundararajan, a Management Professor; New York University

What is the impact of the rise in contractors?

Within a decade, many economists believe freelancers will outnumber full time workers. The economy we are in presently is widely referred to as the ‘gig economy’ as a result of the Contractor Boom. Independent contractors work on different projects from all over the world. Enterprises are also outsourcing tasks to these contractors as a more cost efficient mode of employment.

By working with contractors instead of full time employees a business can save on office space and training costs. Enterprises can also work with highly priced professional contractors who are cheaper when working on a part time basis.

Co-working spaces are also playing a big part in the Contractor Boom. Co-working spaces offer freelance contractors unparalleled resources. Contractors in similar fields can work from these spaces, collaborating on big projects and earning a whole lot more. One of the advantages of co-working spaces is they provide a sense of community support for upcoming contractors contributing to the boom.

The future of freelance contracting

Online platforms, the co-working centres and technological advancements are some of the leading causes of the rise in freelance contractors. These largely support the contracting economy. In future more trends are likely to emerge providing more contracting opportunities for freelance professionals. Businesses will in return be able to source more talent to hire for their projects and at lower rates. For business and enterprises a large percentage of their workforce will eventually be made up of independent contractor.

It is worth to keep in mind that independent Contractors are not always a source of ‘cheap labour but comprises professionals with years of experience.