Boom of the gig economy will arise from great online marketplaces

The term “gig economy” is no longer just another catchphrase. With an ever-growing number of freelancers in the country, it is common practice among some of the world’s largest and most successful companies like Airbnb, Google, Apple and others to collaborate with freelancers.

Similarly, many other companies across the globe have stopped limiting themselves to the regular set of candidates and go looking for desired professional talent beyond traditional hiring perimeters.

Now, in the aftermath of the sinister pandemic, chances are that a major chunk of the Indian working population could potentially find themselves unemployed. However, the massive global health emergency (COVID-19) that caused job slashes all around the world and pushed job seekers to find opportunities on the internet, in turn gave a boost to freelance marketplaces.

On the other hand, companies have recognised that the hassle-free availability of communication technology has allowed people to smoothly and quickly adapt to the new work-from-home setup.

So, while the future of our economy is uncertain, we are certain about the significant change in the way we work.

How can a marketplace be a boon for freelancers?

Essentially, a freelance marketplace acts as an arbitrator through which businesses can find and hire professionals on contract who would work remotely. It is an expedient way to contract remote experts for short- or long-term projects.

A freelance marketplace serves advantages like allowing access to the right talent with technology that enables clients to smoothly and swiftly contract with them and the capacity to improve and heighten effectiveness and cost efficiency of the business.

Now let's understand what smart freelance marketplace executives are offering to draw, involve, and retain top freelance talent and lead them to a success trail.

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Essentially, a marketplace allows freelancers to attract and win good work, grow and remain up-to-date professionally and succeed as a business in totality. By offering the following services, marketplaces are certainly serving as string catalysts in the boom of the gig economy:

1. Creating individual propaganda

Helping freelancers put their best marketing foot forward. Creating a brief profile of their background and experience, with guidance and feedback on how to describe themselves helps them get into the game with force. Freelancers, and especially women, often undermine their expertise and need advice on their chargeability. A marketplace makes it easier to fix this aspect.

2. Appeal to fresh, young talent

Today's youth aspires for a career that brings success while also retaining their freedom. The usual 9 to 5 jobs are deemed boring and monotonous by millennials for whom the gig work set-up is ideal. For such individuals, freelance marketplaces are a boon as they give them the flexibility to work how and when suitable, allowing them time to pursue their interests and hobbies.

3. Opportunities to stay up-to-date:

Freelancers know full well the importance of “skill-proofing” their technical expertise by staying updated on new developments through continuous learning.

The best marketplaces provide ongoing learning and development avenues that keep freelancers ahead of the technical curve.

4. Local meetups

As remote working came into play, water-cooler/coffee machine meetings and conversations seized to exist. These chance moments of interaction don't just create camaraderie but also make for the practical benefits of keeping up-to-date, learning from others, and exchanging fresh ideas for business and personal development.

Marketplaces create an environment conducive to informal interaction with educational events.

5. Business mentoring

As freelancers, it would be of great value to have the opportunity to have access to a business mentor who helps you review your performance, and identify ways to enhance growth and development.

A worthwhile marketplace would provide that service to everyone at discounted costs, and the offer of support by a business coach would be a significant attraction for freelancers.

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6. Regular performance feedback

The most basic feedback is whether a freelancer is regularly employed or not and marketplaces give substantial feedback to their talent, including past and current client feedback. Some even go beyond this by offering comprehensive feedback to give freelancers a more detailed view of strengths, weaknesses, and areas for improvement.

As the marketplace continues to evolve, it will also innovate in delivering value to the freelancers that make or break their prospects. It is expected to witness much more effort by marketplace leaders to regularly appraise their freelancers in order to "hear" the “voice of the talent” and better provide what their freelancers need and want from the platform, eventually contributing to their success.

Conclusively, now that the gig economy has found its footing in the country, freelance marketplaces will help make it stronger eventually leading to its significant upturn.