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Social Networking is Powering the Freelance Economy Market

Economy

In the contemporary times, we are extremely familiar with terminologies like ‘social media’, ‘social networking’, ‘freelancing ‘ and there is a definite connection between all these terms. In fact, social networking is impacting all aspects of our social life and also helps in boosting our professional arena. It is a common knowledge that often our present and possible employers check our social feeds to keep a tab on our behavior and more importantly social networking is positively impacting the crucial section of our labor market and that is the freelance economy. Freelance economy actually means recruiting self-employed workers to satisfy particular short-term jobs that are sporadic in number to employ permanent workers. This segment of the on-demand labor force is very important because businesses depend on freelancers to do their on-demand work. Social networking plays a crucial role in such a situation-gives birth to more industrious and result-driven work, boosting the intensification of human resource capital of the freelancers and escalating the growth of freelance economy. These latest aspects will become more and more powerful in future as freelancers will define the work procedure anew.

More Result-Driven Work
One of the immediate benefits of social media is the innate trust that oozes from having connections in common. This trust factor also affects the labor market and as both the buyers and sellers of labor are conjointly interested in deriving the most effective results at the end of the day. In the freelance economy market, projects are short-term and these come from unknown sources so the chance of build trust through mutual connections can be very vital in ensuring that the freelance projects receive utmost attention.

Growth in Human Resource Capital
In this age of social networking online staffing is a brand new phenomenon and majority of the freelancers are getting the work from the internet world. This also means that there is a stiff competition among the freelancers and to stay in the competition will need to invest more in their professional skill growth like going for ongoing education, certifications or licenses. This is unlike permanent workers who need to upgrade their skill sets ones in two years or three years. But in the freelance market maintenance and upgradation of human capital is a regular thing and this includes getting ratings and reviews for the work done. This scale of transparency is the keystone of the freelance economy and redefines performance and relationship between the buyer and sellers of labor.

Further Development of the Freelance Economy
Working autonomously is a whole new idea in our traditional labor economy. In the near future, this independent labor force will only increase and the social networking sites will be directly responsible for it. If the independent workers with excellent work experience share it on the social networks then many others will be enthused to follow their footstep. These people will also have a spot where they will share information like which firms offer the most credible assignments and at what value. This is the highest level of transparency and this immaculate knowledge about things will offer a great degree of competence to the freelance market and this will be unavoidable for the traditional companies and they have to hire their services in the coming days.

Social media is a tool that will redesign and will offer more strength to the freelance economy and to the freelancers.

Author: Ranjan Paul

Ranjan Paul who is the Team leader of Digital Marketing Department at Sketch Web Solutions, a mobile & web development company based in India has immense experience in this field. He has been responsible for creating the internet presence of many unknown business entities and has also propelled many known names to the first page of the most well-known search engines.

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