Following on from the comments I made in the article ‘More millennials’ embracing freelancing’ in HR Magazine, I wanted to explore this somewhat contentious issue further.
Why are millennials shunning full-time jobs and seeking out a life as a freelancer? In the past, we were always told that a full-time, permanent job – or a job for life – was what we should aspire to on leaving school or graduating from university.
Making your way slowly to the top of your chosen company was the expected and respected career path to follow, however, millennials are on course to change all that.
It would not surprise me if the classic 9 to 5 will soon be a thing of the past – clung on to by the tail end of previous generations as the youngsters shun this safe way of working for the more unstable, but potentially more rewarding freelance lifestyle.
Not only do statistics from Ipse, The Associate of Independent Professionals and Self Employed prove that freelancing and self-employment is on the rise among the younger generations, staying loyal to one particular company is also a thing of the past. Indeed, up to 60% of millennials now leave a company within three years of starting there, preferring to juggle multiple roles and several ‘mini-careers’.
This continual job-hopping is costing organisations a small fortune – sometimes up to £20,000 a pop. With this in mind, companies must re-assess emerging work trends and make structural changes to match.
The main driver behind the millennials discontent seems to be workplace flexibility. Indeed, a recent Millennial Branding report found that a massive 45% would choose workplace flexibility over pay.
Could it be then, that this new generation is prepared to take on – and shake up – the workplace in a way that previous generations didn’t dare to? I think so. As we move towards a more agile work environment that embraces scrum culture, the appetite for hiring in specialists on a project-by-project basis will become the norm. Moreover, many millennials say they want to have a job with purpose – somewhere they can make a difference and fit in culturally.
However, with freelance or contract work can come pitfalls if you are not well versed in taxation, invoicing or even chasing for payments. This is where The Work Crowd comes in. We will do all the hard work for you, so that you can focus on the job in hand.