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May 28, 2018, 01:25:42 PM |
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The Increased Growth of Freelancers Requires Greater Accountability and Transparency
The economic model and working habits of people are going through a lot of changes. We no longer work the number of hours in closed office cubicles and industry that people used to do just ten years ago.
We have come a long way from the time of Generation X. Workers of today want more freedom and self-reliance. Freelance is becoming the norm and reshaping many industries. Businesses now rely on creating partnerships with freelancers rather than hiring employees for the long-term.
The changing work habits have significantly increased the need for accountability and transparency across business domains. This is one of the reasons why people are looking for new methods of payments that are secure and easy to track.
The Freelancer Generation
The millennial generation is not as focused on working the regular day shift as the prior generation. A survey recently undertaken by Upwork showed that there are more than 57.3 million Americans who are working as freelancers in the country. These people contribute more than $1.4 trillion to the economy annually.
The study also shows that as many as 47% of the millennial population is working as freelancers and the majority of U.S. workforce will be composed of freelancers by the year 2027.
People are switching to freelancing because it allows more freedom, greater flexibility and allows individuals already employed an opportunity to earn some extra income. Advancements in tech are playing a leading role as well. Improvements in communication and money exchange methods make it easier for people to provide freelance services to businesses.
Forward Looking Attitude
A major finding of the survey was that freelancers believe they are better prepared for the future compared to employees doing a regular 9 to 5 job. A majority of American workers were not very confident that the work they do today will be available 20 years from now. More than 60 percent of freelancers felt secure in their choice of profession.
One area of concern for the freelancers was income unpredictability. Unlike a regular job with a steady paycheck, freelancers often had to dip into their savings during periods where they could not find any work.
New Technologies
The popularity of freelancing is significantly influenced by the changing technology. One of the technologies that are likely to make an impact is the blockchain-based cryptocurrencies.
Cryptocurrencies, like Bitcoin, Ethereum and Calero provide a medium of exchange that is quick and easy to transfer and very secure. Digital coins like Ethereum also allow the ability to build smart contracts that are automatically executed with each phase of completion for a project.
Consider a simple example where a business hires a freelancer to design a set of marketing brochures for the company. They parties sign a smart digital contract where payments will be automatically disbursed to the designer as each phase of the project is completed and submitted to the business over the platform.
Greater Accountability and Transparency
A secure payment method built over the blockchain will give greater confidence to freelancers and service providers that are looking for work online. Since the execution of contracts is automated, freelance service providers can be assured about the payment once they deliver projects according to client specifications.
This system of payments is also easier to monitor by regulators such as the tax authorities. Entries recorded over the blockchain are immutable and provide a complete record of all the transactions that have taken place on the ledger which should keep the IRS.
Calero will provide a seamless solution for all freelancer requirements, from invoicing, payments, cash flow management to time tracker and filing taxes.
Find out more about Calero and our Token Launch at our site: Calero.io
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