Forget a return to office: We’re living in the age of side hustles

[Hydrogen]

This past year, 39% of American professionals participated in freelance work, either part-time or full-time, according to Upworks new survey of 3,000 adults. Thats equivalent to 60 million Americans, up 3 percentage points since 2021 and a record high since Upwork has performed said survey starting in 2014.

In 2021, only 36% of the workforce was freelancing. But in 2022, as people continued to want flexibility, freelancing became more appealing and essential. It all represents a shifting mindset in the workforce, Margaret Lilani, VP of talent solutions at Upwork tells Fortune.

Now, more than ever, professionals are questioning the old and traditional aspects of work and looking for something better, she says. People want to do what they love, have more control over their careers, and determine where, when, and how they work.

The autonomous nature of freelancing becomes more evident as more companies usher in a return to office. While remote work opportunities might be waning, the desire to have the freedom that working from home granted remains appealing 73% of respondents said schedule flexibility was a key reason they pursued freelance work, and 69% said the same for location flexibility. The idea of being ones own boss was also appealing to many (0%).

But, the real appeal to freelancing is quite simple: Money. A majority of respondents (83%) cited earning extra money as the top reason for freelancing, and 73% cited control over ones financial goals and future. Dealing with inflation and stagnant wages, more Americans are looking to side gigs in order to stay afloat. A Bankrate survey from this past summer found that more side hustlers were dependent on their extra income to pay for everyday expenses than they were in 2019.

Freelancers are also more likely to be satisfied with their pay than their non-freelancing counterparts; Upwork found that while 57% of freelancers were happy with their wages, only 42% of non-freelancers felt similarly.

Perhaps due to their financial situation, the youngest generations are most likely to pursue freelancing; 43% of Gen Zers and 46% of millennials said they were freelancing this year. It makes sense, given that these generations are more likely to be in entry-level jobs that simply dont pay enough for the current cost of living. While older millennials may be in the mid-career and earning more money, theyre also in a life stage of big ticket expenses, from weddings to homeownership. Financial anxiety is high among these groups, as many dont think theyll ever be able to afford their dream lifestyle.

And Gen Z has proven to be especially nervous about a looming recession, likely because a majority of them are experiencing true downfall on their own for the first time. The youngest generation is preparing for a potential recession the most, cutting down on spending, delaying purchases, working another job, and working more at a rate higher than any other generation.

Sure, freelancing is about control and a changing mindset but its also about being able to pay the bills.


https://fortune.com/2022/12/13/freelancing-record-high-side-gigs-millennials-gen-z/

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The following could explain how many americans are supporting themselves despite not being officially employed.

This past year, 39% of American professionals participated in freelance work, either part-time or full-time, according to Upworks new survey of 3,000 adults. Thats equivalent to 60 million Americans, up 3 percentage points since 2021 and a record high since Upwork has performed said survey starting in 2014.

While it is not mentioned, I am wondering how many "freelancers" earn income in crypto related ventures? Crypto being one of the bigger employment and revenue creating opportunities of recent times, is it possible that a significant segment of side hustles are crypto based ventures? Or is the trend more evenly distributed throughout ride sharing apps, amazon delivery freelancing and purely internet based activities?

Generation Z appears to be the largest freelancing demographic. Which makes sense given they're probably the most internet and technology literate. I think generation Z is also the largest crypto using and supporting demographic.

With concerns lingering over future job automation and lack of wage growth. Could side hustles and freelancing work represent the natural progression for the future of job markets? If this is true, then could crypto also be prominently positioned to best leverage and fulfill needed areas of freelance finance, given its flexibility, adaptability and rapid deployment capabilities.

[Hispo]

I am not well informed about the laws in the United States but I see a problem about being a freelancer at full time and the fact this could become the new standard.
Do freelancers even receive benefits which hired workers are supposed to have by law?

I mean insurances, 404k, paid vacations, bonuses, etc.
If not, I am afraid big companies might take advantage of freelance workers in order to get job done while having no legal strings attached to them. Or am I wrong on this one?

[ancafe]

While it is not mentioned, I am wondering how many "freelancers" earn income in crypto related ventures? Crypto being one of the bigger employment and revenue creating opportunities of recent times, is it possible that a significant segment of side hustles are crypto based ventures? Or is the trend more evenly distributed throughout ride sharing apps, amazon delivery freelancing and purely internet based activities?

Crypto base qualifications are at an equalization stage as current job opportunities, these bases are considered as jobs that are not bound by time, age and can be done by anyone, although there is no accurate data on the number of bases that have spread throughout the region at this time, pure inter activity utilized by generation Z who are capable of technology.

Generation Z appears to be the largest freelancing demographic. Which makes sense given they're probably the most internet and technology literate. I think generation Z is also the largest crypto using and supporting demographic.

This generation continues to contribute to the highest levels of internet usage to date, because they are very tech-savvy and internet savvy. There are many ways to make money in the ever-evolving technology space and they are more ready to accept and take advantage of these conditions, while the generations below tend to be less technologically literate and have difficulty seeing opportunities, so development requires a lot of learning and is difficult to develop.

With concerns lingering over future job automation and lack of wage growth. Could side hustles and freelancing work represent the natural progression for the future of job markets? If this is true, then could crypto also be prominently positioned to best leverage and fulfill needed areas of freelance finance, given its flexibility, adaptability and rapid deployment capabilities.

All possibilities can happen, even who knows in the next few years they will no longer work part time in the office, because they think that technology and the internet have made this generation free to determine the time they work. Moreover, jobs are currently quite difficult to find, the wages they get don't match the work, so that Generation Z starts to leave the job model as before. Currently the Crypto space is getting bigger, the use of investment is quite widespread in various countries, considering that flexibility and adaptability tend to match their thinking.

[Solosanz]

Of course in this era there's many way to make money without need to work under your boss or company, but make sure you're need to have very good knowledge, skillful and has a wide connections. You can't just become a master of blockchain but you can't find the place how to sell your service, in this way you need a lot connection where someone can recommend your service to the clients that need it.

Honestly working your under boss or company doesn't have 100% guarantee you will not get kicked or fired, which mean every jobs has it own risk.

[Don Pedro Dinero]

While it is not mentioned, I am wondering how many "freelancers" earn income in crypto related ventures?

Well, the example is in this very forum. There are quite a few of us who receive an income, which depending on where in the world you live is a decent side hustle or even a good salary. I'm not only talking about participating in signature campaigns, but also managing them, giving loans, translating, etc.

The great thing about the internet is that it has made it possible for everyone to earn an income from home, instead of the traditional side hustles that require physical presence, such as working as a waiter or delivering pizzas.

[BigBos]

Generation Z appears to be the largest freelancing demographic. Which makes sense given they're probably the most internet and technology literate. I think generation Z is also the largest crypto using and supporting demographic.

It's true, many in other parts of the world also generation Z dominate crypto technology and adapt more quickly to technology so they have skills in information technology, including many of my friends who know what Bitcoin is and on average they are day traders.

With concerns lingering over future job automation and lack of wage growth. Could side hustles and freelancing work represent the natural progression for the future of job markets? If this is true, then could crypto also be prominently positioned to best leverage and fulfill needed areas of freelance finance, given its flexibility, adaptability and rapid deployment capabilities.

I think it will take another few decades for generation Z to enter the global government and financial system, with those who are adept with technology and quickly adapting to circumstances, will change some of the systems with their minds, whether from regulation, financial policy, or employment policy and so on. others, to provide concessions to crypto technology in aspects of people's lives.

[Gozie51]

I mean insurances, 404k, paid vacations, bonuses, etc.
If not, I am afraid big companies might take advantage of freelance workers in order to get job done while having no legal strings attached to them. Or am I wrong on this one?

Big companies are already working like intermediaries to other countries agents like helping them to contract freelancers and other workers generally to work for them but the unfortunate thing there is they don't properly take care of them and their welfare. Making people are now based on side hustle but in illegal ways, some conceal contriband to transport outside.

[so98nn]

Definitely we are living in the era of side hustles. With all the reasons plotted above there are also valid reasons like need of “multiple income” sources considering increased cost of living while less salary hikes for the fixed salary jobs.

There is even craze of doing “moonlight works” everywhere. By definition it means one person joining 2 or more than 2 companies at the same time to earn more money. This tells us the story that living has become very hard. If you don’t have bank accounts full of cash then you have to keep struggling with side hustles and moon Light work.

[palle11]

With concerns lingering over future job automation and lack of wage growth. Could side hustles and freelancing work represent the natural progression for the future of job markets? If this is true, then could crypto also be prominently positioned to best leverage and fulfill needed areas of freelance finance, given its flexibility, adaptability and rapid deployment capabilities.

The youth make up the greater number of the world population and in some countries 16-18 years is already independent of the family and that means they have to food and survive by themselves. Survival comes down to being able to get a job but such 8 - 5 pm jobs are to exclusive reserve of certain people this means larger population have to look for other ways to survive. I think the working at home stuff got more attention from the covid-19 pandemic where many people started surfing the internet to find more ways to survive and fortunately cryptocurrency market was already existing and so it became a good option or alternative to surviving.

[SirJohnVonSlotty]

I've been a freelancer for a year, and I can tell you, the money (in general) is great, but the challenges of being "outside of the system" are there.

You want to get a bank loan to buy an apartment? No chance, you're a freelancer. Doesn't matter if you have enough income and contracts to prove it, the bank doesn't want to take the risk.
You want to get a car leasing? Same deal.
Medical insurance? Welcome to hell

I think that, to get the full benefits of the system, you would either need to be employed full time, or have your own company. Being a freelancer is just something in-between and quite a challenge.

[crwth]

I have a lot of friends that are professionals and registered in in the state and then they are changing career paths because of this type of thing with the freelance and the work from home approach. Even I have thought and asked of myself this thing because there are a lot of people who are earning a lot more than me and they are having the time of their lives because it’s not so stressful with the work from home set up.

I think you are lucky if you are able to do what you want and like at the comfort of your home, and then those people who are making a side hustle to the main thing, then kudos. They are probably wanting to have more comfort compared to stressing themselves out with the normal job.

Depends on the person as well, if you are willing to do it, that kind of thing

[electronicash]

Definitely we are living in the era of side hustles. With all the reasons plotted above there are also valid reasons like need of “multiple income” sources considering increased cost of living while less salary hikes for the fixed salary jobs.

There is even craze of doing “moonlight works” everywhere. By definition it means one person joining 2 or more than 2 companies at the same time to earn more money. This tells us the story that living has become very hard. If you don’t have bank accounts full of cash then you have to keep struggling with side hustles and moon Light work.

two or 3 jobs a day is really hard to do but the necessity to do it is just pushing a family man to keep it because the man has to provide for the family. yes its hard to live now. ride sharing and delivery services boom since the start of covid lockdown and its still here. i was considering to sign up.

there isn't enough crypto companies that can provide freelance jobs to the influx of new generations though. but the adoption i guess will force the old generation to learn the crypto for their pay.

[avikz]

It's a very difficult economic situation right now. Those who are working for the big companies, are constantly under pressure to ensure that they aren't fired. Still they do not know whether they are going to have their job in the coming month or not. So the situation is very different and the outlook is grim.

So side hustle is a requirement nowadays especially for people who are the sole bread earner for their family.  Probably this is what going to gain prominence as the loyalty and trust  is decreasing in the job field. It's all about making money in an honest and legal way. Time will soon become a premium.

[Die_empty]

With concerns lingering over future job automation and lack of wage growth. Could side hustles and freelancing work represent the natural progression for the future of job markets? If this is true, then could crypto also be prominently positioned to best leverage and fulfill needed areas of freelance finance, given its flexibility, adaptability and rapid deployment capabilities.

There have been an increase in the rate of people that engage in freelancing in my country recently. Most people are even resigning from their permanent jobs to focus on these online jobs. One of the biggest attraction of these freelancing or online jobs is that its recruitment is based on competence and skills and not because of favoritism or other sentiments. Most of these jobs doesn't also need paper qualification but relevant skills or expertise. I live in a country where employment is based on tribal sentiment and tribalism. Most persons are employed based on connection or who they know in government.

Most of these freelancing jobs also pay higher than most fulltime jobs. Exchanging currencies like the Euro or Dollars to our local currency makes the payment more attractive and satisfying compared to the national minimum wage. And in recent times most western companies are greatly using the African labor market because they offer cheap and quality services.

Although some these freelancing job are very tasking but they can also give workers the opportunity to plan their work life better than when they are doing fulltime jobs. A freelancer might decide to go on holiday without anyone's approval, but this might not be the case in full time jobs.

Due to the unfriendly nature of the government of my country towards cryptocurrencies, job opportunities in that sector is limited. But it is common to see some youths engaging in crypto trading or exchange services.     

[The Sceptical Chymist]

While it is not mentioned, I am wondering how many "freelancers" earn income in crypto related ventures?

No they don't mention any details about what this freelancing work is exactly, and that kinda pisses me off.  It's almost as if they're withholding that info because they don't want to give people ideas.  Grrr.

This is one good thing I can say about millennials and whatever the newer generations are called--the traditional work structure sucks ass and always has, with the only difference being that previous generations accepted it as the expected norm.  Now I'm really wondering what everyone is doing for side-hustles.  There are obviously a lot of people earning crypto here, but I don't think they represent even a tiny fraction of the entire population as a whole.  But I'd imagine that trading crypto is big (risky as well, and I don't know if many traders even make a profit), and earning passive income from various PoS coins is really popular.

I live in a country where employment is based on tribal sentiment and tribalism. Most persons are employed based on connection or who they know in government. 

That sucks, but I can't say it hurts to know someone in the position to give you a job in my country or any country for that matter.  Nepotism isn't exactly confined to any specific geographic area.

[kryptqnick]

To me, the article seems to correctly grasp the nature of the shifting market. Indeed, people often have jobs but do other things on the side or mix different freelance jobs t earn a living. While it can mean that there isn't enough money people are getting now from one job, which is something that must be fixed, it also gives more flexibility and less dependence on a particular employer, and thus more power. There are, of course, other sides to it, such as the precarious state of not having a long-term contract, not being sure you'll get as much income next month as this month, and potential issues if you need to get a loan or want a mortgage.
Crypto freelance can be a part of it and something to become more relevant with the shifting market, but I don't think it takes a significant share of all freelance jobs for now. It is something that can experience growth, perhaps.

[zasad@]

I've been a freelancer for a year, and I can tell you, the money (in general) is great, but the challenges of being "outside of the system" are there.

You want to get a bank loan to buy an apartment? No chance, you're a freelancer. Doesn't matter if you have enough income and contracts to prove it, the bank doesn't want to take the risk.
You want to get a car leasing? Same deal.
Medical insurance? Welcome to hell

I think that, to get the full benefits of the system, you would either need to be employed full time, or have your own company. Being a freelancer is just something in-between and quite a challenge.

If you cannot afford to buy a car without a loan or leasing from a bank, then you are not earning enough.
A self-employed or entrepreneur will always be not the best clients for banks, because they often go bankrupt.
Although I have a question for you, why are you having problems buying an apartment. For example, you pay 30% of the cost of the apartment, and the bank pays the rest. The apartment is pledged to the bank, and if you do not pay, the bank will sell your apartment and close your contract. Same thing with the car. In my country, banks give apartments to the unemployed with such conditions.

[Davidvictorson]

I know a lot of my buddies who are into tech,  copywriting, and working for companies outside the country remotely. They work not for one company, some work for two or even three companies, juggling several side hustles at once. When I asked the reason for this, I was told that 1) Job security was not guaranteed so they have to take the bull by the horn 2) Flexibility and independence. As for which way they receive payment, they said it depends on the company. They first read the company's profile and search for folks who have done a gig with the company. While some companies are pro-bitcoin/crypto, others are not too comfortable with that as a payment option. They are ready to receive payment in whatever form as long as it is legal.

[Iroh]

It's a very difficult economic situation right now. Those who are working for the big companies, are constantly under pressure to ensure that they aren't fired. Still they do not know whether they are going to have their job in the coming month or not. So the situation is very different and the outlook is grim.

So side hustle is a requirement nowadays especially for people who are the sole bread earner for their family.  Probably this is what going to gain prominence as the loyalty and trust  is decreasing in the job field. It's all about making money in an honest and legal way. Time will soon become a premium.

I think the economic situation isn’t all that bright all over the world at the moment and there is little or no job security coupled with raging inflation in some countries. A side hustle is slowly becoming a necessity in our society as income gotten from the regular job is never enough for life expenses.

Low income earners have been long engaging in side hustles to foot their bills and survive in this harsh capitalist world we’re living in and it seems middle income earners has now joined the mix in looking for side hustles to survive. In these times, side hustles has become somewhat of a necessity. For an individual to comfortably live in any given society, your income must be far greater than your expenses.

[Fortify]

The following could explain how many americans are supporting themselves despite not being officially employed.

This past year, 39% of American professionals participated in freelance work, either part-time or full-time, according to Upworks new survey of 3,000 adults. Thats equivalent to 60 million Americans, up 3 percentage points since 2021 and a record high since Upwork has performed said survey starting in 2014.

While it is not mentioned, I am wondering how many "freelancers" earn income in crypto related ventures? Crypto being one of the bigger employment and revenue creating opportunities of recent times, is it possible that a significant segment of side hustles are crypto based ventures? Or is the trend more evenly distributed throughout ride sharing apps, amazon delivery freelancing and purely internet based activities?

Generation Z appears to be the largest freelancing demographic. Which makes sense given they're probably the most internet and technology literate. I think generation Z is also the largest crypto using and supporting demographic.

With concerns lingering over future job automation and lack of wage growth. Could side hustles and freelancing work represent the natural progression for the future of job markets? If this is true, then could crypto also be prominently positioned to best leverage and fulfill needed areas of freelance finance, given its flexibility, adaptability and rapid deployment capabilities.

It's not like the vast majority of people ever worked in an office to start with, that could be considered a "white collar" job with the comfort associated with it, as opposed to service, manufacturing or other jobs which employ many more people. I'd say rather than diminishing the salary or full time jobs, the technological improvements are a massive benefit in the earning power of people who embrace it properly. It gives people the opportunity to improve their lives if they are willing to put a bit more of their private time into it. As long as people give themselves enough rest and find a balance that works for them, then it would seem to be a great achievement of modern society that these new revenue streams are available.