Advertising
Advertising

Driving the Disruption: The Rise of Professional Freelancing

Driving the Disruption: The Rise of Professional Freelancing

It’s quickly become easier than ever to find skilled, vetted freelancers for extra support on anything from IT infrastructure to content marketing. The move to hiring freelancers has become so common that we forget how recent this shift was made – and is still going on. Companies were not always as comfortable hiring freelancers, and there wasn’t always as large a pool of qualified freelancers to draw from. In fact, the disruption caused by the freelance workforce has been so significant that the World Economic Forum (WEF) has declared that we are in the midst of the Fourth Industrial Revolution.

So what is driving this disruption and why has the labor market changed? The immediate answer is advancements in technology. Technology has revolutionized everything from how we travel to how we communicate. WEF points to cloud technology and the mobile internet, as well as the sharing economy and crowdsourcing as two technological trends driving the fourth industrial revolution.

In the United States, two factors have come together to make the gig economy stronger than ever before: the introduction of the Affordable Care Act (ACA, colloquially known as Obamacare), and the rise of talent platforms.

Advertising

The Affordable Care Act

With the ACA, many Americans who had previously not had health insurance found themselves covered – and many other Americans who had been insured through their employers suddenly found new freedom in not having their health insurance tied to their jobs. That made many of them take the plunge into freelance work. The ACA freed many Americans from “job lock,” where the fear of being uninsured made them stay at jobs they didn’t want to be in. The ACA instead allowed them to choose how and where they wanted to work and some employees chose to move on to different jobs that they enjoyed more while others chose to work for themselves.

The Congressional Budget Office actually predicted this effect in its 2014 study of the ACA, stating “… the ACA could influence labor productivity indirectly by making it easier for some employees to obtain health insurance outside the workplace and thereby prompting those workers to take jobs that better match their skills, regardless of whether those jobs offered employment-based insurance.”

That same year, a graduate student named James Bailey tested a hypothesis about the Affordable Care Act; he examined whether 19- to 25-year-olds were more likely to work as freelancers if they were able to stay on their parents’ health insurance plans. His research showed that those with coverage were 2-3 times more likely to go into business for themselves than those without coverage.

Advertising

Also, after the ACA was implemented, it made more financial sense for companies to hire freelancers rather than provide insurance to full-time employees. In our 2016 research report The Rise of Blended Workforce in the New Gig Economy, we found that 74% of 600 HR decision makers said they would contract more freelancers as a result of the ACA. Further, an astounding 28% responded that they intend to hire a greater number of freelancers than full-time employees by 2020.

The ACA is simultaneously triggering companies to turn to freelancers, while also freeing many Americans to pursue their passions in their new independent careers. The result is the blended workforce – a perfect marriage of companies and freelancers, each satisfied with their arrangement.

The Rise of Talent Platforms

In addition to the ACA, the rise of talent platforms has made it easier than ever for companies to find the freelancers they need. Websites such as LinkedIn paved the way for more niche sites to match freelancers with work opportunities, and the online marketplace of the new gig economy is growing rapidly.

Advertising

As our 2016 study found, 38% of freelancers are now being sourced through freelance management and talent platforms. While general online job boards are still more popular at 43%, freelance management platforms are quickly narrowing that gap.

Such sites make it easy for companies to quickly find freelancers with the skills they need. Many outline the freelancer’s specialties, provide a portfolio of past work and include reviews from previous clients. This makes it quicker and easier than ever before for companies to find freelancers they can feel confident in hiring.

A McKinsey Global Institute report on the labor market outlines the many reasons that talent platforms are good for freelancers, companies, and the labor market. McKinsey estimates that by 2025, such platforms may add $2.7 trillion to global GDP and begin to improve many of the problems today’s labor markets face.

Advertising

How will these platforms add so much value to the economy? The McKinsey report suggests:

  • Talent platforms give job markets a boost. As these platforms grow, “they will become faster and more effective clearinghouses that can inject new momentum and transparency” to stalled job markets.
  • Talent platforms show which skills are in demand. This transparency may even inform people’s educational choices, steering them into in-demand professions. According to McKinsey, more effective spending on university education “could reduce some of the $89 billion misallocation we find in Brazil, China, Germany, India, Japan, the United Kingdom, and the United States.”

The freelance trend shows no signs of stopping, which demonstrates the ongoing need for talent platforms. As our 2016 research report found, one in five top performing firms say 40% of their labor force is already composed of freelancers and nearly half of top-performing firms intend to increase their hiring of freelancers by 30%. Successful companies are already hiring freelancers in droves and more companies are sure to follow – which makes talent platforms an invaluable resource.

This is no blip – the ACA and talent platforms have helped ensure the rise of the professional freelancer. If your company hasn’t already considered hiring freelancers, what are you waiting for?

Featured photo credit: Shutterstock via image.shutterstock.com

More by this author

freelancing Driving the Disruption: The Rise of Professional Freelancing hack your job How to Hack Your Job

Trending in Entrepreneur

1 15 Best Entrepreneurs Books to Start Reading Now to Be Successful 2 How to Start a Small Business with Little to No Money 3 The Lifehack Show: Staying On Top of Your Game as an Entrepreneur with Frank Fiume 4 10 Employee Engagement Ideas to Improve Teamwork 5 Effective Employee Onboarding (The Complete Guide)

Read Next

Advertising
Advertising
Advertising

Published on January 28, 2020

How to Ace an Interview: Nailing the 10 Most Tricky Questions

How to Ace an Interview: Nailing the 10 Most Tricky Questions

As someone who has been in recruiting for over 10 years I can tell you the interview is vitally important to getting that new job you really want. During the interview process, there will most likely be at least 2 interviews, a phone interview and an in person interview. Both are important.

Companies can of course have different interviewing processes but in general, there is at least one phone interview, also known as a phone screen, and a live, in-person interview. The in-person interview can be with one person or it might be with a variety of people. While they are both important, the live interview is typically the one that will make or break you as a candidate for the position you are interviewing for.

Many of the interview questions we will review here will more likely come up during the live interview. But it’s a good idea to be prepared for them on the phone interview as well.

To illustrate how important the live interview is, I’ll tell you about my search that happened a year ago. I’d decided it was time to move on from the role I’d been in for a little over 6 years. As I started researching and looking for a new opportunity, I began down the path with 2 companies. With the one I landed with, I’d had 3 separate phone screens, each one an hour long. They must have thought they went well because I was asked to fly to the city where the corporate office is at and do an in-person interview. — with 8 people.

Yeah, it was a long day. The good news is I rocked the interviews across the board. I flew home that evening and the following day, I received a call with the job offer. That was less than 24 hours after I’d had the in person interview. This is how important the live interview is.

So how to ace an interview? We can dive right in to helping you nail the 10 most tricky interview questions:

1. What’s Your Biggest Weakness?

This is a personal favorite of mine. The primary reason for this question is not to actually find out what your biggest weakness is. Unless of course, you say something like “showing up to work on a regular basis,” then it’s probably going to get you kicked out of consideration for the role.

The main reason for someone asking you this question is to see if you are self-aware. That is if you know your weaknesses and are smart enough to account for them.

Advertising

The smart play here is to answer in a modest way. You want to be able to show that your biggest weakness actually has an upside. For instance, I usually say that mine is impatience. Which is true, I like to get things done. But what I ensure what I point out is that even though I am impatient, it’s because I like to crank and get a lot of work done.

2. Why Do You Want to Work Here?

Interestingly enough, a lot of people don’t have an answer to this question. It’s designed to find out if you’ve actually done research on the company and if you are excited about this position.

When I ask this question, many people have told me something like “because it looks like a good opportunity”. I mean, can you be any more generic?

The key to answering this is to show you’ve done research on the company and that you are enthusiastic about the actual position. Companies want people that are excited to work there, not just someone that shows up for a paycheck.

3. Where Do You See Yourself in 5 Years?

Employers are asking you this question to see if you have somewhat of a plan for your career. It doesn’t have to be completely mapped out in a step by step manner but, a general overall plan is good to see. It means you are goal oriented and are working towards something.

Don’t worry about answering in a way that states you are planning on sticking with the company until you retire. Rather, focus more on how it’s important to you to continue to learn and get better and better at what you do. Companies like to hire self-motivated people.

4. Tell Me About a Time You Messed Up

Or tell me about a time something didn’t work out the way you planned. Similar in concept. The key here is to show that you take accountability for your actions and how you react to things going wrong.

Companies like to see that you are willing to accept responsibility for the things you oversee and own up when you are wrong. People that always find a way to blame their missteps on other people or circumstances typically don’t make good team mates.

Advertising

The other component here is things don’t always go as planned, how good are you at adapting and thinking on your feet.

5. Why Are You Looking to Leave Your Current Job?

This may seem like a place to launch into all the things you don’t like about your current job. Or to talk about what a terrible person your boss is. Don’t do it. That’s the path you do not want to go down. And that’s really what this question tends to prod out of many people.

If I am interviewing you and ask this question and you tell me all the ways your boss doesn’t appreciate you and your company has terrible leadership, I’m thinking what you’re going to be saying about me in a year when you are interviewing somewhere else.

Make sure you are framing your answer in a way that doesn’t shed bad light on your current or most recent employer. You want to focus on things like you’ve enjoyed working for the company but your growth options are limited there so you are exploring outside opportunities.

6. How Would Your Current Manager Describe You?

This question gives you the opportunity to show off your strengths and what your boss appreciates about what you bring to the table. You want to focus on the positive traits that your boss likes and how it helps you in your role.

What you do not want to do is sprinkle in the things your boss doesn’t think as highly of. Don’t say something like my boss would describe me as a focused worker, at least on the days I make it into the office.

7. Tell Me About a Time You Overcame an Obstacle

Another one of my favorite questions. Interviewers ask this question to see if you are able to deal with roadblocks.

Things don’t always go smoothly, so having people on the team who are able to solve problems has huge upside.

Advertising

Being able to overcome obstacles is a great trait to have. Make sure you have a few stories about how something didn’t go as planned that caused a challenge and how you were involved in solving the problem. It’s a way of turning a bad situation into a good one.

8. Why Should We Hire You?

If you are at the point of a live interview, you should be highly interested in the position.

By this point, you should have a pretty clear picture of what the role is and how your skills and experience will help you succeed. The reason this question is being asked is to see if you are the right candidate for this role.

This gives you a great opportunity to tell your interviewer how your expertise will positively impact the role. Right now, you are in the spotlight to clearly show that your experience is the perfect fit for the position and why. Shine on!

9. What’s Your Greatest Achievement?

Employers tend to ask this question to gain an understanding of what your big wins were. What are the really impactful things that have happened during your career and how you were the reason why they happened.

This is another great opportunity for you to toot your own horn. What you want to be conscious of is how you tell the story about your biggest achievement. You want to make sure you say why it was such a big achievement.

If possible, it’s always good to include your team as part of the big win. Employers love to hire people who can make things happen but, it’s also important they understand the importance of team work.

10. Do You Have Any Questions for Me?

You might be asking yourself why this is a tricky question. Honestly, it’s not a tricky question if you are prepared for it.

Advertising

What the interviewer is looking for here is how interested and excited you are for the position. You’d be surprised at how many people answer this question with a blank stare or have no questions prepared.

Again, if you are at a live interview, you should be highly interested in a position and the company. You will convey how interested you are in the opportunity with some well thought out questions to ask.

You don’t want to just ask one question like “How often is payday”? Have at least 4 to 5 questions prepared but don’t overwhelm your interviewer with dozens and dozens of questions. Show that you’ve given some serious thought to this position by coming prepared with solid questions to ask.

The Bottom Line

There you go, insight to nailing the 10 most tricky questions during the interview process. There are, of course, many other questions you might get asked during the interview process but, these tend to be the ones that trip most people up.

Remember to take your time and thoroughly prepare for the interview. You don’t have to memorize your answers or anything but having a good idea of how you’d answer these questions will help you ace the next interview.

Here’s to being career advancement ready!

More Tips on Job Hunting

Featured photo credit: Romain V via unsplash.com

Read Next