Freelancing industry: a window of opportunities
Mukammil Shah Yousafzai
A freelance job is basically the one where a person works for himself, rather than for a company. Although freelancers perform contract work for corporations and organizations but actually they are essentially self-employed. Freelancers are not treated by the businesses they work for as workers, but as consultants. Freelancing has become one of the biggest industry for earning and making money. All that you need is a laptop with some analytical skills, good knowledge of English and an internet connection. Pakistanis today are well acquainted with the online industry.
Pakistan is considered fourth in five countries in the online labor index released in 2017 by the Oxford Internet Institute. According to the e-employment website, where individuals receive about $0.5 billion from freelancing, Similarly, a freelancer's average wage is approximately Rs32,000.
Pakistan is leading in expanded freelancing against India. Pakistan climbed to fourth, leaving India behind in the freelance market. According to the Global Gig Economy Index of the Payoneer digital payment portal, the ranking of the top 10 independent countries was released, in which Pakistan ranked fourth while India seventh.
This means that Pakistan is capable of competing with the largest markets in the world, such as the United States, which produced 78 percent of freelance revenue by Gig Economy in 2019, followed by the UK which produced about 59 percent and Brazil 47 percent. Pakistan, meanwhile, ranks fourth with a 47 percent growth in its independent sales last year and is one of the Asia’s top 10 countries that are happy to make money from the online industry.
In the past, it was the US and the UK maximum outsourcing jobs from developed countries to emerging ones. We're hopping now to enjoy rising Asia. We see many Asian nations exporting to other Asian countries. In ordering goods and services, there is a flow of power between the nations.
The success of freelancing is due to the opportunity for higher work prospects, flexibility, higher wages, and a promising step towards the pay equality. Most employees have seen jobs starting from 9 am to 5 pm as a stable lifelong salary so they never have to worry about attracting new clients and new orders; they know where the next paycheck comes from. They will quit work at the end of the day as staff and not worry about it until the next morning.
Various Americans and Europeans have begun re-appropriating supplies of work to Pakistan, as have organizations from a number of regions. Several Pakistani professionals have established their own organizations and administrations on the internet providing the best skills available on the globe.
The lack of expertise both advanced and conventional is a significant limit to achieve the tremendous potential of web-based outsourcing. With their mobile phones, carefully trained online experts will work even externally. Thus, it is considerably more important to offer critical computerized education in schools. This will support web-based outsourcing as well as other internet business operations.
The autonomous online market is a side-effect of an online company that has various setups and action plans. The supposed 'sharing economy' is the one that gets a lot of consideration late. All around the globe, freelancers have been fostering the culture of self-employment and making themselves into solopreneurs. When they build a small workspace at home or launch their freelance careers from a one-room office, professionals sell their abilities via the internet in their local as well as foreign market.
During the past decade, we have also seen thousands of Pakistanis becoming popular freelance service providers in the global market. Platforms such as Truelancer have allowed freelancers to sell their skills to international customers in Pakistan.
There is an unmistakable indication that in the coming years the professional industry will witness a blast, indicating that more specialists are available to consultants across the globe. Obviously, some work is openly impossible; structure sustaining employment, stores, and other consumer capabilities make it complicated. Much workplace work can be completed at home self-ruling later on with one’s choice working hours. Obviously, organizations should supply the work in progress with basic personnel, but they can still maintain a rundown of contractors to call for help with the over-burden of work and can reduce the cost.
In almost every industry, experts from around the country (Pakistan) are searching for autonomous tasks as they cannot believe their all-day occupations at this point. One reason for the growing request from consultants may be the fragility of losing a job.
The writer is a financial analyst based in Peshawar. He has done MS in Research Banking and Finance (RBF) and has been serving at many national and international organisations as an academic, researcher and financial expert. He is also the member of American Economic Association. He can be contacted at: firstname.lastname@example.org.