Rise of Freelance Economy: Companies Embrace 42% Increase in Collaboration

Wripple a platform that links companies with freelancers and, reveals that there is a trend for more and more corporations opting for freelancers, citing that they offer excellent value in terms of cost-effectiveness as well as being suitable for longer-term use. The trend, which by some has been referred to as the 'freelancer economy, reflects how companies are feeling more comfortable with independent professionals to work on tasks such as social media management and even web design. Along with MDRG, Wripple conduced a survey to review this shifting work landscape from both the freelancer's and corporation's points of view.

According to the survey, almost 90% of companies surveyed said that they want to work with freelancers in a larger capacity this year. This is a 42% increase from 2023. About 82% of the freelancers said that they are excited to accept more job offers this year. This is a 51% increase from 2023. Many freelancers want to work on individual projects and do not want a ‘boss’ to always be present during their course of work. In 2022, McKinsey & Company did a study which found out that individuals want to work independently, rather than under the company. This trend is mostly seen among Gen-Z as compared to most older generations.

According to the American Opportunity Survey( AOS), 36% of the people in the USA which were employed were independent workers. This makes about 58 million of the total population of America. In 2017, only 27% of the employed people were independent workers. 25,062 Americans were surveyed and 5280 of them who were working independently described their working style as liberating and optimistic. But there were some drawbacks too like lack of healthcare and stability. Now companies only hire employees for work when they most need them. Freelancers work for flexible hours, and you can stop working with them when your work is completed.

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by Arooj Ahmed via Digital Information World