How is Independent working Economically Profitable?
Independent professionals and consultants in India have been on the rise, ever since the concept of flexible working set in. Eventually, we see more and more fresh graduates, as well as professionals, quit their placements and regular jobs to become independent workers – freelancers, web designers, artists, consultants, therapists, online retailers, etc.
One major characteristic feature of independent working is the work place. Given their nature of work and the option of flexible working, they usually, either work from home, coffee houses, or from serviced co-working offices. And with co-working also on a rise, a research says that 74% of the independent workers find working out of co-working or shared office spaces inspiring. Plus, it also leads to being cost-effective. Slashing real estate costs completely and hiring or renting out a professional set up and managed office space according to their requirement, works very economically.
Apart from being economically viable from the “flexible workspace” aspect, here are some more reasons as how independent working proves to be economically profitable –
1. Increases employment opportunities: Independent working increases the scope of getting employed, and thus, earns a respectful living. It could be that one doesn’t find a fulfilling job that suits their skills and sensibilities; independent working acts as a successful saviour. It provides the opportunity for people to start earning by doing what they like and know well. A nation with high employment rates – whether service or self – adds to its growth and development.
2. Great way to earn supplemental income: As per a McKinsey report, out of all the independent workers worldwide who choose this as a way to earn supplemental (not primary) income, nearly 40% work independently by choice and about 16% have turned to it to make up for the financial crunch if their primary job/income does not match their financial expectations. My father too enjoys working independently and is one of the most successful independent consultants in India. More so because he not only gets to decide the individual or the organization that he wants to work with, but also because in every meeting, the focus lies on his areas of expertise and interests, where one can rest assured of the desired outcome/results. Plus, earning over and above the primary income never hurts! Thus, independent working generates opportunities towards ensuring a better lifestyle and economy.
3. High demand: Many individuals and organizations prefer hiring independent professionals for many of their off and online projects in India and abroad. This is because they – freelancers, writers, designers, artists, software developers and hackers, etc. – have an individual style that they impart to their work/projects, thereby adding a perspective; and more so because they are cost-effective.
4. Optimum utilization of resources: Today, with so many government-launched initiatives like Digital India, Skills India, Startup India, etc., and the work on up-gradation of cities towards becoming Smart cities, there are many opportunities like developing skills, becoming technologically adept and getting financial and infrastructural support. Digitization and significantly enabled startups and other independent professionals who are into technology-driven or other projects. And not utilizing these resources and facilities will be a total national waste.
5. More engaged and productive workers: Independent working allows professionals to follow their dreams. This infuses aspiration and motivation, thereby generating satisfied employees. When professionals do what they are passionate about, then they tend to work efficiently, thus being more productive, thereby being economically profitable.
