Why Are Millennials Skipping Corporate -America?
The rise of a young freelancer economy post covid-19
There are currently 65 million freelancers in the United States, 39% of which are gen-Zers. These digital natives are increasingly inclined more than any prior generation to freelance, by choice. Gone are the days of freelancing being looked down upon, in fact, the trend is on the rise specifically among young professionals.
While creative freedom and location flexibility are obvious benefits of freelancing, there are two other compounding components leading millennials and gen-Z-ers towards the once-taboo career path. Regardless, with a projected rate of over half the American population freelancing by 2028 this could mean incoming changes for company culture and logistics.
So why are young professionals choosing to freelance?
A contributing factor leading many young professionals to freelance, specifically after graduating college, are unrealistic job requirements to “entry-level” positions. After quickly browsing on LinkedIn job listings here are the expectations for an entry-level position:
- 3+ years in-house/agency experience
- A portfolio of work that will make us say “WOW” ( taken from a real listing)
- 2–3 years working with a team to develop a product from start to finish
A major issue with the above requirements is that they eliminate those without the financial ability or funding to afford unpaid internships in major cities during their undergraduate studies. Therefore, students enter the workforce behind those with more privileged circumstances. Now, let’s compound these requirements with the current unemployment rate of 6.3% as of January. Students just getting out of university are now having to fight twice as hard to compete with more qualified candidates due to covid-19 job displacement.
Welcome to being under-qualified in an overqualified job market.
Competent, eager, and brilliant graduates are being overlooked. This isn’t the cause or fault of any singular problem, but rather a few. The first being the global economic crisis brought on by the pandemic. The second being longstanding internship practices that favor financially privileged students.
With a constricted job market, limited opportunity, and economic downturn an influx of young professionals found themselves at home, jobless. Unlike prior generations when faced with economic downturns, millennials and gen-z-ers had an unlikely advantage, they were digital natives. This meant that the internet quickly dissolved as a distraction and became an unchartered ocean of financial possibility. As a result, millennials entered the freelance market at a staggering rate. And many are here to stay.
Here’s why millennials excel at freelancing.
Growing up during the technology revolution has made millennials painstakingly aware of possibility. The possibility to be and do anything has never been so visible. With the rise of social media influencers, medium writers, digital marketers, drop shippers, YouTubers, etc. they all sell one thing, unlimited possibility. Uncapped potential. Wealth is paraded and showcased for all the world to see, and young people want in on the action.
As layoffs peaked, in contrast, many (established) freelancers had surges of new work. More business moved online and demand for content increased. Although established freelancers may have benefited the most during this time, many new millennials entrepreneurs also made a name for themselves. TikTok virtual assistant turned coach, Jessica Hawks, grew her business to profit $300,000 during her first year of business, during a pandemic.
This goes to show that the online marketplace is bulging with opportunities for those willing to cash-in on their skillset. Being digital natives, millennials and gen-z-ers are naturally tech proficient to some degree.
Here is a list of a few popular in-demand skills:
- B2B Copywriting (website, blog, whitepapers, case studies)
- B2C Copywriting (email funnels, landing page, product descriptions, blogs, lead magnets)
- App and software engineers (app development, UX design)
- Social Media Management (content creation, PPC Ads, influencer coordination)
- Graphic Design
- Video/ Podcasting editing
Can freelancing benefit your career?
Every industry has a place online. And online, the applicant pool is more of an even playing field for young professionals. While traditional 9–5 positions remain competitive, freelancing may be a good alternative for those struggling to find a job.
By freelancing young professionals have the opportunity to build a marketable portfolio of work showcasing their skills. This experience can then be leveraged when applying for corporate positions. Additionally, freelancing gives millennials the opportunity to try different projects within the scope of their field. Ultimately, helping them make a more educated decision about the type of position they would want to pursue in a future corporate setting. That is if they desire to go corporate.
With more than half working Gen-Zers freelancing, it seems they have mastered digital resourcefulness in a time of unprecedented turmoil.
As a millennial freelancer myself, I feel confident that the industry will continue to grow and provide plenty of opportunities for emerging professionals. And while I advocate for freelancing, I too, am still applying to corporate positions. Solely for the opportunity to work with a team, network, and learn from those with more industry experience. However, I do foresee myself returning to freelancing permanently in the future.
