We can all agree that things are pretty emotional at the moment. We have heard all kinds of concerns employees and small business owners may have from ‘how can I earn some extra money to make up the furlough difference?’ to ‘what kind of support is there available for the self-employed?’.
One of the biggest concerns we have come across recently are freelancers feeling unsettled by the volume of work in the market. Whilst we try to reassure them an upturn will come and advise them where to best look, research indicates that 50% of freelancers have lost up to 60% of their income over the past couple of months.
Whilst some freelancers have attributed a downturn in work towards furloughed workers offering their skills and services for free, which may have reduced the attractiveness of businesses paying for a freelancer in todays tough economic climate. In reality, the economic landscape is likely to be a more reliable and consistent cause.
As businesses are looking to strip back costs and discretionary spending, work which historically may have been outsourced to freelancers may be reallocated to internal teams with more time on their hands. Furthermore, dependant on their sector some businesses may have had contracts cut short as other businesses seek to do the same. Either way freelancers are likely to be feeling the pinch of reduced work at the moment.
I have been negatively impacted by a loss of freelance work. What can I do?
If you have recently lost out on work, it is important to remember that you are not alone. Many other people are experiencing a similar situation, and whilst it is concerning now is the time to be more adaptable than ever.
It may sound obvious, but it may be time to consider work in alternative sectors of the economy. Currently med-comms and E-Commerce are experiencing significant upticks in demand and may be potential avenues to consider.
Keep your mind busy and grow your network. Prior to the pandemic, how much time did you allocate towards networking and increasing your business connections? If the answer is little, now may be the time to connect with likeminded companies or even complete some of that free work going around. This will not only keep your mind busy and your skills honed, but may provide some fruitful connections once businesses begin to reopen.
What do you expect to see in the upcoming months?
As more businesses are encouraged to return to work, including some in leisure and hospitality later down the line, there will inevitably be an uptick in business.
Unfortunately we don’t own a crystal ball, so we can’t tell you how large or small this will be, but either way an increase is anticipated. As this happens, those business who sadly had to let people go during the earlier days of the pandemic are likely to need a set of readily available helping hands for either a short or long-term basis whilst business settles. As business confidence in the longer-term picture may remain low for while, they may not be willing to hire more permanent staff immediately, this is where freelancers and temporary contractors may benefit.
We know there are probably 101 concerns on your mind right now, which is why we want to say if you need us we are here to chat. We won’t try to sell you anything, or get you signed up (unless you want to be) but we will try to help steer you in the right direction to the best of our ability.