While companies tighten their belts, lay people off, and cut full-time positions, the gig economy is growing. As a result, contractors and companies are finding the flexible talent model to be a sustainable approach to the current employment landscape.

In turn, the gig economy is growing, and freelance marketplaces have become an increasingly popular way for flexible talent to find work and for businesses to access talent. These platforms connect freelancers with clients looking for specific skills or services, and they’re changing the way we think about employment. The gig economy is profoundly affecting the global workforce, and freelance marketplaces are becoming commonplace in the toolkit of hiring managers and contract workers.

One of the most significant impacts of the gig economy is the increased flexibility and control that it offers to freelancers. Talent marketplace platforms allow freelancers to choose when and where to work and take on as many or as few projects as they wish. This flexibility enables freelance talent to work on projects that align with their skills and interests, increase their happiness, and earn as much or more than they would in a traditional 9-to-5 job – often in fewer hours per week.

Another impact of the gig economy on the global workforce is the increased access to a worldwide pool of talent. With freelancers from all over the world available on gig-based marketplace platforms, businesses can find the best talent for the job, regardless of location. This is especially useful for companies that need to access specific skills or expertise that may not be available in their zip code.

Some critics express concerns that the gig economy could lead to job loss. They contend that as more businesses turn to these platforms to hire talent, it could lead to job loss for conventional employees. But it’s important to note that freelance marketplaces also offer opportunities for businesses to access a global pool of talent, which could lead to faster growth and job creation for full-time, core employees.

Gone are the days when employees get hired at a company and stay until they earn a pension, a plaque, and a gold watch. Companies will still have full-time core employees focused on the business. However, the core team will enrich their department or project with highly skilled, hyper-focused, short-term contract workers. Companies are turning more and more to talent marketplaces to find those gig workers.

The impact of the gig economy and freelance marketplaces on the global workforce is significant. These platforms offer freelancers more flexibility and control over their careers while providing businesses access to a much larger talent pool.