The Next Boom For Entrepreneurs and Freelancers- What It Means For HR?

Despite a health crisis and one of the worst economic downturns in history, the number of new businesses increased in the United States last year. Turkey and the United Kingdom also saw an increase in the number of new entrepreneurs and freelancers in the market. What does this boom mean for HR and organizations?

In this podcast, Amy Smith talks about the new surge in entrepreneurs and freelancers despite the raging pandemic and a dreadful recession.

The Coronavirus pandemic has undoubtedly had a negative impact on the contemporary economy. While the decline in GDP and increase in the unemployment rate illustrates the negative consequences of Coronavirus, the virus has had two beneficial effects on the economy: an increase in entrepreneurs and freelancers.

Read our blog on: Challenges of HR And Its Shift Post COVID-19 Pandemic

Many people may be able to find work as a result of these approaches, and businesses will, of course, benefit as well.

What economic conditions or other significant factors are at play? Are people are taking it up as a necessity or an opportunity? Is it the right time to take up new business opportunities? Listen to this podcast to know more.

About the speaker:

Amy Smith is a Business and LinkedIn strategist, helping service based business owners to launch and grow their businesses online.

After starting her first business at the young age of 12, her career has spanned across Canada, The UK and Australia working within the Human Resources and coaching space with brands like HSBC, Salesforce, The Executive Connection (Vistage) The YMCA and Open Colleges to name just a few.

She’s supported CEO’s of companies (circa $5 million to $100 million) 'behind the scenes’ to effectively launch and grow their own executive/business coaching businesses and has trained over 1000 professionals at all levels from students to CEO's on career, business and LinkedIn strategies.

Amy has personally grown her own LinkedIn profile to over 24,000+ 1st degree connections with a global network reach of over 30 million professionals and her work has been featured in the CEO Global Magazine, SBE, 6PR Newstalk, Directors Institute publications, The Future of Work Summit.

She’s also the founder of the ‘In Demand Coach’ program which helps others effectively grow their personal brands and launch their own coaching and consulting businesses fast.

Connect with Amy on Linkedin

Show Notes:

(00:55) Could you please begin by introducing yourself to our audience?

(01:27) We've been hearing so much about the freelance economy lately that it's been predicted to become a multi-trillion-dollar industry in the near future. I'd love to hear your thoughts on the topic.

(02:37) According to new research from the massive freelance network Upwork, independent professionals are likely to be in higher demand in the future, with 47 percent of hiring managers now likely to employ independent professionals during the COVID-19 crisis. This approach could result in gainful employment opportunities for many, and of course, companies will benefit too.

Do you believe that the freelance economy is a win-win model, and why?

(04:42) What are the catalysts for this change in people's working preferences? Is it due to the changing economic conditions, or are there other significant factors at play?

(06:54) So, how far have we progressed in this journey for change? Are businesses deliberately looking to the freelance economy to meet their needs?

(11:00) There is no doubt that the Coronavirus pandemic has had a negative impact on the current economy. While the decrease in GDP and the rise in the unemployment rate demonstrates the negative effects of Coronavirus, it has had one positive impact on the economy: that is an increase in entrepreneurs.

The United States is currently undergoing a "startup boom," as some refer to it. And probably, that's right, because despite a raging pandemic and a dreadful recession; America is experiencing a surge in new business growth.

Do you believe people are taking it up as a necessity or an opportunity? Do you think it is the right time to take up new business opportunities?

(14:43) What is the impact of rising entrepreneurship and freelancers on human resources and companies?

(16:35) Are the HR departments facing any challenges? How should HR managers rethink their roles?

(19:19) Your suggestions for our HR listeners?