Abstracts
According to the World Economic Forum (WEF), blockchain technology is regarded as one of the six most important trends that advance the globe to a more connected and digital era. By the end of 2025, 10% of the global GDP will be generated with the aid of blockchain. The total estimated GDP for 2025 is $100 trillion. This means $10 trillion will be generated from the blockchain. The idea of the freelance economy is to hire self-employed workers to carry out specific tasks to get a certain amount of money in return. Freelancer's sources of finding jobs include the use of classified ads and through recruitment agencies but the internet has led to a general increase in the freelance sector. According to a recent survey, networking is the major source of 85% of most jobs. It is one of the major ways of reducing unemployment rates among freelancers and corporate firms. In the past, people have maintained working for one company but the trend is constantly changing as employees are searching for flexibility and diversity in the working mode. Human resource is one of the major issues affecting most companies and it is very difficult to get highly skilled professionals while trying to retain the best ones. Over the past decade, this problem is getting more evident as workers are constantly demanding flexibility and mobility in the area of a home office, unlimited holidays, and remote works. These trends can be seen with companies such as Google and Netflix.
Most millennials are been regarded as Job hoppers because they find it difficult to maintain a job for more than two and half years. Apart from the competitiveness in accessing talent in the current world, it is even more difficult to retain talents because of financial situations. Companies will find it difficult to patronize interchangeable freelancers that will lead to increased turnover with the ability of technology to deliver more transparency. Companies who hire freelancers will enjoy a very huge benefit because highly-qualified freelancers are willing to accomplish bespoke results. The system is very efficient and saves money and time while driving profits for the company. In the freelance economy future, temporary agencies will not be in a better position because of their high placement fees.
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