Comparing Freelance Economies: India and Singapore
The unprecedented rise in Asian Pacific Freelancing has been clearly observed as rise in freelance activity on Truelancer. This is not just pillow talk but the information is based both on transactions and activity. This is evident in the economy too as freelance contributions to the GDP of these countries are reaching substantial amounts each day.
This gives us an opportunity to know exactly how and where we stand when it comes to the quality and extent of our freelancing and also estimate the future course on which we are. For this we need to compare our current statistics with that of those nations which are also developing their freelance sectors and those which have grown above the nascent phases of freelancing and already established working freelance management systems.
We need to start comparing freelance economies and look for significant data.
Previously in this series we looked at comparing freelance economies of America and India and derived very interesting conclusions. In this post we compare the freelance statistics f two developing nations, one very large and the other small but powerful- India and Singapore.
Through this comparison we can estimate about where are we with facing our real competitors when it comes to freelance because USA is already on the way to taking freelance to the next growth level but for countries like India and Singapore, freelancing is still new and rising at a brisk pace.
In this post we are comparing freelance economies of India and the Singapore
- What is the extent of Freelancing?
The first thing which we can clearly see from the infographic is that when it comes to the numbers Indian freelancers are way more in quantity than those of Singapore.
This is clearly due to the large population gap between the two countries as India’s population is very large compared to the small island nation’s.
This gap is however very bridged when it comes to the fraction of workforce which free-lances. The numbers are still more for India but 10.55% of Singapore workers are involved in freelancing activities.
This does show a trademark shift in ideology towards freelance work because when compared to the national population of 5.399 Million, the numbers are still great.
- What are the monetary and other benefits?
Again the contribution of Indian freelancers to the GDP is way more than that of Singapore but the real inference is hidden due to the population gap. If we talk about percentage contribution then the gap will be far less as the GDPs of both countries also starkly differ with India being a large economy compared to the small republic of Singapore.
We do see however those freelancers in Singapore earn a tad bit more than Indian freelancers. These freelance economies are still nowhere compared to the Western average pay out of $40 an hour. This is largely because most of the work is outsourced and intermediaries divert a lot of good money away from these freelancers.
This is one area where both countries need to work on. Freelancers in India and Singapore are providers of quality work as can be seen from the laudable feedback and endorsements our freelancers generate on Truelancer. Thus the need of the hour is to create more scope for freelancers and increase their competitive market potential which we are always focussing on.
- What is the reason behind doing it?
Most of the reasons for turning to freelance are quite common amongst both countries. It can be seen that the same cycle of development leads to such changes in work ideology. USA saw its freelance boom towards the end of the 2008 recession as people started to diversify their risks while India has seen a freelance boom after the numerous economic fiascos by the previous government. Thus, the scenarios have been similar and so have been the reasons like:
- Multiple channels of income
- Extra Income Potential
- Networking and Contacts
- Increased creativity and work satisfaction
- Self-employment opportunities
- Increased freedom and work comfort
We see that most of these reasons are self-explanatory. They all although point in the direction that reveals a trademark shift in ideology which workforce’s have seen in the recent times. Empowering oneself with the capabilities of self-independence and self-employment seem to be the idea of the day.
- What is the extent of satisfaction?
Although the financial component of the freelance work space is low in the beginning, people seem satisfied with their work in both countries.
In the states more than half of the freelancers are satisfied with their earning potential while this number is around 40% in India.
This satisfaction is not based on finance but on the quality of life and its independence quotient.
Freelancers see it as a chance at something great. They see office work as limited and restricted while freelance provides them with an opportunity to build a strong and large work network with global clientele. The future potential of exponential success and better quality of life is what draws most people to freelancing in both countries.
Although, we would like point out that in both countries the focus on money is slightly more than that in the States. This may be because of the developing nature of the countries as people here are inclined towards financial freedom and security.
- A final summary
In the end, it is quite conclusive that it will take time for Indian and Singaporean freelancers to earn as much as those from the states. For this, there will have to be trademark changes in strategy and planning which Indians will have to employ. For instance, we as freelancers should aim to remove the intermediaries between us and clients. This way we can generate more income for quality work.
At Truelancer, we see a spike in freelance activity each day which is higher than the previous day. This means that the jump in freelance activity as far as India is concerned is on the rise. Therefore, we realise the opportunity to provide Indian freelancer with a robust platform where there capabilities are utilised in the most optimum manner.
Next in the series we will compare the Indian freelance economy with the whole of Asia. Stay tuned for updates.
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