Think of a world where you don’t have to clock in and out at the same time every day, where your abilities are your money, and where your workplace may be anywhere you like. This is not some far-off fantasy; rather, it is the reality of freelancing, a dynamic new industry that is revolutionizing industries, economies, and the fundamental definition of employment. Freelancing, which is defined as experts giving services on a project basis, cuts through borders and expands horizons. Freelancing is a force that is changing the world by breaking traditional conceptions of employment, income, and independence, and also happening in Bangladesh. It is doing so quietly but powerfully within the continuous rhythm of change in the country’s economic environment. Freelancing has quickly become a fascinating industry in our country, catching the interest of a young population willing to forge new paths.
In the ever-evolving landscape of the modern workforce, freelancing has transcended its humble origins to become a flourishing global phenomenon. What was once considered a niche endeavor has now flourished into an expanding industry. It is playing now out of the box and sensing no boundaries. Writers, designers, programmers, marketers, and consultants are just a few examples of the types of professionals who are increasingly opting to go the freelance route because of the independence, autonomy, and economic benefits it offers. Freelancers now have access to clients all over the world, can work on projects together, and provide their services digitally thanks to the proliferation of online platforms.
In today’s interconnected world, the phenomenon of freelancing has taken the global stage by storm, surpassing cultural and geographic barriers. According to market projections, the freelance platforms market is set to experience a remarkable expansion, with its value expected to soar from a noteworthy $5.52 billion in 2022 to an impressive $6.46 billion in 2023. This anticipated surge reflects a compound annual growth rate (CAGR) of an astounding 17.03%. Experts predict that by the year 2027, this market will soar to an impressive $11.70 billion, showcasing a remarkable compound annual growth rate (CAGR) of 16.01%. In a remarkable display of economic prowess, the freelancing industry made an incredible contribution of $1.3 trillion to the thriving US economy in the year 2021. Freelancing has increased by 45% across Europe since 2009. The growth of the gig economy and the digital era have contributed to this worldwide shift. Bangladesh’s rapid adoption of freelancing can be attributed to the country’s young, tech-savvy population and improving digital infrastructure. According to a recent study conducted by the Oxford Internet Institute (OII), a multidisciplinary research and teaching department at the University of Oxford, Bangladesh has soared to an impressive second place on the global stage, boasting the highest number of freelancers actively participating in freelancing platforms. With an extraordinary 16% share of the total freelance workforce, Bangladesh has firmly secured its position, second only to the formidable powerhouse that is India, commanding a remarkable 24% of the global freelancing community. According to the Financial Express in 2022, freelancers in Bangladesh bring in an annual revenue of USD 500 million. This sum represents the combined efforts of more than 60,000 freelancers. The rise of freelancers in Bangladesh can be attributed to a number of causes.
- The primary contributing factor is the local job market’s instability. The ever-expanding youth population finds itself grappling with mounting frustration due to the dearth of opportunities, compounded by the prevalence of nepotism and favoritism within the saturated professional landscape.
- With the rapid expansion of technology, there has been an undeniable surge in the thirst for knowledge among individuals. This phenomenon has sparked a remarkable upswing in the acquisition of self-taught skills, immersing themselves in the art of coding, graphic design, content creation, and more. Through their virtual endeavors, they are not only honing their skills but also shaping their very identities in this vast digital realm.
- Freelancing is a global phenomenon in which skills are valued more than national boundaries. Freelancers in Bangladesh soon caught on to this trend, and they increasingly rely on online venues to find customers in other parts of the world. Bangladeshi freelancers gained access to a worldwide platform thanks to the rising demand for their reasonably priced and highly competent digital services.
- Freelancing is more than simply a job opportunity; it’s a ticket in. Freelancers in Bangladesh are shaping their futures by making their mark on the online world.
- The empowering and transformative tale of Bangladesh’s freelancers is woven from a foundation of creative leadership and government efforts. Freelancers in Bangladesh are thriving under the leadership of honorable Prime Minister Sheikh Hasina, who is guiding the country into a digital renaissance. The government of Bangladesh has recognized the potential of the freelancing industry and has championed steps to encourage and foster it:
DIGITAL BANGLADESH:
At the heart of Bangladesh’s evolving freelance economy is the ambitious idea of “Digital Bangladesh”. It is a future where the power of technology reigns supreme, shaping a society that thrives on digital literacy and embraces the boundless possibilities of technological innovation. Freelancing will flourish within this context, providing young people with opportunities for gainful employment, economic participation, and recognition worldwide.
ACCESS TO FINANCE:
The government has established incentive programs that are specifically designed to help freelancers succeed financially. Since 2018, the government has offered a 10% cash rebate on the export of information and communication technology goods and services. However, the work is restricted to institutional IT and freelance organizations that are members of the BASIS. Starting in 2022, independent contractors will be eligible for a 4% export rebate on any software or IT-enabled services they provide. The majority of independent contractors who are not BASIS members are eligible for a 4% bonus. The access to finance program has not only helped freelancers financially, but it has also inspired them to continue to pursue freelancing as a profession.
DIGITAL SKILL DEVELOPMENT:
The government has emerged as a staunch advocate for the advancement of digital skill development, positioning it as an indispensable pillar of national progress. In a remarkable initiative aimed at empowering the talented young minds of our nation, the government unveiled the groundbreaking “Learning and Earning Development Project” back in 2014. Since its inception, this visionary endeavor has been instrumental in equipping a staggering 57,683 individuals with invaluable skills through its comprehensive and cost-free training programs. Women with relevant education and skills can now find work at Union Information and Service Centres (UISCs). Freelancing online from home is an option for those women who are physically unable to leave the house. These groundbreaking initiatives empower ambitious freelancers with the essential skills needed to excel in the ever-evolving digital marketplace
STARTUP INCUBATORS AND TECH PARKS:
The government’s investment in spaces like startup incubators and technology parks has created a supportive environment for independent professionals and business owners. The government is making an effort to establish ICT parks in each municipality. In addition to providing a physical location, these hubs will also provide a supportive community and chances for professional development and networking
CHANGING PERCEPTIONS:
The public’s outlook has changed significantly to the traditional job market. Once upon a time, freelancers in Bangladesh were looked down upon as outliers for pursuing nontraditional professions. However, with government backing, freelancers are increasingly widely acknowledged for the economic value they provide. Bangladesh’s government has approved a virtual ID card that can be used by the freelancers. As a result, more participation in the digital economy, self-employed people are increasingly viewed as innovators and engines of economic progress. The emergence of freelancing in Bangladesh holds many opportunities, and inside that promise lies a story of perseverance: the story of those who take the leap into the unknown to pursue their passions in the freelance economy. Success tales always have obstacles lurking in the background:
PAYMENT HURDLES:
Despite the tremendous expansion of the freelance sector in Bangladesh, a major obstacle remains difficulties in payment. Despite its widespread use in other parts of the world, the Bangladeshi market does not support PayPal. This creates problems for freelancers that want to make international payments easily. Freelancers are typically left to rely on less conventional payment systems, which can result in greater transaction costs and additional administrative burdens.
PAYMENT HURDLES:
Despite the tremendous expansion of the freelance sector in Bangladesh, a major obstacle remains: difficulties in payment. Despite its widespread use in other parts of the world, the Bangladeshi market does not support PayPal. This creates problems for freelancers that want to make international payments easily. Freelancers are typically left to rely on less conventional payment systems, which can result in greater transaction costs and additional administrative burdens.
AI DISRUPTION:
The disruptive forces of artificial intelligence (AI) and automation loom big over the developing digital world. While freelance work has become increasingly common in many industries, the advent of AI poses a double threat to Bangladesh. Freelancers in more traditional industries may find themselves in competition with AI-enabled products that automate processes like content creation and data analysis. However, the country’s current skill deficit in artificial intelligence-related disciplines limits its capacity to take advantage of new prospects.
KNOWLEDGE BARRIER:
Although working independently has its appeal, a lack of expertise can be a major roadblock. While digital platforms provide access to a world of possibilities, success in this environment calls for an in-depth familiarity with all of its nuances. Many people in Bangladesh who would like to work independently encounter the difficulty of not knowing how to get their careers off the ground, how to best present their skills to prospective clients, or how to best promote themselves to existing ones.
DIGITAL CONNECTIVITY:
Digital connectivity has opened up doors to freelancers all over the world, but it also comes with certain drawbacks. The availability and cost of the internet are problems in Bangladesh, as they are in many other nations. Due to connectivity challenges, freelancers may be unable to complete projects on time, participate in online meetings, or gain access to necessary educational materials.
INCOME INCONSISTENCY:
Freelancers often struggle with financial instability because of their work arrangement. Earnings for freelancers fluctuate with the flow of tasks, as opposed to the steady income that comes with a salaried position every month. When money is tight, it can be stressful to try to build a budget and make plans.
As Bangladesh’s freelancing sector continues its ascent, it’s imperative to consider a roadmap that ensures sustained growth, empowers freelancers, and positions the country as a digital powerhouse:
PAYMENT GATEWAY INTEGRATION:
Government agencies, banks, and IT firms should work together to provide safe, user-friendly, and effective payment processing systems for freelancers. These gateways should accept several payment types, reducing the complexity and cost of receiving money from clients abroad. The government of Bangladesh should do all it takes to get PayPal up and running so that freelancers there can benefit from its streamlined payment system.
GOVERNMENT-SUPPORTED DIGITAL WALLETS:
Freelancers all over the world could benefit from the introduction of government-supported digital wallet systems. The wallets can be linked to freelance marketplaces and provide favorable exchange rates. Customers are more likely to feel secure utilizing digital wallets for payments if the government backs them.
FACILITATING KNOWLEDGE CENTER:
All facets of freelancing, from profile creation and proposal writing to contract administration and client management, should be covered on the government platform for freelancers. Freelancers can fill up knowledge gaps at their own pace with the help of a centralized hub of useful information. A government-sponsored mentorship program might link seasoned contractors with promising freelancers. Mentoring new freelancers one on one allows for individualized instruction, the sharing of knowledge and experiences, and the discovery of best practices.
AI AND FUTURE-READY TRAINING:
Freelancers need to be ready to work in a world where artificial intelligence plays an increasingly large role. To prepare freelancers to thrive in an increasingly automated economy, the government should partner with business leaders to offer training in areas relevant to artificial intelligence (AI).
PARTNERSHIPS WITH GLOBAL PLATFORMS:
Government should create mutually beneficial connections with well-known foreign freelancing websites in order to provide Bangladeshi freelancers maximum exposure. These strategic partnerships have the remarkable ability to present exclusive sections or distinctive features that showcase the exceptional talents of Bangladesh. This, in turn, simplifies the process for esteemed clientele to effortlessly discover and engage the services of highly skilled individuals.
AWARDS AND RECOGNITION:
Awards and accolades are like beacons of success in the fastpaced world of freelancing; they encourage hard work, encourage newcomers, and raise the bar for the entire industry. Recognizing exceptional independent contractors, applauding their efforts, and launching an ethos of success is the goal of the “Recognition and Awards” idea. The government might institute new honors, such as a “freelancer of the year” award, a “social impact award,” and a “hall of fame” for the most notable freelancers. Projects like these help Bangladesh’s freelancers in general, not just the ones involved.
INFRASTRUCTURE ENHANCEMENT:
The government and telecommunications firms should work together to increase broadband availability in all areas of the country. The government should ensure that even outlying places can access the internet quickly and reliably. In addition, the government can provide funding for the construction of coworking spaces with high-speed internet access in densely populated and semi-urban areas. Freelancers can take advantage of the space’s professional atmosphere to get work done, hold meetings, and gain access to secure online resources.
The rise of freelancing as a significant economic force is changing the nature of labor around the world. In our country, with the government’s forward-thinking policies under Prime Minister Sheikh Hasina paving the road for a digitally empowered workforce, the freelance market in Bangladesh is poised for explosive growth. But to achieve a massive growth height, every stakeholder should take care of this sector in terms of further developing IT training facilities extended to the grassroots people with modern infrastructure. Beyond talks, freelancing has the potential to stimulate youth empowerment, and technical innovation in Bangladesh if it is given the necessary support, collaboration, and proactive measures. Freelancing is the future of employment and economic development process to bring a revolutionary shift to the people’s better living.
