Those in the gig economy, including newly laid-off older employees, have noticed this: Compensation is down. Frequently dramatically. That's how it is. And it extends across almost all the sectors, be they law or project management.
Content-creation assignments in marketing communications, for instance, which used to pay 10-cents a word now offer 2 to 4 cents a word. And, nowhere in sight are assignments posting 20-cents per word.
You got it, it's that brutal law of supply and demand.
Bloomberg Law confirms that reality when so many jobs have vanished, perhaps permanently in Covid-19 time. Actually Bloomberg notes that users of Freelancer.com searching for work have increased 30% and of Upwork 50%.
Incidentally, since Upwork is a global platform, the compensation has always been on the low side. That's because, for example, the freelance ghostwriter in the U.S. is bidding for assignments along with freelance ghostwriter in the Philippines and India. The latter can and will bid way lower - and likely get the assignment.
Those doing the hiring usually don't want or need the assignment done brilliantly. They just want it done. So, they expect to pay peanuts.
What seasoned gig economy players have already done is stop hunting for assignments on those low-end platforms. They researched where they can connect with more upscale prospects.
Years ago I stopped even checking what was out there on Upwork. I invested search time on more sophisticated platforms in my field ranging from Mediabistro.com to Journalismjobs.com.
In addition, I followed the advice of "What Color Is Your Parachute?" and pitched cold to those who might need assistance. The response is low but what does come in pays quite well. The book is available free in the public library. There are used copies on Amazon. It's a must-read.
Also, I put myself out there on social networks. That gets my LinkedIn profile checked out. Work does come in.
Currently, I have managed to strike gold. I can turn down lower-paying assignments.
The past four weeks I have earned more revenue in that kind of time period than I had since before The Great Recession.
A big part of that was that I overhauled every aspect of how I marketed when I recognized how devastating the pandemic would be on the economy. To become more prospect-centered, I re-read "Copywriting Secrets" by Jim Edwards. The meme is that pitching is about the potential client/customer, not about us. The book also stresses the importance of headlines in how we market.
In addition, I switched my headset to optimistic. Listening to American Buddhist nun Pema Chodron on YouTube saved me from the undertow pulling so many out to despair. Especially helpful has been her lecture on migrating from fear to fearlessness. Fear turns us inward, not outward toward the market.
Coaching, lecturing, and writing/ghostwriting thought leadership content on human resources and careers.
For individual coaching – sliding scale fees. Complimentary initial consultation. The special area of expertise is the displaced over-50 professional. Please contact Jane Genova janegenova374@gmail.com.
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