The nation of Bangladesh has experienced a successful freelance economy in recent years. This sector appears to make waves as a high source of revenue all over the world. However, the case of the rise of Bangladeshi freelancers is one of interest to many people as the nation accounts for 15% of the world’s freelancers.
The Rise of freelancers Workers
Freelancing refers to a market system dominated by flexible and short-term work. In freelancing, businesses hire project-based workers and freelancers as opposed to hiring full-time workers.
Across the world, millions of people, especially the younger generation, are hired as remote workers to carry out tasks. These tasks can be carried out using a computer system or even a smartphone.
According to the Bangladesh Government (ICT Division), the number of Bangladeshi freelancers is around 650,000. According to Payoneer’s global index of 2019, the nation is ranked number eight among countries with the highest growth in terms of freelance revenue.
Why The Rise of Bangladeshi Freelancers?
Bangladeshi freelancers are the second largest source of online jobs and labor, second only to India. This is quite a huge feat for the nation, and it has contributed largely to the economic growth of the Bangladeshi people. In this section, I will be discussing some of the factors that have led to the success of this sector in the nation.
- Digitalization and Internet Connection
One major factor that has contributed to the rise of freelance in Bangladesh is digitalization. Smartphones, computers, and internet access has been a game changer and what actually paved the way for the expansion of the freelance economy.
The presence of the internet and internet-enabled devices has made it easier to accomplish more in less time. Most importantly, it has made the technically competent workers no longer limited to jobs available in their locality. With the internet, freelancers can now connect with businesses around the globe.
- Government Support
The Bangladesh Government has made efforts to provide support for Bangladeshi freelancers. This support has come in a bid to drive the IT sector.
ID cards to provide identity to about 650,000 freelance professionals in Bangladesh have so far been issued by the government to show its support.
To further encourage the gig economy, the Bangladesh Bank is instructed by the government to provide credit cards to freelancers. The banks are also to provide loans to freelancers in the IT sector in Bangladesh.
Those in Facebook commerce, also called F-commerce, are not left out. They have been given access to small bank loans at low-interest rates.
To further support the sector and encourage more Bangladesh freelancers, those in the IT sector are exempted from tax payments until 2024.
All these efforts from the government have been very impactful and have contributed immensely to the rise of Bangladeshi freelancers.
- Flexibility Of Freelancing
In the freelance economy, workers have a choice of the kind of job they want and the type of client they want to work with. Literally, anyone can become a freelancer. In addition to this, they are allowed to determine their payment depending on the type of task, the duration, and the difficulty involved.
As opposed to regular 9 to 5 jobs, freelancers have a choice of when to work and generally use their time. They can take breaks or go on vacation whenever they want. Freelancing is more flexible and gives the freelancer more freedom.
All these conveniences have continued to attract Bangladeshi Freelancers to join freelancing. This has become the most popular and latest trend for young people, especially.
Sectors Where Bangladeshi Freelancers Are Thriving
- On-Demand Sector
This is one of the biggest drivers of growth and has created over 500 000 jobs just this year.
Ridesharing applications have become part of the daily life of Bangladeshi nationals. According to the Policy Research Institute (PRI), the ridesharing industry of Bangladesh is worth Tk.2,200 crore, and it is 23% of the transportation sector.
It is estimated that the market value of ridesharing start-ups will reach a billion dollars in the next five to seven years. The on-demand sector involves digital platforms like Uber, Truck Lagbe, Pathao, and Foodpanda.
- Social Commerce
There is a growing social commerce in Bangladesh, and this is also driving the digital growth of the economy. According to the BCG reports, there are over 50,000 Facebook entrepreneurs in Bangladesh.
Grocery delivery and food have become a part of the daily lives of Bangladesh nationals.
The International Labour Organization has classified the freelancing economy into two main parts, which are micro tasks and locally delivered Services. Micro tasks involve jobs that can be done over the internet on a global scale. While service delivered locally involves businesses providing their services through mobile applications and their websites.
Benefits Of Freelancing To Bangladesh
- Increased Competition And Cheaper Products
The emergence of online sales platforms has allowed more workers into the market. The resultant effect of this is a high level of competition. Consumers now have an easier way of getting products by assessing them online and comparing them easily online.
- Increased Technical Competency
A Lot of complicated jobs have been made easy through the use of technology. Also, time-demanding jobs can be accelerated with the use of technology. This has led to the younger generation yearning to boost their technological competency.
- Ease of Accessibility
The rise of Bangladeshi freelancers can also be attributed to the ease of accessibility of freelance jobs. The abundance of gadgets available has made it easy to assess gigs.
The number of Bangladeshi freelancers has increased significantly in recent years, according to the Oxford Internet Institute. The nation is currently the second-largest source of online labor in the world.
Since the beginning of outsourcing, Bangladesh has been a popular location for outsourcing. There are a lot of factors that have contributed to this rise of Bangladeshi freelancers. The government and bank support are just a few of those factors.
Freelancing has greatly benefited women and the younger generation. And it is a good testament to the nation’s booming economy.
Further read : For your business need consult best independent SEO consultant in Bangladesh.