With the global recession expected to impact Malaysia sooner than expected, we’re already seeing many of the region’s leading businesses make organisational changes to brace for the storm ahead. Southeast Asia’s technology sector has been hit particularly hard with a series of tech giants announcing mass layoffs, as they aim to build leaner teams. These economic developments are a 180 from the beginning of the year, when the ball was firmly in the talent’s court and businesses were doing whatever they could to retain people. Now, the Great Resignation could become the Great Retrenchment.
However, one thing remains true – and that’s the ever-present need for the region’s brightest talent – in tech, or otherwise. The global workforce’s heightened desire for greater work-life balance and autonomy is here to stay, ultimately pushing talent to search for new ways of working, and the best way to work – and this is where freelancing comes in.
While freelancing can traditionally be associated with short-term, one-off gig work, at Workana we have seen an increasing number of long-term engagements, with freelancers now having the opportunity to create a sustainable cash-flow that is comparable to any full-time salaried remote worker. This is great news for workers who enjoy a little more autonomy and more frequent opportunities to review their engagements while still having access to financial security.
Currently, a whopping 31.4% of the global workforce freelances – and while this was not kickstarted by the pandemic, it has definitely accelerated this trend. The number of talent looking to join the freelance pool is expected to grow dramatically in 2022, and with good reason. From a worker’s perspective, freelancing is an appealing option as it represents the best of both worlds – being able to leverage one’s fine-tuned skills and professional talents, while simultaneously having more freedom and control over jobs and personal time. The employer on the other hand gains access to the world’s top-tier talent pool in and is no longer limited to talents that are within the vicinity of the office.
The opportunity for Malaysian freelancers
Taking the plunge into the freelancing world is understandably nerve wrecking, and branching out on your own as a remote worker can be daunting. There are fears of not securing your next job, enough work, or finding it hard to stand out in a competitive landscape. That being said, an impending recession could be just the motivation many Malaysians need to take their career path into their own hands and lead a flexible and financially secure life.
Straight talk: the time to freelance in Malaysia is now. The freelancing community has hugely expanded across the country – at Workana, we have seen our own pool of remote talents grow, while the rollout of Government initiatives that support freelancers and community leaders who spearhead discussions for freelancer welfare are ongoing. Of course, the increased adoption of hybrid working models has also opened the eyes of many businesses and talent alike to managing a more flexible workforce or lifestyle.
Hybrid models – in which people go into the office for select days of the week only – can be highly conducive to a freelancing schedule. Businesses are also likely to open the doors to fully remote talent, thus greatly expanding their hiring possibilities in Malaysia or across borders. Ultimately, the pool of available talent becomes wider than ever, which is great news when skilled tech talent remains in short supply.
When it comes to digital gig work, there has always been a lot of potential in the Malaysian market; it’s one of the main reasons we chose to set up our APAC headquarters here in 2019. The talent pool is rich in digital talent, with high English language proficiency and cultural alignment with neighbouring markets such as Singapore and Australia, making the job opportunities ripe It’s also heartening to see the Government get on board with this way of working; the 12th Malaysia Plan 2021-2025 (12MP) has assured Malaysians that it will create an ecosystem to support the development of the digital gig economy. This means talent can prioritise flexibility and self-employment and take full advantage of the opportunities available to grow their skills, portfolios and work experience – even when times are tough(er).
Grow your network for a steady stream of work
In Malaysia’s freelance industry, there is generally enough talent around to satisfy the demand, but connecting with the right clients – or finding the right talent to take on a project – can be the tricky part.
For freelancers to get a leg up as this way of working continues to grow, it’s about having the right portfolio and network. Reputation, success stories, and endorsements are often the key deciding factors for new clients to seal the deal. It’s crucial for new freelancers to start establishing themselves and build a solid body of work to put them front of mind as businesses grapple to find the right people, quickly. Partnering with a freelancing platform is a reliable way to ensure regular, quality work, thanks to review systems, client testimonial options, and live job requests to kick-start the process. For talent, once the first few jobs are completed and documented well, more will follow.
Even if projected growth is slower over the next couple of years, companies are in constant need of skilled tech talent to jump quickly into projects and keep the ball rolling. So while the hesitations around leaving a steady job to embark on a career as a freelancer are valid, the opportunity to branch out and become an independent talent has never been better. With the right support system in place, Malaysians are sure to find freelancing to be a viable and secure career option.
By Alejandro Kikuchi, Head of Asia, Workana
