Are you thinking about going back to school for either a Bachelor’s degree or an MBA? You may be wondering if a degree would make you stand out in the workforce and prepare you for a great traditional role at a large company. It used to be that you could get a Bachelor’s degree and immediately land a job. But now even those with Master’s degrees are having trouble becoming a full time employee. Unfortunately, education can only take you so far at this point. When dealing with a large amount of student loan debt, that is not great news. This is for several reasons.
- Full time jobs are disappearing. Growth is stagnant and there is not the financial security there once was. Companies are now looking for ways to outsource work.
- There is a decline in job growth. The economy has only recovered so much from 2008.
- Full time employees are a company’s last resort. Most companies are starting to avoid them. They use business models that can help them hire as little people as possible. They are the most expensive and least flexible source of labor. It costs 30 to 40 percent more to hire a full time employee than an independent worker.
- Traditional work does not work for most Americans. 30% of Americans do some form of independent work. Nearly 70 percent of full time workers are not engaged at their jobs, while another study found that 74 percent of freelancers had no intention of returning to the regular work force. These numbers are hard to ignore.
So what is the solution? Prepare to be an independent worker in the gig economy. Start looking for great work, and stop looking for a job. MBA programs have been very slow to adapt to this and still are geared towards traditional employment and full time work. They don’t strive to create a diverse portfolio of gigs but instead opt for internships in traditional employment for one company. A freelance MBA should be the way of the future, preparing students to enter the nontraditional workforce.
Freelancing can let you work on things you are passionate about and outsource the things you don’t like doing. You can go in business for yourself, instead of working toward someone else’s dream. You can choose your own hours. You can make doctor’s appointments and take care of family. There is a lot of freedom that comes with freelancing that you simply can’t get from traditional employment. This is why many Americans are choosing to go freelance instead of working full time for a company, if they can even get hired. It’s time to look into freelancing, as it may be the best option for you.