Next week in BizHive Weekly

With the Malaysian freelance economy being one of the fastestgrowing segments of the local job-market, there is little doubt that Malaysians of all ages and walks of life have shifted their opinion of freelancing and are now more open to considering a career in freelancing. However while the perks of having flexible hours and an independent work environment might sound great, there have also been some concerns of long-term financial stability and limited of financing options that we should probably look out for. Next week on BizHive Weekly, we tackle the subject of freelancing in Malaysia and hear from local freelancers on the realities of freelancing.

“The freelancing economy is changing the way we think about careers and has expanded job prospects beyond traditional employment. With young professionals opting to freelance in spite the availability of full time work, the impact of this shift must be given serious consideration if we are to leverage these talents in advancing Malaysia’s economy. Subsequently, the significant gaps in the professional development and financial stability of these individuals, both of which were revealed in INTI’s (freelancing) survey, should be addressed to support the long term sustainability of those opting to pursue such careers.”

Timothy Bulow, INTI International University & Colleges chief executive officer Wong Theen Chuan, deputy manager for the Strategic Management Department of Employees’ Provident Fund (EPF) Melvin Lim, seasoned freelancer and CEO of Trisilco IT Sdn Bhd

“It is worrying that despite the growth of the freelancing economy in the country, these professionals do not save for retirement, as about 70 per cent of Malaysians are below the global levels of acceptable financial literacy rates. It is important that freelancers should start equipping themselves with sound financial management knowledge as they are at higher risk of not having a long term retirement plan compared to full time employees.”

“The growth of the digital economy has disrupted the traditional labour market and given rise to platforms such as ‘Freelancer’ and ‘Upwork’, easing access for freelancers to explore borderless working opportunities. Increasing technological infrastructures and connectivity via high speed internet throughout the country is also enabling individuals to work whenever and wherever they choose. With technology driving the growth of the freelance economy, organisations will see a shift in their talent pipelines and must determine how they will adapt to remain competitive.”