These days, there is a trend of self-employment in the new generation and they don’t want to work for a particular corporate sector or an organization. There are various reasons for these changes and I will delineate the cause of these trend and will highlight the potential demerits.
Firstly, the primary reason for being self-employed is the below average pay scale and the employment conditions. For example, in 2023, over 4000 people were released from TCS and the remaining employees observed a pay cut of more than 20% of their current salary. Apart from these, people working in corporate are unable to spend quality time with their family and due to this there is a rise in the divorce rate among professionals. Furthermore, employees specifically in the IT industry are feeling burnout due to an overload of work and there is a rise in health issues among IT professionals, IIssues such as back pain, obesity, and diabetes are on the the rise in these individual.
Subsequently, being self-employed has potential drawbacks. Firstly, if a person wants to come back to his respective organization for any of his reasons, then his work experience as a freelancer would not be counted and he has to start from scratch. Following this, there is one more disadvantage that the person who was working on his own will have discipline issue, because as a business running professional, he would run his business on his own time.
In conclusion, being self-employed has various merits and various disadvantages. People have a workload and they tend to leave these industries for their mental well being. However, family time is necessary to have a healthier social life.