Nowadays, many people choose to be self-employed rather than to work for a company or organization. Why might be the case? What could be the disadvantages of self employment?
As we approach a world of shifting social values and job-related norms, it has become increasingly common for individual to prefer self-employment rather than organizational works, particularly in advanced countries. While this development can be attributed to several factors associated with technological developments, it is more likely to raise financial concerns.
There are a variety of reasons why people put higher value on self-employment than traditional jobs. With the advancement in technology and artificial intelligence, coupled with population explosion, the number of jobs in the global market has been reduced, thereby pushing companies and businesses to raise their hiring standards and working hours. In response to these long-working hours and organizational pressures demanding work conditions, it is not surprising to see people prioritizing self-employment over jobs in companies and businesses, even when it comes at the expense of financial gain and social connections. Gone are the days when people would easily accomplish complete assignments and meet deadlines within their workplace, as today’s heavy workloads and higher hiring standards are encouraging them to escape from challenging working environment and run their businesses.
From a pessimistic point of view, it may lead to financial challenges self-employment is not a financially promising career path. Unlike organizational employment, which offers individuals with opportunities to have job promotions and stable income, people who are self-employed tend to spend working alone for most of the time. As a result, they may put their own businesses into the jeopardy due to a lack of group support and experience, which can increase the risk of financial crisis. In a world where people have already been finding it difficult to meet their basic needs because of financial illiteracy, self-employment is more likely to reduce opportunities to go up in career ladders.
In conclusion, although people are placing greater importance on running their own businesses than traditional working conditions due to demanding working environments within companies and organizations, I believe that this change may weaken their financial well-being.