Just 6 or 7 years ago, the usual way of things was that a university graduate would look for an office job and settle in. The advent of the digital age meant remote work became possible, but the masses didn't adopt it.

But now, spurred on by the pandemic, the digital nomad lifestyle is catching up.

What is a Digital Nomad Lifestyle?

Digital nomads are people who don't occupy a specific workplace. Many of them are people who enjoy travelling and have occupations that allow them to work from anywhere in the world.

Nevertheless, workers, especially freelancers who work as virtual assistants or graphic designers, are digital nomads.

A FlexJobs survey revealed that around 85% of millennials wanted to work all the time remotely. When you think of a digital nomad, imagine working on a laptop by a beach with a drink in one hand. Although that doesn't apply to everyone, it's a genuine possibility.

Living a Digital Nomad Lifestyle

There are several benefits of this location-independent career. Some major perks of living a digital nomadic life nowadays are given below.

• Moving to different countries, working and living there.
• Online platforms for digital nomads - Groups on different social media and websites are dedicated to them. Here, they have a community to share thoughts and experiences and get more relevant and accurate information about the location best for work according to various perspectives. You can engage in job search, stay up-to-date and much more. 
• More and more countries, particularly tourism-based economies, are attracting them by offering them digital nomad visas.
• This type of living may be suitable for some introverts, which are not very comfortable around people but love to travel. 
• There is limited to no space for any co-worker getting into organizational politics.
• They get a chance to work in a more healthy environment. It means being more productive and creating more output for the business.

What Effect Does it Have on the Global Job Market?

The arrival of Covid-19 meant that the world was forced to truly digitalize, as over 52% of businesses in an Upwork survey stated they were more willing to hire freelancers.

In the USA alone, reports indicate that over 22% of Americans will work remotely by 2025. This statistic is an 87% increase from before the pandemic.

Companies are more willing to hire outsourced help, and the number of remote workers is increasing. This shift means that people will be able to work from places where the cost of living is lower and also get ample compensation for their skills.

Is the Boom of Digital Nomads Advantageous for the Economies of Smaller Countries?

Portugal recently announced a two-year renewable visa for workers who had proof they had remote work. Several countries are introducing Digital Nomad visas. There's a reason; the current digital nomad population is estimated to be 35 million.

And these figures are only projected to go up, seeing as the number in America alone is said to have doubled from 2019 to 2021, going from up to 15.5 million.

In turn, these travellers also bring money to economies of countries like Thailand and Malta, which has made it a goldmine for smaller economies. The top reason people become digital nomads is to move constantly and experience new things.

As long as these countries have good wi-fi and comfortable living arrangements, then word will spread within the digital community. Compared to tourists, digital nomads have longer stays and, according to an ATTA (Adventure Travel Trade Association) report, spend around 36% of their income locally.

What Does the Future Hold?

Everything indicates that digital nomads will only increase from here. Everyone must prepare for the shift in its settling phase. 

Many advancements in technology, such as Metaverse, are going to define the meaning of work further. Notably, creating a sense of virtual presence in the future will diminish working borders between an employee and the company more significantly. 

The constantly increasing number of digital nomads only indicates a doubling of the figures to millions in the coming years. That also shows that it's high time for businesses to establish a Digital Nomad Policy for their company. 

As the work landscape transforms, digital nomads mean better wages and benefits for smaller economies. Simultaneously, it will rise to a highly competitive industry as more people try to become the master of their own lives.