The days of the traditional 9-to-5 are over. These days, more and more people are working for themselves as freelancers, and the benefits don’t just accrue to those workers.
Companies that hire freelancers also benefit from this new way of doing business, and it’s only going to get bigger in the future.
We spoke with a panel of experts who have worked in or closely with the freelancing industry and they told us why they think that freelancing is a good thing for both companies and individuals.
| Takeaways |
|---|
| 1. Embrace the Positive Impact: Freelancing brings positive changes to the business landscape, providing opportunities for growth and innovation. |
| 2. Flexibility Leads to Productivity: The flexible nature of freelancing allows businesses to tap into a diverse pool of talent, promoting productivity and creativity. |
| 3. Emphasis on Remote Work: With freelancing on the rise, remote work becomes a standard practice, offering benefits in cost savings and access to global talent. |
| 4. Reshaping Traditional Employment: The rise of freelancing challenges traditional employment models, prompting companies to adapt and evolve their workforce strategies. |
| 5. Driving Entrepreneurship: Freelancing fosters a culture of entrepreneurship, empowering individuals to build their own businesses and pursue their passions. |
1. The Freelancing Industry Is Growing Rapidly
It’s a good thing for businesses, workers, and the economy at large.
Benefits include increased productivity and innovation among workers, fewer middlemen in between companies and their clients (thus higher profits).
And more flexibility for everyone involved to find their path toward success while maintaining control of their career trajectory or just taking a break when they need one without having to look for another job at an inconvenient time if they don’t want to do that right now!
Embrace the freedom of freelancing and discover how it helps individuals overcome the fear of missing out. Our article on how freelancing helps people in reducing the fear of missing out delves into the empowering aspects of being your own boss.
2. Freelancing Brings In More Money
Freelancing is one of the best ways to make money. Not only can you use it as a side hustle, but freelancing can also be a great source of full-time income.
There are many different types of freelancers: some people will pick up their hobbies and sell them, while others will take on contracts or clients and work with companies that need someone with their skillset.
The thing about freelancing is that it’s not just limited to one type of a person it’s open to anyone who has an idea and wants to pursue it.
You don’t have to be an academic genius or have a degree in something specific; you just need passion, drive, determination, and dedication (and maybe some help).
3. Companies Can Build A Loyal Base Of Workers
Companies that hire freelancers are also creating loyal workers. When a company hires a freelancer, the work is usually contracted for some time and the two parties agree on what needs to be done.
Once this agreement is reached, it’s up to both parties to make sure that they keep their word. If one party doesn’t live up to their end of the deal or if there are any problems along the way.
There’s no room for excuses or blame-shifting because everything has been explicitly stated in writing beforehand.
This creates an environment where employees have more responsibility than ever before and they’re more likely than ever before too!
In other words: companies can build a loyal base of workers by hiring freelancers instead of full-time staff members who may not have such strong commitments beyond their paycheck (or hours).
Freelancing is reshaping the traditional work landscape. Want to know how? Check out our insightful piece on how freelancing is changing how we work and live to stay ahead in this evolving professional world.
4. Freelancing Is Less Risky For Companies
Freelancing is less risky for companies because it costs less to start up, and freelancers are more loyal.
When you hire a full-time employee, he or she is only with you for a limited amount of time.
This means that if something goes wrong (like an employee leaves), you’re left with a hole in your workforce that needs to be filled by someone else.
But when you hire freelancers, they have much less reason to leave as they have built their brand on the platform where they work.
Freelancers tend to be more loyal because of this they’ll stay with the company as long as it aligns with their goals or until they find another project they want to work on just as much.
5. Reduce Your Overhead Labor Costs
It can be hard for small businesses to justify the cost of bringing on an employee, especially when they’re just starting.
But having a dedicated employee is necessary for many businesses.
If you have a service-based business and need someone who is always around or needs to work particular hours, freelancers are a great option.
Freelancers are cheaper because they don’t need benefits or training, which means that you save money right away!
They also tend to be more flexible than full-time employees because they know that their income depends upon how much work they can find (and how efficiently).
6. There’s No Need To Spend Money On Recruitment, Benefits, Or Training
Freelancers are self-sufficient and don’t require any additional help in these areas. They are rarely injured, so there’s no need for insurance or worker’s compensation.
They also don’t have families, so there’s no reason to provide health care coverage or contribute to 401k accounts.
And since they’re not getting paid much (if at all), it only makes sense that you should waive their right to lunch breaks and pay overtime, after all, it would just be a waste of money!
7. Less Room For Error When Searching For Talent
If you’re having a hard time finding talent that fits what your company needs, there is always the option of hiring independent contractors.
Freelancers are not only cheaper than full-time employees but they also don’t require the same level of commitment and training as full-time employees do.
This means that if you need someone on an as-needed basis (such as for one project or job), freelancers can be ideal choices to help fill those gaps in your workforce without breaking the bank.
8. Paid Vacations, Healthcare And Other Benefits Get Expensive
With all the benefits that freelance workers enjoy, you might be wondering what’s in store for those who are still stuck in the 9 to 5 job market.
To answer your question, it’s likely that your employer will start offering more benefits. While this is the good news of a sort you’ll get some things you deserve and want it can also mean higher costs for them.
How much more? Well, according to a recent survey by Deloitte: “44% of employers say they’re not sure how their cost structures will change as a result of their organization’s evolving benefit mix.”
In other words: no one knows for sure! But if we look at how things have changed over time with other industries (like healthcare), it could mean an increase anywhere from 10% to 30%.
The freelancing revolution has transformed how people seek, accept, and perform work. Dive deeper into this phenomenon by reading our comprehensive article on how freelancing is making changes to the way people find, accept, and do work.
9. Increase Diversity Within Your Company’s Talent Pool
Diversity is good for business. It’s also good for the world, the future, society, education, and the environment.
Diversity is a buzzword that gets tossed around freely these days but what does it mean?
The definition of diversity has evolved since it was coined in 1965 to describe “the multiethnic composition of an organization or community” (according to Merriam-Webster).
- Today, we view diversity as something much more expansive than race or ethnicity.
- Companies with diverse talent pools are more likely to:
- Receive higher customer satisfaction ratings from their customers;
- Have better workplace culture (including higher employee engagement); and
- Be seen as more innovative.
10. Hiring For Diversity Can Be Tough For Traditional Recruiting Strategies
Hiring for diversity can be tough for traditional recruiting strategies. In the past, companies have had to rely on word-of-mouth and referrals from friends and family to find diverse candidates.
This can be difficult because of the limited pool of people who know about job opportunities in companies that aren’t hiring at their own pace or actively seeking out diverse talent.
Freelancing platforms are a great way to find diverse talent more cost-effectively.
By using these platforms, you can reach thousands of potential employees without having to hire people who don’t fit your culture or mission statement (and it won’t cost you an arm and a leg).
11. Rejection Becomes An Option For Employers And Employees With Freelancing
When you’re a freelancer, you don’t have to worry about rejection. As long as the job is legal in your state and country, nothing is holding you back from accepting it.
And nothing stopping that employer from rejecting your application either. If they don’t think your skills are good enough for them, so be it!
This is exactly what makes this new relationship between employers and employees so much better than anything out there today: there are no longer any barriers to communication between parties involved in hiring decisions.
Employers can reject applicants without having to explain why (which saves time) and employers can save money by not having to hire a recruiter (which saves money).
12. Hiring The Best Talent Just Got Easier
I know what you’re thinking: “Hiring the best talent is always a hassle.” You’ve probably heard that candidates are often overqualified, underqualified, or just plain unqualified for your job descriptions.
They don’t have time to meet with you in person, so phone interviews are frustratingly short and impersonal.
The applicants who do make it through interview rounds are often unresponsive during the hiring process they don’t reply to emails or calls, and when they do respond it’s usually too late to get anything done.
The ones who do arrive at their interviews on time often show up without having done any research about your company beforehand!
Freelancers, on the other hand? They are more likely to be hired than traditional employees (according to Upwork’s 2017 Freelancing in America report).
And they’re more likely to be trusted by employers: 72% of freelancers feel trusted in their role compared with 65% of non-freelancers (Work Market).
Plus, they’re far more likely than employees ever were: 64% of freelancers say their pay is fair compared with 48% of non-freelancers (Wunderman).
Discover the secrets to a thriving freelancing career that sustains your livelihood. Our article on how you can make freelancing sustainable and make it pay uncovers the key strategies for success in the freelance world.
13. Attracting The Right Talent Will Be Easy
You’re probably thinking, “That sounds great but how do I find the right talent for my business?” Well, this is where freelance talent platforms come into play.
They make it easy for businesses of all sizes to locate high-quality freelancers with specific skillsets and experience.
So what kinds of things can you outsource? And how will your business benefit from outsourcing? Let’s take a look at some examples of work that can be outsourced and why:
14. The Freelance Model Is Here To Stay, If Not Grow Bigger
Yes, we’re talking about freelancing. It’s a trend that has been around for decades now, and it’s not going anywhere.
Freelancers are a growing part of the workforce, and it would be foolish to think this trend will not continue as more companies turn to freelance workers rather than hiring full-time employees.
Freelance work is also easier now thanks to platforms like UpWork, where you can search for jobs based on location or skillset (and even how much money you want to make).
There are also sites like Fiverr that give you easy access to small jobs that pay well when you get good at them.
They let you go from making $10 an hour as an intern up to $100+ per hour by doing small tasks like creating content in WordPress or being a virtual assistant on e-mail marketing campaigns!
15. More Workload And Opportunity To Earn More Money
The rise of freelancing is also likely to help average workers make more money for the same or similar work.
The ability to pick and choose jobs allows them to set their rates, and companies are forced to compete for talented freelancers with better compensation packages.
As such, many companies have been forced to increase salaries to attract top talent and this trend may continue as more people enter the freelance market.
16. Both Short-Term And Long-Term Employment Options Are Available Through Freelancing Platforms
Freelancing platforms give you the option to work on a short-term basis or more long-term.
When it comes to freelancing, there are two main ways you can approach things:
1) job by job, or
2) project by project.
If you choose the first route, this means that your focus is on one particular client and one particular job at a time.
This could mean working with an organization for several months or even years while they bring new projects your way.
Working in this manner will allow you to build trust with clients over time and ensure that both parties feel comfortable with each other and their working relationship which can be crucial when it comes to successful projects and ongoing business relationships.
On the other hand, if your focus is more on projects rather than clients (for example), then you might not have as much time invested into building up long-lasting relationships with clients/customers;
However, this also means that once they’ve hired someone like yourself through a freelance platform such as Upwork (formerly known as Elance), they’ll usually still need help completing their tasks so long as there is money involved!
Explore the rise of a new generation of side hustlers and how freelancing plays a vital role. Delve into our engaging piece on the rise of the side hustle generation to understand the impact of freelancing on modern work trends.
Takeaway Not That Good
The takeaway here? If you’re still operating traditionally, you better change fast. The world has changed and it’s not going back.
Your business needs to be able to change with the times or it will die.
Conclusion
Thanks for reading! Hopefully, you learned some new information about freelancing and how it is changing business.
Further Reading
The Benefits of Freelancing: Explore the advantages and perks of pursuing a freelancing career in this informative article.
Five Reasons Why Freelancing Is the Future of Work: Discover the compelling reasons why freelancing is considered the future of work and how it’s shaping the professional landscape.
Upwork’s CEO on the Future of Freelancing: Gain insights from Upwork’s CEO, Hayden Brown, on the future outlook and potential of the freelancing industry.
Frequently Asked Questions
How Do I Get Started As A Freelancer?
You can start by looking for opportunities in your area, or you can use an online platform to find work.
If you’re looking for local jobs, check out Craigslist or the classifieds of your local paper. If you’re looking for more formal opportunities, try posting on Upwork.com or other freelance websites.
Is It Possible To Make A Living As A Freelancer?
Absolutely! Freelancers have been able to make their living doing what they love since the beginning of time (some would argue even longer).
It’s not easy you’ll have to work hard and be dedicated but if you want to be your boss and have more control over the way your career develops, then becoming a freelancer is worth considering.
What Is Freelancing?
Freelancing is a flexible way for people to make money working on their terms. It can be part-time or full-time, paid or unpaid, as long as you’re not getting paid by an employer and you’re doing the work yourself.
The term “freelancer” comes from the fact that you’re not bound by a contract with a single employer you can take on jobs from multiple clients and work from anywhere.
What Are The Benefits Of Freelancing?
It’s great because it gives you more freedom over your schedule and what kind of work you do.
You can focus on projects that interest you while still earning money and if something doesn’t work out, nothing is holding you back from moving on to something else!
You also don’t have to worry about commuting or being stuck in an office all day; instead of using up your vacation days at work, use them for travel!
Why Should I Be A Freelancer?
Freelancing is great for people who are looking for flexibility, freedom, and independence in their careers.
As a freelancer, you don’t have to worry about getting stuck in one job or company for years on end you can move on whenever you want!
That means if your boss isn’t treating you right or if your company starts going downhill, there’s no reason why you should stick around any longer than necessary.
Freelancing gives people the opportunity to find jobs that they love doing with people they enjoy working with day after day.
It’s also a great way to earn some extra cash! If you’re looking for something part-time or seasonal (like during the holidays), freelancing can help out with that too!
Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.