There is no doubt that the modern workplace is constantly evolving. A research done by DDIY reveals that there are about 1.1 billion of them in a global workforce of around 3.5 billion people.
So, why exactly are there so many freelancers around the world, and what benefits do they bring to feed the current market demand? Here are 5 key takeaways from our experience working with thousands of them, and why we believe it’s time for you to engage in one too.
1) Freelancers have the specialised skills required to propel your business
In some cases, companies require knowledge in very specific areas. For instance, a report on financial data has to be done, but none of the employees are confident of running a good one by the deadline. That’s when a specialised skill in financial analytics would come in handy to produce a report that would encompass that of a top quality piece. The same job may not necessarily be done as well by a market research analyst, who does not have the required knowledge to produce the same level of work.
2) They are cost-effective
According to an employee compensation guide by Netsuite, 70% of an employee’s salary goes to the wage itself, leaving 30% to account for benefits. This, however, does not apply to freelancers as they are not considered to be direct employees under a company. Hiring one means SAVING BIG, which is especially crucial as every penny counts when the nation is going through an economic toll.
In addition, you will spend less on equipment and training costs as compared to hiring an employee to fill the role full-time. Freelancers typically come prepared with their own equipment, leaving you with no need to load more funds into their onboarding. They are also adequately skilled, omitting your needs to put them through any work-related training.
3) You have access to a larger circle of on-demand talents
Working with freelancers creates an opportunity to diversify your company, which encourages fresh perspectives and often leads to more innovative solutions. With the increasing number of freelancers every year, there is no doubt that finding the right one for your project is like looking for a needle in a haystack. Luckily, this also means that you are selecting them from an extensive field, where a wide array of talents are readily-available to suit your needs best.
4) High flexibility for both ends
The COVID-19 pandemic has disrupted the flow of regular workplaces, forcing many companies to transition to either a work-from-home or hybrid work arrangement. Though many had difficulty adjusting to this new norm in the initial stages, two years have proved to be more than enough time for them to assimilate into the digital culture. In a PwC survey of 669 CEOs, 78% agree that remote collaboration will stay for the long-term, which shows their preference and familiarity with the mode of work
One known benefit that freelancers provide is their adaptability in working on-demand. With 57 million of them working from home in 2019, they have saved on travelling durations, leaving additional time on their hands to be more productive in their projects.
5) You can easily work with them again
In a finding by WebsiteBuilder, it is said that 7 out of 10 freelancers work on 2-4 projects at one time. Freelancers are determined as they understand that the best outcome for both ends only comes from consistent effort. According to statistics by Marketing Metrics, these freelancers also have a 70% chance of selling to an existing client, which goes to show how you can easily engage their services again as a satisfied customer.