5 Crucial Ways Freelancers Trump Conventional Employees
Today, companies are more likely than ever to hire freelancers to meet their expanding needs.
Nearly every type of business – from insurance providers and IT startups to retail stores and marketing firms – are taking advantage of this burgeoning group of fluid workers.
And it isn’t any wonder – freelancers are actually predicted to become the U.S. workforce majority in less than a decade with an estimated workforce size of 86.5 million citizens.
Flexibility, job satisfaction, and the potential for serious earnings are some of the major drivers for workers going freelance today.
But what about on the client end of things? Why are businesses hiring more freelance workers than ever before?
Below are 5 of the biggest ways the freelancer economy is changing business as we know it today – and most importantly for you, how hiring a freelancer can save your business serious time and money.
- A Massive Drop in Overhead
Without a doubt one of the most substantial benefits of working with freelancers is the fact that they’re just so darn affordable compared to traditional employees.
Not only do most freelancing contracts help you avoid paying health insurance and the myriad other perks you offer full-time staff, but they also will often work remotely – helping you save on physical commodities like electricity, office space, and even furniture and supplies.
The Bureau of Labor Statistics found that for the average salaried employee, employers spent about $36.22 on employee compensation. Around $24.72 of that was devoted to wages and salaries. But $11.50 per hour was spent on benefits alone. That means the average employer spends almost 50% of an individual’s hourly wages in added benefits.
And when you take into account the dollar value of everything that your regular employees use on a day to day basis, hiring out a freelancer can be incredibly economical depending on your project needs and long-term goals.
- Expedited Delivery
If there’s one thing that any good freelancer understands it’s the value of delivering high-quality, timely work. That’s because the quicker they can move on to another paying task, the more they earn per hour – and that means minimizing the need for revisions along the way, too.
As a result, many freelancers may actually be more motivated to get the job done correctly and quickly compared to a traditional employee.
On top of that, many freelancers are fully in charge of their own hours. And that means if they want to work extended hours to get a jump start on the week, they’re more than happy to deliver a finished product well ahead of the deadline.
And for businesses, that can mean moving on to new projects and saving more money.
- They Hit the Ground Running
Freelancers are specialists in their fields. They typically tackle only projects that they have the skills to undertake and have completed in the past. And that puts them in the unique position to offer ultra-niche services that other traditional employees just don’t have expertise in.
For businesses, this can be incredibly valuable. Rather than onboarding new staff with a general work history in the task you’re looking for and working with them to build up the skills to tackle your project, you can instead hire a freelancer that has the experience necessary to take over the project from day 1.
Freelancers, then, are the best answer to a slow hiring process.
- Better Able to Cope With (And Thrive in the Face of) Change
The overwhelming majority of freelancers are going to have multiple clients. And that means that they have the skill set necessary to adapt to change and even take advantage of it.
This affords two major benefits.
First, it means that a freelancer will have likely seen a number of different workflows, technologies, and methodologies surrounding their area of expertise. That, of course, can translate into a shorter learning curve for them since they may have already worked under similar conditions. And at the very least, they can handle learning something new.
Secondly, they can bring new insights and ideas to your business that they’ve picked up working for similar companies. Trade secrets are still, of course, off limits as many will have signed NDAs. But even suggestions like checking out a different piece of software for your technology stack or finally starting up that corporate blog can lead to seriously beneficial business results.
- Finally, Bottom-Line-Boosting Flexibility
And last but not least, one of the most standout benefits of hiring freelancers is the unbridled flexibility that these unique workers can offer your business.
Dipping into the freelance labor pool to fulfill your business needs can give you a quick and financially beneficial solution to a temporary staffing problem.
Seasonal upticks in orders, a short test project for a new workflow, or exploring a new service offering are all perfect for freelance workers because it lets you test the viability of an option without much risk. Both the freelancers and the employers are well aware that this arrangement is temporary and, of course, hirers won’t have to shell out extra on health insurance or added expenses.
On top of that, hiring freelancers can be a great way to mitigate the negative effects of rapid growth and keep your business going while you start filling in positions with permanent employees.
Ultimately, the flexibility of freelance employees lets businesses test new solutions, handle more variable work, and position themselves for a more profitable future.
What have been some of the best benefits of hiring freelancers for your business? How has working with them been different than working with traditional employees? Let us know in the comments below and as always, don’t hesitate to reach out to us if you have any web development needs!