How to Capitalize on the Dominant Freelance Workforce
57 million Americans are members of the freelance workforce. What’s more is that the majority of these workers began freelancing by choice, not out of necessity. What’s more is that the majority of these workers began freelancing by choice, not out of necessity. Understanding why the freelance workforce is dominating the market is important if you plan to stay on top of your own business.
Understanding the Freelance Workforce
Abundance of Job Opportunities
The freelance economy is highly influenced by the internet. Before 1995, the idea of a freelancer was virtually unknown. Just as the internet brings people together in the social experience, it also brings them together in the job market. Dozens of sites, apps, and devices are available to today’s freelancer. With the rise of giants like Uber, Airbnb, and Upwork, there are more opportunities than ever to make money without an employer.
Creating Real Value
Freelance workers also want their work to be valuable. Where older generations found inspiration in the possibility of promotion, today’s workers are equally passionate about how their work contributes positively to the world around them. By freelancing, workers are given the opportunity to choose the work they do; often selecting projects on the basis of both pay and value.
A Balanced Home and Work Life
Compared to previous generations, present workers also seek more balance in their home and work life. Spending four hours commuting to and from work is not appealing to many people. Taking eight-hour blocks out of each day to work for the sake of job security has become equally stigmatized with a growing number of workers in this generation. Workers now place a greater emphasis on living a happy, healthy life in all areas. If a freelancer is feeling overwhelmed, they can easily reduce their workload by not taking on new projects. Having a work-life balance is now the priority and a huge factor for those in the freelance workforce.
How Can Your Company Benefit?
Millions of people with specialized knowledge in their field make up the freelance workforce; all for hire on a by-project basis at very competitive rates. Knowing that, it is easy to see the best way to benefit from this market- hire a freelancer.
Freelancers can provide your company with a highly specialized service. For example, if your company needs varying projects done by a coder experienced in Java, but your employees only know CSS, you can benefit by hiring a freelancer who specializes in Java without the costs of replacing or hiring new employees. By simply outsourcing your coding projects to a freelancer as they come up, your company can save money and reduce your permanent workforce.
That said, independent workers are not out to simply provide businesses a cheap solution to projects. As a matter of fact, 77 percent of freelance workers polled said they make the same if not more money than they did as an employee doing similar tasks. Yet at the same time, freelance workers save businesses money. How can this be? Since businesses do not have to pay for a freelance worker’s benefits, taxes, or the cost of a physical office space, they can afford to pay these freelancers higher project rates. The company saves money on its project, and the freelancer actually gets paid what they are worth.
Freelancers succeed because they are hard-working, experienced and organized. Freelancers are paid to accomplish goals. As opposed to employees who come into work every day and punch a clock; Freelancers do not have the luxury of set schedules, paydays, and the regular benefits. So, they focus on results because that is what they are hired for—to accomplish a goal and once the goal is complete they get paid. You get faster on-boarding and faster results.
Keep these factors in mind when considering your next project; hiring a freelancer may be your best option. Take your business to new heights with KnowledgeCity. We have over 10,000 video tutorials in Business, Computer Software and Safety Compliance. Stay a step ahead of the competition by completing our Finding Work-Life Balance and The Procedures of Successful Managers courses. Try it free.