In 2014, 1 in 3 Americans were freelancing. Fast forward to today and the freelance economy is worth £1.2 trillion and extends to more than one-third of the American workforce. As more businesses explore the benefits of using freelancers in their operations like the optimization of efficiency in the workplace and a cut in employee costs, the world of freelancing is booming- giving businesses more choices. From multiple standpoints in a business, the case for curating a strong freelance network around your business is clear. From helping you expand your business network to providing the best talent at the most opportune time, the value that a freelancer brings to your business can be undeniable- if handled correctly.
Tap Into An Employee On-Demand Model Without The Setup Costs
For smaller businesses and startups looking to grow with a limited budget, having a reliable freelancer network in place can prove to be invaluable. This is because they can access the additional talent when they need it and pay for it only when used. For instance, if a small business wants to revamp its business website it can hire a freelance website designer for the project instead of on a full-time basis.
There is also no need to worry about the setup costs and preparation that come with hiring your first employees like national insurance, employee income tax, or pension contributions. Under the freelance model, most freelancers are classed as self-employed and responsible for those themselves.
Reign In Your Labour Costs To Boost Your Bottom Line
Another significant perk of using freelancers in your business is that they can actually work out cheaper. By allowing you to only pay for labor when you need it instead of on a permanent, full-time basis you can save your business thousands. However, be sure to conduct an interview before recruiting subcontractors and inquire about their ideal client relationship and experience doing the role. If you are looking for someone to work under tight deadlines, you want to be sure their schedule and work ethic can accommodate this. There is now a long list of freelancer platforms that businesses can use to match to the ideal freelancer within minutes- all for a fraction it would cost to recruit an employee. According to estimates from SHRM, the average cost of hiring a new employee is $4,129. It also takes around 42 days to fill a position which can cost your business money.
Access The Best Expertise Without The Contractual Strings
Perhaps one of the largest benefits of having freelancers support your business is the fact that businesses of all sizes can now access the best talent and expertise around the globe. Using a freelancer also means it is much more possible to afford top-tiered personnel in the required field for a one-off project instead of a full-time rate. Also, curating a strong freelancer network is great for covering gaps in employment stemming from redundancy, maternity, or sudden growth.
If harnessed the right way, a great freelance network can be an incredible resource to a business in good and bad times. With a wealth of knowledge, experience and unencumbered by geographical boundaries, there are more pros than cons of having freelancers involved in your business.