The national lockdown saw the closure of many businesses and organisations, and as a result, the loss of many jobs. With one in twenty job seekers unable to find employment during the height of lockdown, freelancing became the popular go-to.
Freelancing is now more popular than ever before and word of the benefits that come with it has started to get around. Before you jump on the freelance train, however, it’s important to understand exactly what comes with freelancing and whether it’s the right option for you. To help you make that decision, this article will compare the benefits of full-time employment vs freelancing.
What is the difference between full-time employment and freelancing?
Full-time employment usually involves working anywhere between 30 and 40 hours a week for an employer with a set contract. As a full-time worker, you will receive regular pay (usually at the end of each month) and your hours will be determined in advance so that you know how much work you will be receiving.
On the other hand, freelancing involves advertising your own services and picking up new clients/jobs as and when they come to you. As a freelancer, you are completely in charge of how much you work, when you work and who you work for. Freelancers do not have pre-determined hours, so their workload can vary from month to month, with some months being much busier than others! Because of this, freelance work does not have a set pay rate and payments can be made at any time.
What are the benefits of full-time employment?
The main benefit of full-time employment is that the work is guaranteed. This means that you will have a stable and reliable income coming into your bank account each month and you won’t have to worry about where your next paycheck will be coming from. Full-time work is ideal for people with families or loved ones who rely on them for financial support.
More often than not, working for a company will come with added employee benefits that could include discounts, gym memberships, free car parking and even paid holiday entitlement. As a full-time employee, you could use an employee benefits website to understand exactly what benefits are offered by a workplace so that you know what you’re entitled to. All workplaces will offer paid sick pay, which could save you from financial struggles in the event of illness.
What are the benefits of freelancing?
When it comes to full-time employment vs freelancing, the main point that people tend to bring up is the fact that freelancers have complete control over their working hours and workload. This means that you can easily fit your job around your lifestyle to make room for socialising, traveling, and family time. Hours are not guaranteed, so your earnings could change from month to month, however, this is a great option for people who want more freedom.
Freelancers usually charge per hour for their services (although some may charge per project). As their services are often personal and specialised, freelancers can charge higher hourly rates than they would earn if they worked a full-time job. This means that the earning potential for a successful freelancer can be significant! Of course, the rate that you can charge will depend on the service that you offer.
If you’re looking to learn more about the employee benefits you could be entitled to as a full-time worker, take a look at Zest today.