Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Freelance vs In-house Job – Best Approach for Employees after COVID Attack
With every aspect of our lives insultingly thrown out of the window, COVID has come to dictate its own terms on the earning population of the world. There is no doubt that young people are likely to suffer long-lasting impacts of the pandemic accompanied by the economic crisis that is still currently wreaking havoc across the globe.
Hence there is a definite concern that young people are facing regarding their future with life aspirations hanging in the balance by a thin thread.
According to the study conducted by ILO (International Labor Organization), the early stages of the pandemic impacted nearly 73.7% of the domestic workers by 15th of May this year. Over 55 million workers faced considerable loss, a figure that was calculated through a survey that involved 137 countries representing 91% of the global employment.
Male and female workers across many labor-intensive industries felt the shock wave as millions of businesses adopted either full or partial lockdown measures to prevent the spread of the virus.
In light of this information, let’s make a quick evaluation regarding the best approach employees could have in the coming future. For simplicity’s sake here is a comparative analysis between freelance and in-house jobs:
Freelancers are those who are self-employed and thus do not necessarily require a long term commitment with a particular employer. With creative industries expanding across the globe, the demand for freelancer has also risen substantially with online forums like Fiverr, Upwork, Designhill, and People per Hour leading the market.
· Freedom of Clients
In a freelance setting, you get to have the opportunity to work with a diverse set of clients and at times, partner with cross-industry experts.
· Control of Workload
Most of the time, when you are allocated a task from your clients, goals are set through a mutual discussion between the two of you. This means that you can easily manage your workload according to your predefined due dates and deadlines, thus giving you more leverage to put in maximum effort and get the best results.
There are no fixed working hours as such, and your tasks define how much hours you need to put in within a day. This makes freelancing incredible flexible as you are able to choose which part of the day you want to work and how much effort you will be required to deliver on a daily basis.
· Stability Issues
Freelancing isn’t considered a regular source of income. There are a lot of people who often bid for the same task, and this lowers down your probability of being assigned to work on a project. Clients often go through various proposals and thus choose their best available option. The rest have to bid elsewhere, and this goes back and forth a lot.
· Lack of Fringe Benefits
In freelancing, you are strictly getting paid on the basis of your ability to produce viable results for your clients. If your task is below par, it may even be rejected, and that doesn’t look good on anyone’s profile.
However, other than your basic contract, there are no other benefits, unlike working in a reputable organization that may offer you medical allowances, paid leaves, bonuses, and other benefits.
· Isolated Work
There is no doubt that freelancing may not suit those who like to be accompanied wherever they go. After some time even when doing well and making for yourself quite the reputation, a freelancer’s life does seem a bit lonely.
There are no group meetings, team projects, or workplace socializing. Forget events, expos, webinars, or any other interaction an in-house worker may enjoy.
In-house jobs are quite frankly the opposite of freelancing in its most fundamental aspects mentioned in this post. Not only are you hired for a longer period of time and working for a single authority, but there is also little chances of being rotated to perform on different nature of tasks.
· Systematic Learning
When committed to a department and being hired as an in-house expert, you come across a lot of challenges related to the role you play in the organization. Overcoming these challenges, along with the consistent practice of your skills, leads to improvement with the passage of time. Hence you are able to sharpen the saw and become increasingly proficient at what you do.
· Regular Source of Income
Perhaps one of the most sought out benefits for an in-house job is a dependable source of income. Most people are hired for a long term period even if it is based on a contract, and for that period you are mentally assured that your earnings will continue without any shortcomings in between.
Thus there is little to stress about as long as income is concerned.
As stated in the first pointer and tying this up with the second as well, long term contract based work leads to a predictable nature of tasks that you will be allocated.
A lot of these in-house jobs often provide you with a job description that mentions your major responsibilities and duties. Hence you are pretty much prepared to handle the nature of your work and can predict what your next task would entail.
It is obvious that in-house jobs can get boring for some as they are often required to utilize their aptitude and expertise around tasks that are similar in nature and vaguely different from each other.
Plus there can be a lot of routine work which may be involved in making your work feel even more mundane. Students at times also feel sick at times writing about the same topic, that is why a lot them end up seeking thesis writing service that can save them for boring and lengthy written work.
· Lack of Flexibility
There are rarely any in-house professionals who get a chance to experience flexible working hours. Most of them follow a 9-5 and 8 hours a day requirement where you enter the office in the morning and leave early in the evening. Plus there are certain rules and regulations that you need to abide by concerning the matter of your attendance, punctuality, and even leaves or taking a sick day at work.
Sadly it is true that those who commit themselves to a particular workplace also become highly dependent on their job as their main source of income. In many cases, the wages you earn as an in-house expert are also quite enticing, which takes away the need for making an effort towards diversifying revenue streams.
Both in-house jobs and freelancing opportunities are suited for a broad range of workers. However, in my conclusion, I would just like to add that one should consider not putting all of their eggs into the same basket. A diversified income allows you to be more independent and enable you to make better decisions in your life.
So while you aim for a permanent job, looking for freelancing opportunities at home during free time is not going to make your life any worse. Try this for yourself, and you will know that a little extra dough does feel good in your wallet, especially in the last few days when the month is about to end, and payday is just around the corner.
Amanda Jerelyn currently works as a Digital Marketer at Dissertation Assistance. This is where higher education students can acquire professional assistance from industry experts. During her free time, she likes to draw graffiti and absolutely loves decorating homes with her own unique style of wall art.
Copyright 1995-2021, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.
DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages. TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business, CyberSchmooz, and BizCafe.