Full-time Employment vs Freelancing

Given the choice between full-time employment and freelancing, what would your decision be? It is likely your decision would be influenced by your individual needs and goals to name but a few.

Working as an employee or as a freelancer has its advantages and drawbacks, neither is superior to the other. As stated earlier, what suits you best is what you are most likely to choose. This article takes you through some of the pros and cons of full-time employment and freelancing, to give you a clearer picture of which type of work is right for you.

Full-time Employment

Full-time employment is when you are employed as a permanent staff member in a company. You will get to enjoy employee perks that come with the job such as a pension scheme, paid leave etc (subject to your employer), whilst working according to set rules and policies. Listed below are the benefits and disadvantages associated with being a permanent employee.

Pros of Full-time Employment

Having a steady income. Some employers pay salaries and wages weekly, bi-weekly or monthly.
Being surrounded by experienced individuals will help you to develop skills and evolve within your occupation.
As a valued and permanent member of the team, employers are willing to invest in your career development.
Full-time employees often have a fixed work schedule which enables you to coordinate your day more effectively.
Entitlement to employee benefits e.g. paid vacations/time off, corporate devices, insurance coverage etc.

Cons of Full-time Employment

Working hours are likely to be inflexible and may contribute to a poor work-life balance.
You may not have the time to pursue other interests when you are a full-time employee.
Your workplace may be distantly located from your home which means you will either have to endure long commutes or relocate to an area that is closer to your place of work.
You might experience a stagnant career in cases where your employer does not award a promotion or increase your responsibilities.
You have little control (if any) of operational decisions e.g. your hours, approval of vacation.

Freelancing

Freelancing is when you are self-employed and not permanently committed to a particular employer long-term. As a freelancer, you get to choose which projects you work on for an agreed rate; you are essentially your own boss as cliché as it sounds and may often have to wear multiple hats. Covered below are the pros and cons of freelancing.

Pros of Freelancing

Freedom and choice on the projects you work on.
You retain greater control over the work process and can work at your own pace or even subcontract the project to others.
Location independence, working remotely at home or any location.
The ability to work for more than one client, increasing your earning potential.
Work on short term projects combats boredom.

Cons of Freelancing

The responsibility of meeting agreed deadlines falls on you.
You only earn income when working on a project.
Sole accountability for failures on your assigned projects or tasks.
Playing several or every role to ensure your business runs efficiently.
You do not get to enjoy certain benefits that permanent employees do.

In conclusion, full-time employment and freelancing have numerous benefits as they have disadvantages. As to your choice, that would be dependent on which benefits outweigh the costs.

If you are an employee who is eager to test the waters as a freelancer, do not let your current job or employer prevent you from broadening your horizons. To the self-employed individuals whom wish to diversify your income as a freelancer; as the saying goes ‘do not put all your eggs in one basket’. Smource presents a global platform for you to market your skills and provide the tools to help you run your online business confidently. For more information, you can contact us at support@market.smource.com, call or WhatsApp +233 548 065 528. Follow Smource, to stay up to date with us on social media.

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Full-time Employment vs Freelancing

Full-time Employment vs Freelancing