Why Do Freelancer Jobs Offer High Salaries Than Regular Jobs?

Why Do Freelancer Jobs Offer High Salaries Than Regular Jobs?

In July 2020, Mahesh Rao, 50, did the unthinkable. He quit his full-time, cushy job as a senior designer at a software company in Bangalore and moved back to his village in coastal Karnataka. While the Covid-19 pandemic was the trigger, there were a couple of other reasons why he took this new path. First, Rao wanted to continue work-for-home even after the pandemic, set up a remote workplace with all the support structure that is required, and also explore the lively gig economy, which would allow him to explore much more than his structured job has been allowing him to do for a while. Plus, he was dead tired of the administrative and team management responsibilities that his regular career at the technology giant demanded.

But before Rao quit his full-time job, he did extensive research on his income possibilities from the gig economy. Much to his surprise, Rao realized that freelance jobs can help him earn a higher salary than his regular job at the tech company.

"I was surprised when I found that freelance gigs can actually help me earn more than my regular job," Rao said from his fully-equipped remote workplace In Karnataka. "But when I did a quick market survey and spoke to my peer group, the feedback was encouraging about the income options from the gig economy. In addition, the opportunity to do different kinds of gig projects, and have a better work-life balance was an exciting proposition for me".

Market research data support Rao's optimism. According to Upwork's past industry research, 60% of freelancers who left a full-time job to become freelancers make more money than they did in their previous jobs. However, there are five factors that freelancers need to keep in mind regarding the pricing of their work, explains Upwork, a platform that works as an interface between companies and gig workers: Years of experience, specific skill set, education and training, reviews, and proven deliverables and location.

There are several reasons why work-from-home gigs can help you earn more than salaried jobs: First, a freelancer can choose a particular type of work, which is not possible in a full-time job because the latter demands that you do what the company wants at that point in time. But when a gig worker chooses a job of her liking, the productivity level goes up by several notches. But while starting, a remote worker must not be picky about the projects, but you may have more flexibility as you become more successful.

Second, a gig worker can work for a variety of clients simultaneously because today's hyper-connected and borderless world has created unprecedented work opportunities for talented professionals, no matter where they're located. If you're good at your job, there is no limit to how much you can grow your business.

Third, a gig worker can always mix and match clients, take up high-value and low-value work simultaneously to manage their time better, and ensure a regular cash flow.

Fourth, a freelancer can save on travel-to-office costs and time and utilize that extra time and money better either to learn new skills, rejuvenate and ideate. While it is difficult to calculate the economic value of learning new skills or rejuvenation, but in the long run, they add up to your income opportunities.

Fifth, taxes can be a pain for freelance workers, but they can at least deduct their business expenses while filing for tax and accrue benefits.

Sixth, the pay rates in freelance work are often higher than permanent employment, and the amount you make is entirely dependent upon how much work you choose to take on.

Seventh, according to Forbes survey, millennials are embracing freelancing. This means more and more companies will be open to the idea of remote working, gig economy, and there will be more jobs on the freelance market table. According to The Week, “In India 70 per cent corporates have used gig workers at least once for major organisational issues in 2018.”

Eighth, India is a fast-growing economy. More and more professionals are offering skills which are diversified, unique and rare. This is creating a high demand for freelance work from the rising startups and SMEs, says Dipesh Garg, founder of Truelancer.com, Asia’s largest freelance marketplace.

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