The question of whether to hire a full-time employee or independent contractor is prevalent in today’s evolving workforce. Full-time employees are familiar and can be more reliable, yet hiring freelancers can inject new ideas into your brand and company. With this relatively new choice available to employers, it’s important to choose your talent based on what your company needs. Below are some differences between freelancers vs. full-time employees to help determine which will be best for your company.
Training: As with any new hire, both full-time and freelance employees must be briefed on company standards. An experienced freelancer will require less company training in their craft, but may need more instruction about brand standards. Likewise, a full-time employee immersed in a company will know company culture and standards, but may need training and guidance in skills.
Speed: If you need a project finished quickly, hire a freelancer and skip the search, training and processing that is needed before regularizing a full-time employee. Freelancers are used to working under pressure, need superior time management skills, and are willing to jump straight into a project.
Cost: Freelancers cover their own overhead, putting their operating costs squarely on their own shoulders. Full-time employees, in addition to being paid a salary, should be provided with all the software, hardware, and office space they need to work. Companies must also shoulder some of the taxes of full-time employees, offer benefits and provide paid vacation leave.
Succession planning: A company needs business-loyal full-time employees to succeed. All companies must have key people in management who are trained in every aspect of the business and understand how different levels of the company operate. Freelancers can support a company, but are not wholly devoted to one single company.
Skill and creativity: Freelancers have the advantage of working in multiple fields and gaining knowledge and ideas across different industries. This multi-company approach inspires creativity and teaches skills that are hard to get in one position. However, full-time employees have the opportunity to learn the intimate details of how a single company works. If you want in-depth skill in your industry and particular business, a full-time employee will be on-site and is able to devote all office hours to learning.
The Bottom Line
Full-Time Employees are more likely to remain with a single company for years. They receive a salary and benefits. Full-time employees are typically more costly, because in exchange for their time, a company must provide support such as hardware, software, stipends, office space, government contributions and paid leave. However, full-time employees are usually only employed by one company at a time, and can be trained to fill a higher position, eventually landing in management.
Freelance Employees, also known as independent contractors, are fast, efficient, and cost-effective. Freelancers aren’t typically entitled to the same benefits as regular employees, such as healthcare or paid leave. They also provide their own equipment, such as any laptops, software or office space they need to work. Freelancers are flexible, and usually hired on a project basis to get a job done with minimal supervision.
Regardless of whom you hire, make sure they are a good fit for your company and the position by utilizing employment assessments such as interviews and relevant assessments. Consult with the people who will be working directly with your new hire to see which type of employee might fit better, and make sure you have an effective orientation program in place for both full-time and freelance employees. Visit https://profilesasiapacific.com/to view various onboarding tools and services to aid your search.