In today’s competitive, evolving marketplace, an agile methodology could mean the difference between becoming a booming business or closing your doors. With more than 41.8 million independent workers in America, hiring freelancers is one of the most effective solutions to securing top talent without going over budget — and there are plenty to choose from.
Yet, like everything in business and in life, there are pros and cons to hiring freelancers. By taking the time to do your homework, you’ll save time, money, and headaches.
Read on for seven pros and cons of hiring independent contractors.
Pro: The Cost
When you factor in the cost of recruiting, salary, benefits and company perks, and desk space taken up in the office, hiring a full-time employee can become pretty costly. The average employee hiring process costs $4,129 and takes 42 days. Who needs to spend that much extra time and money? Companies save, on average, between 20 and 30 percent annually by hiring an independent contractor.
Going along with cost, the risk associated with hiring freelancers is lower, because you only need to hire and pay freelancers when there’s work to be done. Because you work with them on a project-by-project basis, the worry of digging yourself into a payroll hole during downtimes is lessened.
Con: Less Face-to-Face Interaction
Given that most freelance work is done remotely, you shouldn’t expect to see your freelancer every day. Clear communication is essential in any working relationship, but it’s especially paramount when working with freelancers. Your freelancer isn’t in the office every day so they’re not privy to water cooler convos or even major announcements unless you share the news with them. You are their primary source of information on all things related to your business and your marketing initiatives. Don’t assume they have any insight into changes, progress, setbacks, or glitches, and always err on the side of over-communicating to prevent misunderstandings. See 8 ways to work better with your freelancers.
Pro: Marketplaces Make Hiring Easier Than Ever
Marketplaces like Torchlite facilitate long-term relationships between full-time freelance experts and marketers so that you can unlock the value of your marketing technology, get more done and compete in a digital world. We only connect you with the best freelancers (check out our vetting process here) — so you can rest easy knowing that the marketers you’re trusting with work will follow through. Marketplaces like Torchlite give you a full view of the experts you can access at any time, and facilitate the onboarding process.
Con: Less Consistency
With a freelancer, you have a specialist — but the tradeoff is that they may not have the historical knowledge that a full-time employee would have. Your independent contractor has the know-how to get the tasks you assign done, but they won’t be as familiar with your organization’s marketing strategies, what has been tried, and what direction to take things in the future. However, freelancers offer unmatched flexibility and can come on to a project whenever the need arises.
Pro: You’re Not Limited to Local Talent
Companies look to freelancers to find talent outside their current location. Expansion or an understanding of new markets can be made without onboarding a full-time employee. This allows you to bring new perspectives to your team.
Con: You’re Not the Only Client
An independent contractor’s job is to make clients happy and provide business results. The reality is that a freelancer is likely working on making several clients happy at a time. However, it’s also in the best interest of an independent contractor to get results for their client in order to build up clientele as well as reputation. This means that the freelancer’s time isn’t dedicated solely to you — they’re juggling many different requests, one-time projects, and strategies. A freelancer might also choose to perform the work outside of normal business hours, making immediate contact difficult without prior planning.
Pro: Access to Specialized Talent
Freelancers tend to focus on just one or two things that they’ve gained complete mastery of over the years. If you want to hire a content marketer, then you’ll get someone who specializes in content marketing and little else. This is far better than forcing someone from business development to make an attempt at content marketing because you simply can’t afford to hire another full-time employee. As a third party, a freelancer will be able to work on your campaign from a point of view that you may not have previously considered.
Hiring isn’t something that should be done lightly, no matter if you’re searching for a full-time employee or a freelancer to complete a one-off project. It’s not always easy to find top talent, which is why Torchlite exists. We make it easier to connect with the top four percent of specialists to get more work done without breaking your budget. Connect with an expert today.