If you had the luxury of looking at a freelance vs full time job and you had to pick one, which would you go for? We guess your answer would be dependent on your present needs, personal life, career goals as well as which one you consider to be right for you at this point in your life.
The biggest misconception you could be guilty of is to think that a freelance job is better than a full time job or vice versa. There is no universally correct answer to which is better between a freelance vs full time job. Your answer would be dependent on your lifestyle at the time as well as your needs.
In this article, we will pitch the freelance vs full time job by highlighting the pros and cons of choosing either one. We will also look at what each option means for your career progression.
The Freelance Job
A freelancer is often referred to as a consultant. He or she is someone who is not committed to an employer on a full-time basis. Rather, a freelancer is engaged to accomplish tasks remotely but he/she might be required to come into the office sometimes.
Freelancing is usually seen as self-employment and most times, the contract of a freelancer is for a short period of time. Contract agreements with a freelancer can be based on a project basis or tied to hourly input. Below are the advantages and disadvantages of having a freelance job.
Pros of a Freelance Job
- You can be considered your own boss
- Freelancing allows you work for more than one company at the same time
- Contract periods are short and reduce the possibility of getting bored
- Guarantees work autonomy
- Helps you learn insights into other aspects of running a business
- The likelihood of attaining work-life balance is higher
- You enjoy the opportunity to earn more when the demand for your services several organisations increases.
- Freedom of work; you choose the clients and projects you want to work on.
Cons of a Freelance Job
- Inconsistent pay or cash flow
- You have to wear many hats – This means you have many roles
- You get to take responsibility for the failure tasks directly
- You don’t enjoy employee benefits and perks like full-time staff do
The Full Time Job
A fulltime job as the name suggests is a job situation where an employee is engaged by a defined number of hours and rules of engagement set by the employer. A popular definition considers a full time employee as someone who works for 35 hours or more (usually 40) per week. Below are the advantages and disadvantages of a full time job.
A full-time job or employment is also referred to as a permanent employment.
Pros of a Full Time Job
- Access to a steady stream of income; this could be weekly, bi-weekly or monthly
- Access to paid, sick leave and vacations based on employer’s policy
- Access to health and other insurance benefits cover, which can extend to family in some cases
- Possible career growth within the organisation
Cons of a Full Time Job
- Hours are fixed and less flexible
- Lack of job security
- Your career can become stagnant especially when you are comfortable with the salary
- A 9-5 job can make you feel like you are working inside a box – Your true potential might never be realised
Final Thoughts on Freelance Vs Full Time Job
In conclusion, how the gains or drawbacks of freelance vs full time job appear to you will depend largely on your choice and needs. What other pros or cons of a freelance vs full time job do you know? Share with us in the comment section.