The number of freelancers is on the rise: fact.
The prospect of more work flexibility, a better work-life balance, and less commuting costs is luring more people into freelancing every single year. You could say that the 21st century has dramatically changed how workers think, and freelancing is great for personal growth, opportunity, and flexibility.
The result is that the 9-5 brick and mortar job is no longer the only option.
Perhaps the biggest draw of freelancing is that workers get to schedule jobs on their own terms. In fact, according to the 2017 Future Workforce Report, 27% of freelancers claimed increased flexibility was the number one reason they decided to go freelance in the first place. A further study by McKinsey showed that 20-30% of the working-age population in the US and EU engage in independent work on a regular basis.
The verdict’s in: freelancing is helping workers gain more control and independence in their lives. There’s nothing quite like being your own boss, right?
Despite the flurry of obvious benefits, freelancing comes with a huge trade-off – payment uncertainty. This is one of the biggest reasons people shy away from freelancing, but it also directly impacts the creativity and productivity of people who are already working for themselves.
In a study by PYMNTS.com, 84% of gig workers said they’d do more work if they got paid faster. This goes to show that the speed of payments can directly impact productivity levels.
So, if you hire freelancers and use an inefficient payment solution, we have one question for you: why?
You already know that hiring freelancers helps you get more done (in this study by Inavero, 77% of hiring managers confirm this), but by choosing to use a payment solution that slows down transactions, you’re not tapping into the true power freelancers can have on your business. Not only can they help you get more done, but they can help you scale your business astronomically.
As the economy continues to expand every single day, it’s more important than ever for businesses to realize just how important freelancers are for the future – and it’s time to treat them as such.
Payments should be efficient and on time, without exception, because if your freelancers aren’t paid promptly, their productivity levels will plummet which can be detrimental to your business. Let’s be honest, no one wants that.
It’s mutually beneficial for both parties to have a fast and efficient payment solution. That way, both company and freelancer are happy, prosperous, and able to move onto bigger and better things.
Transpay is a service from Transfast, a leading global payments company with more than 30 years of operating history. Transfast processes over $8 billion USD in annual payment volumes. Transpay provides businesses of all sizes with a scalable, secure, and fully compliant cross-border mass payout solution, making it easy to send funds directly to the local bank accounts of vendors, business partners, freelancers or others, reaching over 95 percent of the world’s bank accounts. To learn more, visit www.transpay.com.