The gig- economy has been growing into an inherent industry by providing platforms to independent professionals and customers (employer) to connect and ideate at bounded levels. The earning of each individual working as a freelancer depends on the genre of the work they choose. With the rapid growth of the gig- economy, individuals with professional skills prefer working from home and at their convenience.
Indian freelancing market has been standing second to the United States of America’s freelancing market. As per the current statistics, India currently has 15 million individuals working as independent professionals or freelancers in the most prominent sectors. Freelancers in India have drawn a fine line between working for the need and need for work.
With platforms like EFHx launching, the competition for gig-economy is increasing too. In such a vivid state, pinning a below-average rate when hiring a freelancer will cause trouble to the employer. Exceptional work certainly does not come at cheap rates. Let us look in-depth at how much an employer actually spends while hiring a freelancer.
To hire freelancers in India may not be an easy task for a hiring professional nonetheless, the gig-economy platforms have managed to balance that part of the business. A business always ensures that they have all the necessary resources to get the job done professionally. Although the business may have an efficient team at work (full-time employees), the team will always lack somewhere that is exactly where independent professionals and freelancers come in, at an extremely cost-effective measure.
An employer does not have to provide for health insurance, provisional funds or any other extra facilities to a freelancer but has to for a full-time employee. According to Deloitte, the average cost per hire is approximately 3,00,000 INR (excluding the salary).
In the same vicinity, if the employer hires a freelancer, the lancer will charge an average amount of INR 475 on an hourly basis which makes it INR 3,60,000 per annum with no additional funds. A freelancer will always work more efficiently, and the effect of the work can be seen in the project.
A PayPal survey suggests that an average independent professional earns up to INR 20 Lakhs per annum, and an expert in the industry in India, earns up to INR 60 Lakh per annum.
The statistics also state that freelancers working from the office usually charge 5% more than those working from home, as a travel allowance. Since working from home does not require the added amount, certainly. The freelancing industry in India has been estimated to grow towards $20-30 Billion by the year 2025.
EFHx has been designed to provide substantial support to independent professionals and customers from hiring to joining to payments. The line is drawn and the platform set to establish.