The outbreak of COVID-19 pandemic has decimated and reshaped the global job market immensely. This state of affairs has culminated in massive unemployment. So far, this dire predicament has necessitated creative freelancing solutions as companies decide to lay off millions of full-time workers. With such uncertainty, most organizations are becoming reluctant to hiring permanent employees, and instead they are now shifting their attention towards freelancers.
Who is a Freelancer?
A freelancer is a professional who works for clients on a contract basis, is self-employed and has a particular skill set. Professional freelancing is typically project-based and time-limited. In today’s world, more professionals are now preferring freelance work over a regular 9-to-5 office environment because of its flexibility and freedom. Now more than before, Professional freelancers can make more money than typical employees because the majority of occupations don't provide the same stability as full or part-time freelance positions. A long-running study by MBO Partners estimates that 51 million Americans were employed independently as freelancers in 2021, a whopping 34 percent more than in the previous year, 2020.
Although working as a freelancer may not provide the same level of financial certainty as full or part-time employment, it does pay better. In fact, 44% of freelancers made more money than they did when working a typical job, according to Upwork's data on freelancers. A Payoneer research on global freelancer income indicated that the global hourly freelancing wage increased significantly from $21 in 2020 to $28 in 2022.
Typical categories of professional freelancing and associated pay scales
•Freelance content writers
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According to Payoneer, 10% of all independent jobs are freelance copywriting and content creation. These assignments include, among others, writing blog posts, articles, editing, preparing case studies, and resumes. Here, some businesses may pay more than $100 per hour for legal writing, copywriting, and technical writing, depending on your skill set. However, to maneuver the bottlenecks in this field, workers must become proficient in search engine optimization, link building, and keyword generating. In this domain, a freelance writer will typically earn between $30 and $40 per hour in 2022, for a salary of about $42,000 per year.
•Graphic designer
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Web design and graphic design are included in this. 77 percent of all American independent workers are employed in the arts and design, according to the freelancing website Upwork. Here, independent designers can work on a variety of projects, including creating websites, landing pages for websites, and logo designs to construct visual brands, depending on their areas of expertise. Freelancers in this field make an impressive income. For instance, in 2022, a freelance visual or graphic designer will earn between $40 and $45 per hour, or about $90,000 per year.
•Web developer
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A recent 2022 research by Payoneer hints that during the covid-19 pandemic, the combined growth of programming and IT was a record 35%. This indicates the growing demand for remote freelance web developers. According to their skill sets and areas of experience, independent web developers can specialize just like designers and content producers do. Here, businesses may be looking for front-end developers that turn code into graphical user interfaces or back-end developers who go deeply into databases, scripting, and architectural building, among many other duties. In 2022, freelance web developers are typically earning around $50 to $60 per hour to design and develop websites, with a yearly salary of about $90,000.
Factors that influence freelance pay rates
Before you get enticed by the generous pay scale that you can earn as a freelancer, it is vital to consider that the rates that freelancers can earn fluctuates based on many variables. Below are the three most common factors that impact freelancers’ rates.
•Years of experience
To begin with, experience is a valuable resource in any field. As such, freelancer’s pay rate typically increases with the years of experience they have in their service area. A one year experience is definitely not equal to a ten year freelance experience.
•Unique skill set
Secondly, a freelancer’s skill set also plays a vital role in their pricing. As such, freelancers can charge a higher price if a job requires a strong underlying technical skill set such as programming, mobile app development, or legal writing.
•Education and professional training
Last but definitely not the least, Education and certified training can significantly boost a freelancer’s pay scale. Although this will vary from profession to profession, certified training and formal education usually allow a freelancer more leverage in pricing negotiations.
According to Forbes, the freelance revolution is just getting started. This is evident seeing as old economy firms are now joining the freelance revolution. Today, around 25% of all giants consulting staff are project based freelancers. With such a trajectory, we expect freelancing to replace a huge percentage of all global workforce.
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