It is cool to be able to say that you are your own boss and that you can live on your own terms. But, full-time self-employment is not for everyone. The thought of not knowing how much you will earn each month may scare the living daylights out of you.
Let’s look at some of the advantages of traditional employment BUT with one caveat. It is not sensible or shrewd to rely solely on your 9 to 5 job for your income. BetterWage can guide you to make extra money with your spare time, normal everyday activities and using your possessions.
So, let’s look at some of the advantages of a 9 to 5 job.
1. More predictable, stable income
As mentioned, traditional employment guarantees a paycheck at the end of the month. Let’s compare full-time employment with Freelancing work. Payoneer recently conducted a survey of over 23,000 freelancers across over 180 countries. They found that Freelancers earn on average $39,000 each year which is higher than the average employee. But, the key fact is that their $39,000 is not guaranteed. A full-time employee will have a guaranteed component. Many employees are also likely to receive inflationary increases each year.
This means fewer nights sleeping in 5-star hotels but it also means fewer sleepless nights too.
2. Focus on what you do best
Each employee at a traditional employer will have a specified role. But, those who are self-employed take on many roles. The same person might be in charge of developing a product, marketing it, selling it and doing the day to day admin.
If you are not a Selfie (Self Employed Individual), you can focus on what you do best day in day out.
3. More defined hours
Employees have employment contracts specifying the hours that need to be worked each day. Some employers do abuse this and their employees work far longer hours than what is specified in their contracts. But, it is far easier to switch off from your work when you are an employee.
Time at the water machine, gossiping and joking with fellow workers is an underestimated luxury. You see the same people day in day out and if you're lucky enough to enjoy the people you work with, you can get great satisfaction from this friendship and camaraderie.
5. Employee benefits
Employment comes with financial solutions such as medical cover, life insurance and retirement savings. An employer in a way takes on more responsibility that simply providing you with an income. They help you manage this income to some extent.
6. Opportunities for promotion
There are career growth opportunities as an employee. As your experience grows and other individuals leave your company, a promotion might come your way.
7. Structured learning opportunities
Professional development at a company is a major benefit. You may be weary of paying for similar courses if you work for yourself. You are also able to learn from those around you on a daily basis.
8. Take advantage of degrees/professions
Companies pay a premium for advanced degrees and professional qualifications. This is a well-known fact. In contrast, in the Payoneer Freelancer Income Survey, there was a huge revelation. Those who graduated from university were actually charging on average less than those who did not. Companies hiring freelancers are mostly interested in their skills, experience and ratings.
So too, self employed businessmen may get a leg up because of their profession. But, this definitely does not guarantee a higher income.
9. Business expenses are not your problem
Paying staff salaries is a major stress for those who are self-employed. If a printer packs up it will also become your problem. This is not the case if you are an employee.
10. Less responsibility for success
An employee is responsible for a limited sphere of work. Each employee is essentially a cog in a wheel. But, being self-employed means that you are the wheel. This is particularly important for those who do not handle stress well.
11. Take time off
As an employee you are able to take time off through sick leave and annual leave. While away you can switch off 100% and take the time to recharge your energy levels.
12. Better terms on credit
More secure income means many banks and other service providers consider you a lower risk of default. So, in general they are happier to give out loans and usually offer a better rate.
If these benefits float your boat and you are not currently permanently employed, look at job portals like Indeed.com to search for new opportunities.