In the global sharing economy today, Gen Y, Gen Z, and even veteran professionals are partnering with organisations to create new professional engagement models. The where, how and for whom we work is changing fundamentally. But can independent working offer a real career? What does this new ‘independent’ professional earn? How does this ‘flexible’ professional fare when it comes to ‘making a living’? While compensation benchmarks for full time jobs are easily available through platforms such as Glassdoor and Payscale, publicly available and reliable data on the compensation of independent consultants, and business freelancers is limited.
Flexing ItTM, released a report revealing the compensation trends for independent consultants and freelancers in India. The report, leverages FeeBee, Flexing It’s proprietary fee benchmarking tool and highlights the data collected over a period of 6 months from January 2016 to June 2016. Flexing ItTM analysed the data from 2,500 professionals from India who have worked on projects with varied organisations including MNCs, large Indian corporates, start-ups, not for profits, consulting firms and government run enterprises.
Chandrika Pasricha, Founder & CEO, Flexing ItTM said, “Our research showed that 80% of companies did not have a structure to determine the fee levels for project based work. Through FeeBee and this report, we are trying to remove ambiguity from freelancing and independent working space. We believe that insights from this report will empower freelance professionals to make better informed decisions on how to price their time and services and in the process facilitate more successful connections”.
Work, as we know it, is changing. The 9-to-5 is starting to be replaced by a new style of thinking from both organizations and companies. With the Internet connecting us and lowering transaction costs, key functions of businesses can easily be managed by external consultants and freelancers, leading to a more efficient organization and an optimized workforce.
The report is free for download and can be accessed here.