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As business operations shift, executives and entrepreneurs are increasingly turning to an on-demand workforce that’s concurrently empowered by technology and drawn to purpose-driven projects.
Consider Upwork, whose 2020 Future of Workforce Pulse Report revealed that just about 80% of hiring managers engaging freelancers feel confident about doing so. These hires provide coveted expertise — on a project-to-project basis — that entrepreneurs have to scale their operations without incurring long-term overhead costs.
This latest market paradigm also promotes dynamism, with 79% of companies agreeing that freelance talent enables greater innovativeness. Perhaps most telling, 84% of hiring managers utilizing it feel more assured about adapting to future disruption, in comparison with just 69% of those relying solely on full-time staff.
By capitalizing on freelance marketplaces, entrepreneurs can amplify employer branding, augment capabilities and future-proof organizations, even amid turbulence. As nearly 60% of hiring managers plan to extend engagement with freelancers over the following two years, the time is now for executives to understand their inherent potential.
Related: Navigating the Great Reshuffle: Why Your Employer Brand is Key in Recruiting Talent
The job market continues to shift
After a season of massive hiring, we’re back to seeing layoffs and downsizing. Companies are feeling the bloat—from unused office spaces with rising rent to oversized worker structures — and are shifting focus to hiring only probably the most essential positions. This leaves a critical talent gap needed for complex projects and specialized tasks. Highly expert and specialized independents can fill this void.
A number of key advantages to engaging them:
• Access to area of interest experts: Platforms like Toptal and Guru provide access to elite professionals from leading Fortune 500 firms and revolutionary startups. Whether the necessity is for a machine learning specialist, growth strategist or financial modeler, entrepreneurs can now curate on-demand teams that boast specialized skillsets, enabling them to focus investment on projects with the best strategic value.
• Enhanced agility: Leading corporations increasingly “rent” skills by tapping freelance experts for initiatives involving latest technologies or while entering unfamiliar markets. With area of interest contributors available to plug knowledge gaps, owners can explore ideas that after seemed unrealistic on account of internal constraints—unlocking inventiveness and first-mover advantage.
• Stronger employment brand: Blending full-time employees with project-based freelancers signals a commitment to modernization and work-life balance. Offering each engaging work and adaptability will help draw exceptional candidates and enable you compete with corporate giants for top-tier talent.
Related: Can Retirees Thrive within the Gig Economy? Navigating a Changed Workforce
Tips for capitalizing on gig talent
Having explored the forces reshaping work, executives may wonder tips on how to effectively leverage freelance platforms. After all, how can you are getting your money’s price if a hire is not physically present full-time?
• Define projects clearly: Contract hires thrive when expectations and deadlines are established upfront. So, clearly, detail needs around deliverables, success metrics, required skills and projected time investments. Staying ahead in the case of communication and expectations will help avoid headaches, including delays.
• Build loyalty with talent: The best independent professionals have options regarding the projects they accept. Study their profiles to discern passions and incentives. Offer interesting work, flexibility and robust communication to motivate interest and improve results.
• Manage collaboration: Provide regular context, feedback and guidance at each project stage, but additionally foster autonomy, even while directing efforts toward strategic goals. A dynamic balance of those qualities drives optimal outcomes.
• Continue expanding your talent pool: Add proven freelancers to an internal database for repeat engagements, and notify talent about latest initiatives for which their expertise would offer an edge. Uncovering additional ways, freelancers can enhance the business deepens the connection.
Related: Fill Your Talent Gap by Sourcing Candidates From the Veteran Community
Top platforms for connecting with talent
Now comes the hard part: finding contractors who bring fractional expertise sets. There are a growing variety of platforms, after all, but I’ve found that the next stand out as leaders:
Fiverr: Ideal for execs in search of design, digital marketing, writing, video and admin support. Known for affordability and ease of posting jobs. It taps a worldwide talent pool, too.
Upwork: A versatile platform that spans greater than 150 skills. Used by everyone from small businesses to global enterprises. Strong at IT, development, design, finance and consulting.
Toptal: Focuses exclusively on the highest 3% of talent. Best for expert software developers, designers, project managers and finance experts. All contributors are extensively vetted.
Contra: A growing independent platform that vets and connects each job candidates and hiring firms. Best of all, it doesn’t take a commission from projects.
Related: 3 Strategies to Optimize Your Hiring Process and Find the Best Employees
The numbers speak for themselves: businesses engaging freelance professionals report greater confidence and competitiveness, in addition to the flexibility to face up to turbulence, yet legacy beliefs can still cause hesitancy amongst those keen to rent. Supported by such specialized collaborators, firms can explore latest horizons unencumbered by a one-time narrow view of staffing models.
