Freelance Support: Your business can benefit from on-demand hiring and flexible staffing
When businesses return to normal post-epidemic conditions, freelancers will play a pivotal role in the labor market. Recruiters cited a lack of talent and access to new freelance skills in demand as their main challenges in the 2019 survey results from the hiring platform Veteran Upwork.
In 2020, results of that survey, however, marked a significant paradigm shift: almost half of the reporting organizations implemented recruitment freezes, and 39% laid off employees already or planned to do so in the future.
As a result of the epidemic, only 10% of businesses increased hiring. Previous estimates put the reemployment rate at 53% and the increase in hiring at 10%.
How does all this affect your business? No matter how you scale your operation, you should think about whether to grow internal teams or when to outsource freelancers. You should be aware that where successful expansion takes place, your business will likely outsource some of its non-essential functions. Considering B2C, there are ways to find a balance between the two moves (which we will cover here) to make flexible talent an integral part of your scaling strategy.
Talent-based HR solutions
While reducing your company’s overhead by hiring on-demand, finding the right freelance workers outside of your house should be a major topic when it comes to operations and strategy.
There are mainly two types of talent:
Freelancers:
The term “freelancer” refers to a person who works on a contract, and many individuals prefer it that way. You can hire freelancers from this pool when you need their high-quality expertise, and you only need to recruit them while you are working on a project. You could also consider whether interns or permanent employees should be a part of your agency’s freelance strategy.
White-label services:
This is the service that you alter to make it appear like yours. Many times, a customer will ask for a service that is not part of your current offering. As a result, you may be able to outsource work to white label partners who will allow you to put your name and surname on the website. The benefit of outsourcing to white label partners is that you can do business as usual.
Freelancers have numerous benefits, but purposeful hiring is critical to your business operations and strategy, and not just going for the cheapest option. You will make a big difference in this regard if you understand what types of talent can do for your business.
The Benefits of Outsourcing Freelancers (More Than Cost Savings)
Flexibility in staffing can benefit agencies in more ways than just managing overhead. Most agencies adjust their staff according to the business opportunities that exist at the time, or even in the quarter.
Despite the need to make broad, impactful decisions in real-time, this is not the star to orient yourself to regularly.
With a flexible team as part of the agency’s strategy, you’ll still find full-time workers. These employees are dedicated to the most essential parts of the business.
As a result, your external talents can be adapted if the situation requires it. Hiring freelancers also gives you more room to grow. One of the biggest costs for agencies is labor. And a reduction in these expenses leaves an agency lean, agile, and well-positioned to grow. A freelance staff will manage demand during peak periods. Allowing the business to make key decisions on how to bolster the core of the operation.
Your employees will also benefit from a better work-life balance. The pandemic has brought with it a lot of stress at work and home.
Because of this, it becomes doubly important for those who work full-time to maintain a healthy work-life balance, which freelancers enable.
A Hollywood model scaled to size
It is helpful to understand the economy as it once was (where economies of scale decreased the cost per unit with greater production). And as it is today (a large economy). It has become common for companies to refine their core competencies and then outsource the rest of their work.
Examining Hollywood studios is an interesting exercise. Studio operations once encompassed every aspect of film production. Currently, he outsources segments of the filmmaking process to experts who he knows will go beyond what he can do. As a result, they provide consumers with a better product by utilizing expertise for parts of the filmmaking process. That they do not have available internally.
Outsource freelancers when necessary
The cost-effectiveness of outsourcing can help you scale your business. Keeping it in mind will also help you manage your overheads while working on your growth plan. To ensure your business is not overly leveraged, you can match costs against commissions through freelance talent outsourcing. There are downsides to this, including a rapid increase in the number of workers and insufficient funds to pay wages.
Overall
Employee management plays a significant role in a company’s performance. Your business and you will be in a better position if you take a different, freelance/on-demand/flexible staff approach. Getting the right talent where they are needed and when they are needed. There will be challenges along the way.
