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As business operations change, executives and entrepreneurs are increasingly turning to an on-demand workforce that is simultaneously empowered by technology and drawn to purposeful projects.
Consider Upwork, whose Future of Workforce Pulse 2020 report revealed that nearly 80% of hiring managers who hire freelancers feel confident doing so. These hires provide coveted, project-by-project skills that entrepreneurs need to scale their businesses without incurring long-term overhead costs.
This new market paradigm also promotes dynamism, with 79% of companies agreeing that freelance talent enables greater innovation. Perhaps most significantly, 84% of hiring managers who use it feel more confident adapting to future changes, compared to just 69% of those who rely solely on full-time staff.
By leveraging freelance marketplaces, entrepreneurs can amplify employer branding, increase capabilities and future-proof organizations, even amid turbulence. With nearly 60% of hiring managers planning to increase engagement with freelancers in the next two years, it’s time for executives to realize their inherent potential.
Related: Navigating the Great Reshuffle: Why Your Employer Brand is Crucial in Recruiting Talent
The job market continues to change
After a season of massive hiring, we are once again seeing layoffs and downsizing. Companies are feeling bloated, from unused office space with rising rents to oversized employee facilities, and are shifting focus to hiring only the most essential positions. This leaves a critical talent gap needed for complex projects and specialized tasks. Highly trained and specialized independents can fill this gap.
Some key benefits of involving them:
• Access to niche experts: Platforms like Toptal and Guru provide access to elite professionals from leading Fortune 500 companies and innovative startups. Whether it’s a machine learning specialist, growth strategist, or financial modeler, entrepreneurs can now curate on-demand teams that boast specialized skills, allowing them to focus investments on projects with the greatest strategic value.
• Improved Agility: Leading companies are increasingly “renting” expertise using freelance experts for initiatives involving new technologies or entering unfamiliar markets. With niche contributors available to fill knowledge gaps, owners can explore ideas that once seemed unrealistic due to internal constraints, unlocking inventiveness and first-mover advantage.
• Stronger employment brand: The merging of full-time employees with project-based freelancers signals a commitment to modernization and work-life balance. Offering engaging work and flexibility will help you attract exceptional candidates and help you compete with corporate giants for top-tier talent.
Related: Can Retirees Thrive in the Gig Economy? Navigating a changed workforce
Tips for capitalizing on concert talent
After exploring the forces reshaping work, executives may wonder how to effectively leverage freelance platforms. After all, how do you know you’re getting your money’s worth if a hire isn’t physically present full-time?
• Clearly define projects: Contract hiring thrives when expectations and deadlines are set up front. Then, clearly, detail needs related to deliverables, success metrics, required skills, and expected time investments. Being ahead of the curve in terms of communication and expectations will help avoid headaches, including delays.
• Build loyalty with talent: The best independent professionals have options regarding the projects they take on. Study their profiles to discern passions and incentives. Offer interesting work, flexibility and strong communication to motivate interest and improve results.
• Manage collaboration: Provide constant context, feedback and guidance at every stage of the project, but also promote autonomy, including directing efforts towards strategic objectives. A dynamic balance of these qualities leads to optimal results.
• Continue to expand your talent pool: Add proven freelancers to an internal database for repeat engagements and inform talent about new initiatives where their experience could provide an advantage. By discovering additional ways, freelancers can improve the business and deepen the relationship.
Related: Close your talent gap by sourcing candidates from the veteran community
The best platforms to connect with talent
Now comes the hard part: finding contractors who bring fractional skill sets. Of course there are a growing number of platforms, but I have found the following to stand out as leaders:
Fiverr: Ideal for executives looking for design, digital marketing, writing, video and administration support. Known for convenience and ease of posting jobs. It also leverages a global talent pool.
Upwork: A flexible platform that spans more than 150 skills. Used by everyone from small businesses to global enterprises. Strong in IT, development, design, finance and consultancy.
Total: It focuses exclusively on the top 3% of talent. Ideal for experienced software developers, designers, project managers and financial experts. All contributors are extensively vetted.
Contra: A growing independent platform that vets and connects both candidates and hiring companies. Better yet, it doesn’t take commissions from projects.
Related: 3 strategies to optimize your hiring process and find the best employees
The numbers speak for themselves: Companies that hire freelance professionals report increased confidence and competitiveness, as well as the ability to weather turbulence, but inherited beliefs can still cause hesitation among those looking to hire. Supported by such specialized collaborators, companies can explore new horizons without being hindered by a narrow view of staffing models.