How can companies adapt to the future of work? The freelance economy is the fastest growing segment in the EU. The freelance economy is booming, first and foremost because it satisfies the needs of individual freelancers and companies. To make the most of the freelance movement, business professionals need to adapt their way of doing business
A recent study made by BCG shows that there is a shift in corporate strategy toward embracing freelance workers. Companies are attempting to become more adaptive and resilient in a fast-changing business environment.
But how do you actually prepare your company for the future of work? Check out this list of actionable steps.
1. Embrace the freelance economy and labour-sharing platforms to increase your company’s flexibility.
The study made by BCG shows that, when it comes to sourcing scarce skills, talent, and responding to changing customer demands, platforms are valuable assets. The freelance economy is booming. As of today, 5 million people are self-employed in the UK. Freelance platforms offer unique access to significant parts of the workforce in all industries, according to the study. Business leaders worldwide recognize that the rise of the new freelancers will have a significant impact on their business. In a 2018 survey of 6,500 executives worldwide, conducted by BCG in partnership with Harvard Business School’s Managing the Future of Work initiative, 40% of respondents said they expected freelancers to account for an increased share of their organization’s total workforce over the coming five years. 50% agreed that adoption of freelance platforms would be a significant.
2. Map the skills your company has and those that it’s missing
According to the BCG study, many companies lack the basic data to determine future skill requirements. As a result, they fail in re-skilling their current employees. The key for business leaders, is to get an overview of employees’ skills, in order to determine where and why freelancers fit into the picture – for access to skills, flexibility, speed, or cost. How well companies adapt to the future of work
is a matter of how well they are at mapping out their skills.
3. Define your company’s freelance sourcing strategy.
How can companies adapt to the future of work? Start by defining your company’s freelance sourcing strategy. The platform economy is growing and is an easy way to get direct access to talent with full transparency. Companies should be careful in choosing those affiliated with high-quality freelancers, such as Worksome, in order to ensure quality and reliability. This allows companies to get easier access to scarce skills.
4. Don’t just hire freelancers — integrate them.
To get the most out of freelancers—and make them want to return to your company at some later point—companies need to adopt new capabilities, support systems, and ways of working, according to the BCG study. Truly integrating freelancers so that they can deliver high quality requires that companies are able to clearly articulate the role of the freelancer and provide them with internal support from and alignment with other workers in the company. Read more about How to align freelancers with internal employees here.
5. Take advantage of new freelance-economy support services.
Investments related to the freelance economy are shifting from the financing of marketplaces toward the development of adjacent technologies. The latter include such services as invoice processing. Companies can take advantage of new freelance economy support services to streamline their processes in order to prepare for the future of work.
6. Engage in the regulatory dialogue.
Regulation of the freelance economy is evolving rapidly globally. The best way for companies to stay on top of evolving regulation is, according to the BCG study, to remain engaged in dialogue with regulators, legislators, labour platform owners, and opinion leaders.
We hope you got your answer to the question: How can companies adapt to the future if work? Check out How to determine whether to hire a full timer or a freelancer to learn more.
Worksome is London’s marketplace for highly skilled freelancers and independent consultants. As a Scandinavian startup created by x-Googlers, we make hiring hassle-free and agile. There’s no skills shortage in the freelance economy. Find your next freelancer on Worksome – The freelance marketplace for high growth companies.
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