Once you have started bringing in flexible and freelance talent to your business, you need to know how to manage them. It doesn’t have to be a complicated process. This blogpost will take a look at what technology you can harness to get it right, and save time and money.
The boom in flexible workers, such as freelancers, consultants and contractors, has been huge over the past decade. Since 2009, the freelance economy in the UK has grown by 25 per cent and generates an estimated £109bn a year.
That’s why more companies than ever are now using flexible workers to meet demand. As many as 87 per cent of UK employers intend to increase or maintain their use of flexible workers in the future post COVID-19.
The shift towards using the extended workforce as a strategic asset can help push a company ahead of the competition. For example, one study revealed that the most successful businesses use flexible workers more often and more strategically than low performing businesses.
However, as the number of freelance hires increase, complexity in managing contracts, billing, payment, etc. arises as well, as managing freelancers is vastly different to the way companies engage full-time employees. And unfortunately, many businesses have inefficient practices in place that waste both time and money.
So, how can your company implement systems to effectively manage freelance workers?
Tap into the newest technology
There are good technologies that have been developed today that support companies when it comes to managing the freelance workforce.
One of the most recent solutions is the freelance management system – a cloud-based solution that enables your company to easily and efficiently manage your freelance workforce. This covers everything from organizing, searching, engaging contracts to communications, invoicing, payments, and more.
With the use of a freelance management system, your company can gain improved visibility, drive efficiencies and streamline your overall management and hiring processes. It can also spend less time worrying about administration and focus on what brings value to the company.
Online marketplaces with an integrated freelance management system help you to build a full contingent worker database, bringing together new talent sourced using AI from the marketplace, plus your existing networks of trusted contacts, and even those sourced through third party recruitment suppliers, essentially automating your admin.
So, what should you look for when choosing a freelance management system?
What to look for:
- Access to an online marketplace – Find a freelance management system that uses AI to increase the speed, accuracy and effectiveness of your sourcing of freelance talent, so you always have the skills you need at hand.
- Visibility – Find a freelance management system that gives you visibility into all the freelance workers available to you. You need a searchable database that stores each freelancer, along with key information on their skills, work history, ratings, and other such factors, so that you can make an informed hiring decision.
- Time Tracking – Look for a freelance management system that helps your business track the progress of the project and check the amount of time taken to complete a task to help your company meet deadlines effectively.
- Consolidated contracts, billing, and payment – Find a freelance management system that provides a simple way of handling contracts, billing, and payments, allowing your team to simply approve payment and send the funds.
- Budget management – Select a freelance management system that takes care of all things having to do with hiring and managing freelancers in one place, ensuring a company-wide approach to freelance management.
As the “one role, one worker” approach gives way to more fluid and task-based ways of approaching work, the term “employee” will encompass a broad spectrum spanning internal to external, human to machine, and full-time to project-based work.
Business leaders now need to address the needs of diverse talent inside and outside the traditional boundaries of the organization.
The benefit? You reduce your administrative headcount and free your key people from wasting time better spent on other key tasks across your organization. What’s not to like?