By: Kate Morgan
With the current rise in remote working, many companies have recognised the benefits of hiring freelancers. As an alternative segment of today’s modern workforce, freelancers promise a significant return on the companies’ investment while making it easier for them to control costs and take on extra work.
With sites like Moonworkers and others, it is now very easy for hiring managers to find capable and relevant freelancers to complete any task.
The benefits of the gig economy are not new. According to Business Insider’s 2019 self-employment report of 3,700 respondents found:
· 70% had better work-life balance in self-employment than when they worked in full-time jobs.
· 83% of those surveyed said they chose to work for themselves.
· 55% found themselves earning more money.
Now that more people have transitioned to become remote workers in the last two years, the hiring landscape has changed.
The Pros and Cons of Hiring Freelancers
The remote work sector is very appealing for hiring managers for a wide range of reasons:
Money Savings. The traditional hiring process is expensive. From recruiting costs to time spent during the interview process, companies spend a lot of money finding and hiring a team of capable permanent employees.
Once hired, business owners need to provide salaries, benefits, training, insurance, payroll taxes, and paid time off.
Companies can eliminate these expensive overhead costs when working with an independent contractor. In addition, because freelancers work from home or other remote locations, companies can operate with a smaller and more efficient office.
Access To Highly Specialised Talent. Often freelancers are hired for specific projects with specific goals and have proven their expertise through examples of previous work. Full-time employees usually need to cover a wider variety of tasks, show broader and strategic knowledge, and demonstrate cross-functional collaboration. If you have a particular need, freelancers can bring more value to the project because of their hyper-focused experience. They also require less training and a simpler onboarding than full-time employees, increasing the time to value.
Through a talent marketplace like Moonworkers, hiring managers can find relevant and skilled professionals with unique skillsets.
High-Quality Results. Many experienced freelancers have practised their trade to produce high-quality work consistently. Hiring managers can interview freelancers, read reviews from previous clients, and assess their work portfolios. Because freelancers often compete for projects, they focus on delivering the best results.
Large Talent Pool. When hiring for a job, managers don’t need to restrict their options to only the local workforce. It is easy to find freelancers from different cities or countries. In addition, the larger talent pool makes it even easier to find specific skills, qualifications, and talent.
Reduced Risks. Companies add additional risk to their operations when hiring a new full-time employee. Any mistake or liability issue will be directed towards the company, which may tarnish its brand or result in expensive legal processes.
There are essential things to keep in mind when hiring freelance talent.
Multiple Clients. A skilled freelancer will be highly sought after, and you may not be their only client. Their job requires meeting the specifications you have put forward, but they likely have committed to multiple clients to bring in extra income and have various workloads to balance.
It’s essential to stay in touch frequently, make sure they have what they need to do their job well, and support them as if they were a permanent employee.
A Different Level of Commitment. A freelance worker is committed to completing the requested work, but they may not necessarily fully embrace your company value or company culture.
Introduce them to team members that will help make them feel welcome and part of the team, celebrate their wins and be ready to act quickly if you need to replace them.
While it can be faster and cheaper to find a contract employee, it may take a few rounds before you find someone that fits.
Risks in Confidentiality and BYOD (Bring your own device). Remote work enables enhanced functionality to workers through control over the workspace, lack of commute, and general flexibility, but there are also significant risks to consider.
Freelancers will gain access to software and systems through their own computer instead of a company computer. There are security risks and considerations for sensitive data and information sharing.
Consider what access is crucial for their success and what is a nice-to-have.
Determine the Best Option for your Business.
There are a lot of benefits to hiring quality freelancers, but that strategy doesn’t come without certain risks. Think about the type of work the freelancer will be executing, how to best involve them in your culture and ways to minimize potential security risks to your business, and you’ll likely find yourself scaling those roles.
Get In Touch with Moon workers
Today’s freelancers use Moon workers to find projects with industry-leading companies worldwide, streamline their invoicing and administrative tasks, and get paid all in one place. To learn more, contact Moonworkers and talk to a productivity expert about our singular platform, which connects your HR, payroll, benefits, pensions, scheduling, and recruitment.
