Employers are finding the benefits of using outsourced workers for many tasks that require specific expertise outweigh hiring full-time employees. There always exists the possibility of an economic slowdown – even in the best of times. Economists are predicting a very real risk of an economic slowdown in 2020 to a near recession-level pace.
The hiring of independent contractors that give companies access to a remote workforce is one way to slash the high costs of salaries and benefits packages. The freelance economy uses the power of independent contractors that may be based in Eastern Europe or located right within the community to complete projects that require a particular skill set. Companies that want to be prepared for workforce shortages or economic downturns are outsourcing many skilled jobs and taking action to embrace the rise of the freelance economy.
Outsourcing Economy Trends
To prepare for the coming freelance economy, it is crucial to know what these workforce changes mean and what technologies will be used to support them. When you consider the demand for freelance workforce is growing three times faster than the rate for full-time employees, you get a clearer picture of how companies are cutting costs through temporary staffing.
Here are three of the main drivers that seem to be moving current gig economy trends:
- Transparency through blockchain technology
- Corporations are using more freelance workers
- An increase in fully remote companies and employees
Benefits of Using Outsourced Workers
REDUCES CORPORATE RISK
When you outsource parts of your workforce, your employer risk is reduced because your company does not directly employ freelancers. This means you are not obligated to pay workers’ compensation if they are injured, and they cannot collect unemployment benefits once the work has been completed. Other risks such as employee lawsuits for discrimination or harassment are also mitigated, and since they maintain employment-at-will status, you can terminate their employment at any time.
ACCESS TO EXPERT TALENT POOL
In-house employees generally keep the same skills from the point in which they were hired – apart from having a more intimate knowledge of business practices. But, innovative thinking and employees with skill sets that take advantage of cutting-edge technology will usually come from outside your in-house workforce – through remote outsourcing teams. This is especially true for IT consultants that make a living-learning and applying the newest software and computer engineering technologies, then use those skills to benefit companies on freelance projects.
BENEFIT FROM A GLOBAL WORKFORCE
The rise of the freelance economy is on pace with the rise in the global competition for services, products, and supply chains. When companies understand and take advantage of existing markets in new territory, they can compete in ways that were previously impossible. What applies with sales, will also apply with talent. Expanding outside of your geographical territory can lead to the enormous growth.
Tap into a global workforce that is highly skilled in emerging technologies and has the flexibility to perform multitasking. Build a relationship with an independent contractor that supplies temporary employees that are supervised and already trained to complete the business tasks your company needs to move forward in the new freelance economy.
Choose Sequent Solutions for the Outsourced Economy
Contact Sequent Solutions for more information on remote IT services that can prepare your company to take advantage of today’s outsourced economy. We are ready to provide the best resources with no risk to our clients.