Despite the challenging economic climate of the past few years, freelance and interim hiring have continued to grow in popularity. It’s a trend we tend to see each time the market dips. Companies turn to freelance staff to help push them forward.
According to a recent survey by Upwork, the world's largest freelancing website, the number of freelancers in the United States alone rose from 53 million in 2019 to 59 million in 2020, 36% of the workforce and has continued to grow since. The same survey also found that 22% of hiring managers planned to increase their use of freelancers in the coming year, indicating a growing trend towards flexible work arrangements.
Freelance and interim hiring can be a huge cost savings for businesses compared to traditional full-time employment. According to a study by the Freelancers Union, hiring freelancers saves companies up to 30% on labor costs. Allowing you to only pay for the specific time period that the worker is needed, without the commit to long-term employment fees and the cost of benefits.
Moreover, freelance and interim hiring can help businesses to maintain productivity and efficiency during times of transition. Often after layoffs we see remaining workers getting burnt out and resigning as they have to pick up the roles and responsibilities of their former colleagues. Hiring additional support, helps keep the balance for the team in place. A survey by Deloitte found companies that used flexible talent were 28% more likely to be agile and efficient in their operations than those that did not, allowing businesses to quickly adapt to changing circumstances and innovate, without having to invest in additional resources or training.
Additionally to the financial benefits, freelance and interim hiring can also provide opportunities for companies to expand their capabilities and tap into specialized expertise and diverse skillsets. A survey by MBO Partners found that 73% of freelancers had a specialized skill set, making them a valuable resource for companies seeking specific expertise. By hiring freelancers, businesses can access a wider pool of talent that they may not be able to find in-house.
Freelance hiring can provide numerous benefits for businesses during times of uncertainty. The flexibility, cost savings, specialized expertise, and increased productivity that they offer can help companies to navigate through transitions and maintain continuity. As the world continues to adapt to the ongoing challenges of the pandemic, freelance and interim hiring can provide a valuable solution for companies seeking to remain competitive and resilient.