7 Ways Fortune 500s Optimize Freelancer Use

By Brenda Do

In the past year, U.S. freelance earnings totaled an estimated $1.4 trillion. This primarily remote workforce is becoming so important to business success that Fortune 500s are incorporating freelancer use as part of their business growth strategy.

It’s not because freelancers are a cost-effective way to get work done. It’s because companies realize these professionals provide the agility, innovation, and speed that companies need to stay competitive.

Yet, utilizing freelancers does more than change how a company gets their work done. It also changes how companies source talent, coordinate projects, and pay outside talent.

If your company doesn’t properly prepare for these changes, you probably won’t realize the full value this flexible workforce can provide.

7 tips to fully benefit from freelancers

Part of change management requires laying a foundation that helps your staff succeed with this new way of getting work done. When creating your processes, consider these success tips from Fortune 500s.

1. Think beyond typical tasks. Freelancers are often experts in their field and bring years of experience working with several companies, so begin by brainstorming potential remote work possibilities.

GoDaddy built a hybrid team of employees and freelancers to launch a website redesign program in just two months. As the program grew, the virtual team included 70+ designers. Within two years, GoDaddy employees and their freelancers created 10,000 websites and established a successful, new revenue stream.

2. Streamline admin with online platforms. Sourcing talent, providing administrative support, and tracking spend can become time-consuming. Platform technologies, such as Freelancer Management Systems (FMS), streamline processes to save you time and money.

Having a proper channel and automation in place can reduce time to contract down to an average of two to four days. And platforms can lower administrative costs. In an Oxford study involving Fortune 500s, one company reported an average 60 to 70% savings over traditional channels.

3. Always be willing to test and fail. This is adopted from the Agile method used by developers. The idea comes down to this: approach everything from the assumption that anything can be improved. Test, learn, ideate and iterate every part of the freelancer process and platform technology from sourcing to paying. You may discover ways to improve vetting accuracy or ramp up projects faster.

4. Establish a go-to bench of experts. Create a reliable bench of experts that can support internal teams as needed. This helps you avoid scrambling for last-minute talent, which may pull projects off schedule. Having a go-to bench also helps you maintain efficiency.

One Fortune 500 hiring manager explains the value this way, “Let’s say that you’re working on a design project, and you come to this block where [neither] you nor your team has the appropriate talent to do this. One of us can sit down for six months and figure out how to do it. Or we can go on the platform and hire someone for a quick contract to help us. So we Go to the full article.

Source:: Business 2 Community

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