The rise of digital is revolutionizing the way people work. India has now become the 5th country in the world for flexi-staffing with US, China, Brazil and Japan closely following. People are seen to gravitate more towards flexible jobs or freelancing due to the personal and professional benefit they’re seeing through these ventures. The pandemic has not seemed to hinder digital growth but has contributed to it instead. It has created opportunities for organizations to tap into the gig economy and employ flexible workforce structures. Moreover, digital has also made working remotely from home possible for many employees, a solution many adopted as the new normal during the pandemic.
The digital workforce revolution has put the working professionals in the driver’s seat. Having grown accustomed to this new normal, employees like the idea of flexibility in their work-life and organizations that refuse to move away from traditional workplace structures struggle to hire qualified talent who insist on flexible working hours. Businesses find that they cannot lure these potential employees with just attractive salary packages anymore but consent to provide them with programs and benefits and most importantly a work environment that is conducive to their needs.
However, little do many organizations know that having a flexible workforce can actually benefit them in more ways than one. While hiring a freelancer may seem very unusual for those businesses who are used to a traditional workforce structure, here are 5 business advantages of having a flexible workforce:
#1 SUBSTANTIAL SAVINGS
Full-time employees are usually eligible for benefits and programs along with a salary package that is comparatively higher than that of a part-time employee. Freelancers and contract workers are also not eligible for benefits and programs because of the nature of their position. Therefore, replacing one full-time employee with a couple of temporary workers can help in greatly reducing your payroll even if the two workers are paid the same rate. Further, bringing remote workers on board during the pandemic reduces the need for travel and logistical allowances that the business may need to cover. Over time, the organization experiences substantial savings as they continue to add more part timers to their workforce.
#2 INCREASED PRODUCTIVITY
Results of many job flexibility surveys have shown that job satisfaction ranked really low for 1 in ever 4 traditional shift workers. On the other hand, over 80% of those working remotely from home expressed great delight in their work lifestyles and stated they felt more productive at home. Employing a flexible workforce, therefore, ensures that organizations receive maximum efficiency from employees who get to choose hours they are the most productive. When businesses are struggling to stay afloat with their existing manpower, replacing one traditional shift worker with a few freelancers also means an increase in highly-skilled manpower. Certainly a win-win for both parties.
#3 REDUCING THE IMPACT OF EMPLOYEE ATTRITION
Organizations tend to lose a lot of employees every year due to retirement and competitor poaching. Offering flexible jobs can help retain employees as they are already working hours convenient to them. In fact, many retired people don’t mind working reduced hours a week to earn some extra cash over their social security schemes. The option of flexible working hours can also help new fathers on paternity leave or employees wanting to take a sabbatical for study purposes but still want to keep in touch with their skills and experience. These people can make great support staff or consultants and help mentor newer employees reducing the impact of employee attrition during this pandemic season.
#4 EFFECTIVE TALENT TO POSITION MATCHING
While hiring for new temporary positions due to maternity leaves, or temporary leave of absence, organizations now need not invest in training up existing full-time employees to take over expectations of the new role in addition to their current role. Organizations now have the ability to choose from an ocean of highly-skilled freelancers and effectively match the right talent to the right positions. During this pandemic, it may be tempting to increase the salary level of the full-time employee taking on two roles. However, this does not necessarily mean an assured increase in overall productivity. In fact, the employee may feel overloaded and this may affect the company adversely in the long run. This can be avoided by hiring skilled gig workers to fill the gap, for a significantly lesser salary than a full-timer ultimately saving the business costs as well.
#5 EASY SUCCESSION PLANNING
Succession planning is crucial for those important staff members in key positions or those who have desirable skills. By having a flexible workforce in place and managing your team of freelancers effectively, finding replacements for these roles are easier as you now already have several cross-trained workers up your sleeve who are able to step into these roles whenever needed. With the uncertainty and health risks encircling the pandemic, a flexible workforce minimizes the risk of the whole business being affected by the absence of a potentially indispensable employee.
No doubt this pandemic has caused many businesses to rethink their human resource management strategies and workforce structures. And now with remote working in place, businesses and workers have realised the power of digital tools and resources that enable them to work from anywhere in the world. Organizations are not limited to hiring from just a regional or a national talent pool but a global pool of candidates for roles they’re seeking.
Moonlyte provides a widely collaborative platform enabling businesses to tap into the gig economy as a way to better utilize their resources. Moonlyte offers a better way for freelancers to get recognized by large businesses. The platform allows gig workers or freelancers to list their skills, services and projects in their field of expertise creating a large network of highly-skilled talent that businesses can hire from. If you’re looking to move more towards a flexible workforce structure, hire from an ocean of highly-skilled freelancers waiting to encash on exciting project opportunities you have to offer. Further, gain insights, tips and trends for recruiters as well as freelancers on our blog as we keep you updated on all things related to freelance jobs and the gig economy. .