Future of Work Trends in a Complete Series by InteriMarket: Part 1 — Freelancing Growth | The HR Tech Weekly®

Future of Work Trends in a Complete Series by InteriMarket: Part 1 — Freelancing Growth

For years we have seen a variety of different work trends which have created various opportunities for both employer and employees. Last few years have seen various changing trends in the employment sector. From full-time 9-6 job to part-time and now freelancing, the changing trends in the workplace have continued to improve the job market. These trends have benefited both job seekers & employees in many ways like increased wages & incentives for employees, work from home options, contract employment, etc.

Freelance

The demand for more flexible work environment has increased in the recent times giving a boost to the freelancing sector. Freelancing now makes up around 35% of U.S. workers and have collectively earned around $1 trillion in the past year. Just like freelancing is on the boom, there are various other work trends on the boom.

Following work trends will have a major impact on the coming years, some of the trends are already very visible:

1) The Freelancing (Supertemp/Contingent) sector

2) Skilled Professionals, especially as self-employed as much as their need for permanent commitment, also increases (information technology, skilled trades and data science)

3) Social Media Networking will create a lot more job opportunities

4) Considerable growth in more online employee training & workshops related careers

5) And significant growth in more online human resources functions including data management or data analytics which is increasingly becoming a huge part of HR

The above trends are changing the employment sector for good; we will try to analyse each of these trends in a complete series of InteriMarket work trends over the coming weeks where we will try to focus on each of these growing trends. As we explore the first trend here are some stats: Freelancing is at an all-time high. In U.S. alone, among the young workers in the age group of 18-24, 47% are working as freelancers on a part-time or full-time basis. The freelance workforce has grown from 53 million in 2014 to 55 million in 2016 which represent around 35% of the entire U.S. workforce. And by 2020, it is expected to increase by 5% reaching around 60 million. The total freelance workforce earned a whopping $1 trillion in the past year, representing a significant share of the U.S. economy.

Freelancer

Freelancing is increasingly becoming popular with the majority of people choosing to freelance by choice over necessity. Freelancers think having a diverse portfolio of clients is more valuable than having one employer.

With rapid advancement in technology, freelancing is becoming easier and freelancers can now easily find new freelancing work. The amount of work is also increased in this category with different types of segments of flexible workers within the fast growing “Gig Economy”.

There are freelancers who prefer to work offshore, or provide services globally sitting from the comfort of their own homes/offices, then there are temps who are almost loaned from company to company by managed service providers, and increasingly there is a growth in the “super temps” categorically mid-senior level of interim/contract/consulting talent who work on more stable longer-term projects which is ever more increasing with the likes of highly skilled millennials joining the group of talent.

All these different categories of contingent workers now prefer it more and wouldn’t want to go back to the traditional job as it provides a better work-life balance. With such amount of progress in the freelancing sector, freelancers still feel the best is yet to come. We are very hopeful to see a growing trend of freelancing in the future too and estimate it will open up new horizons and opportunities. With the ease of setting up on your own, it’s no surprise millennials are starting to make the most of this trend.

We shall continue with the next trend in the second part of the series where we will focus on the booming skilled professional sector. To read more or follow our series explore our blogs; to speak with us about employer’s hubs and how we can help transform your contractor talent management by bringing efficiencies through our simple cloud platform, get in touch.


If you want to share this article the reference to Bhumika Zhaveri and The HR Tech Weekly® is obligatory.

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5 Ways of Becoming a Better Interim or Contract Employer | The HR Tech Weekly®

5 Ways of Becoming a Better Interim or Contract Employer

Helpful Tips. | The HR Tech Weekly®

Recent years have seen a noticeable increase in demand for both interim or contract employees who are more experienced professionals with niche skills. With such a huge demand for these types of skill-set, the employers are working hard to hire the best workforce for their organisation who matches up with the company’s vision & culture.

Nowadays various businesses do interim hiring to buy skills which they don’t posses or they don’t want for a long period of time to manage short-term and longer-term projects. This way companies achieve their project targets by contract hiring temporary workforce based upon the requirements for a set period of time at the same time save or reduce the overall expenses.

Organisations, in order to achieve this challenging task, have to follow the below guidelines or tips of hiring to become a better Interim or Contract Employer.

Better skills assessments: The first & the most important part of recruitment are the HR interviews where an HR takes the overall assessment of an employee before recruiting him or her. Many times HR fails to recruit the perfect match with the desired skill set for the required role due to other factors like experience or personality, which later can lead to project failure. A little change in overall HR recruiting process by focusing more on the desired skills of the employee can create a huge impact on hiring the best suitable candidates.

Making provision for better benefits for interims: With a sudden increase in demand for interim employees, various organisations are trying to impress interims by giving them better benefits like handsome wages, medical benefits, incentives & bonuses, especially depending on the type of role and longevity. These benefits make a great impact on the overall employee performance and make them stick to their contracts and ongoing renewals where needed. Interims during the interim hiring process can be informed about these benefits so they are ready to join immediately, as most of them might have offers from more than one company.

Being adaptive to the current market: There is nothing permanent except change. Organisations need to be adaptive in nature with the ever-changing market. Companies which do not change and keep following the age old traditional business processes are soon going to doom. It’s better to follow the contract hiring process than hiring permanent ones which are not going to be of any use after a particular project is delivered.

Creating a vibrant company culture and brand identity: In order to attract and retain top talent. It’s very important to create a culture where everyone is treated equally and with respect. This brings a sense of great satisfaction and security amongst employees and they perform better. Providing a winning employee experience through various positive employee engagement programmers and team building activities can make a huge difference for a successful outcome.

Implementing the right retention strategies: Retention strategies are equally important to an organisation similar to the hiring strategies. So it’s important to follow the right retention strategies in order to re-engage the employees and interims where the need is, that may be tempted to look for new work opportunities.

The above-mentioned tips of hiring can help an organisation become a better interim or contract employer. Apart from this; not only can it help an employer in having a team of brilliantly skilled interims, it will also save a lot of time wasted in hiring new talent by having a proper employee retention program.

To read more on similar topics explore our blogs; to speak with us about employer’s hubs and how we can help transform your contractor talent management by bringing efficiencies through our simple cloud platform, get in touch. We are a free platform for interims with thousands of jobs refreshed daily, join us today.

About the Author:

Bhumika Zhaveri’s expertise lies in business strategy, change, human resources and talent management. Her experience is built over years in varied sectors where she has worked within Recruitment, Resourcing and HR. Now as Founder & CEO of InteriMarket a platform for Contract/Interim Talent Management. She is a firm believer of success through people, change and culture!


If you want to share this article the reference to Bhumika Zhaveri and The HR Tech Weekly® is obligatory.