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The volatile labour market and economy
COVID-19 caused millions of people to leave the workforce, leading to the Great Resignation. A secondary wave of reevaluation has hit the workforce, causing more workers to quit their jobs and creating labour shortages, especially in IT, software engineering and healthcare.
Economists are still trying to understand the full impact of these issues. What has been overlooked is that conditions are ideal for a remote, freelance revolution.
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What the data reveals
- In a 2019 survey by SAP Fieldglass and Oxford Economics, 48% of executives said they need contingent workers to conduct their business. Non-payroll workers made up almost one-quarter of their human resources spend.
- Internal data from Toptal shows that requests for contingent sourcing grew by 70% from 2019 to 2021. The shift toward fully remote work fueled this growth.
- 56% of human resources and C-suite executives plan to shift more roles to freelance, project, or contract work.
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Why there is a shift
- Disruptions and black swan events like COVID are catalysts for forcing change that has been simmering for a while. COVId-19 accelerated changes that were gradually growing.
- The biggest benefit of contingent labour is cost savings as hiring, training, and providing benefits for full-time labour can be costly.
- The agility and flexibility of contingent workers are essential to sustaining businesses.
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Why the shift is happening now
Freelancing is an opportunity for people to restructure their lives.
- The pandemic showed that flexibility and continuous learning is important for job satisfaction.
- Contingent work allows people to scale their workload, give them control over their work hours, income, career paths, and enable them to build client networks across geographies and industries.
- Freelancing can help diversity income and provide cash flow for undertakings like building a startup or writing a book.
- Another attraction is the flexibility to relocate to more livable areas and away from overpriced metropolises.
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The role of contingent talent networks
- Digital labour platforms help to build efficiencies that drive strategic recovery and success.
- Contingent talent networks can give skilled freelancers as much or as little work as they want and offer a range of projects.
- Global staffing companies can give businesses access to the best talent worldwide.
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