What is Liquid Workforce and Why More Companies Engage in it?

What is Liquid Workforce and Why More Companies Engage in it?

Liquid Workforce

“Liquid workforce” comes from Accenture in a 2016 report describing the growing trend of freelance workers in the marketplace. Since Accenture published the report, the number of freelancers has continued to grow. A report from Upwork and Freelancers Union estimates that 57 million people worked freelance this year (an increase of 4 million since 2014) and contributed $1 trillion to America’s gross domestic product. 

This increase has made it easier for companies to engage the liquid workforce and get the numerous benefits. It is including more flexibility, instant support for specific projects, and reduced costs.

Who Makes Up The Liquid Workforce?

Freelance work is not a new concept. The vast majority of people in creative fields, such as entertainment and fine arts, have long operated as freelancers. The normalization of working remotely, especially during pandemic has allowed more people to unchain themselves from traditional office life to more autonomous work life.

Why Use A Liquid Workforce?

Businesses are evolving faster than their full-time employees can keep up. By utilizing the on-demand liquid workforce, a company can assess a need and onboard a freelancer to address it more quickly than they could train up their employee.

Specialized Skills

With the rise in talent-matching platforms, it’s become simpler to find the right on-demand workers. There are now platforms to hire software developers, business consultants, content writers, marketers, designers, accountants, lawyers and even salespeople.
To find the right freelancers with the specialized skills you require, you can use a platform like Fiverr, Upwork, and Flexgigzz. You also must clearly define the project, details of qualifications and payment.

global remote worker

Reduced Cost

With companies increasingly shifting to project-based workflow, once a project is complete, the freelancers can go without any burdens on the corporation. Without benefits or office space, companies can expect to save 30%–40% annually when working with freelancers versus employees

Agility

Freelancers see innovation as a part of their working method rather than just a buzzword. Generally, they’ve developed flexibility, the ability to make sense of uncertainty and complex ideas and an understanding of how to communicate new ideas and roll them out quickly.

Quality

Freelancers thrive on repeat work and repeat customers to stay in business. They aim to deliver top-notch work, every time, to maintain relationships. While employees know that a lousy week likely won’t affect their pay, freelancers know that client contracts are always subject to renewal. Every time you are considering hiring a new freelancer, make sure to review the freelancer’s past work and client ratings/testimonials.

Globalization

Working with the liquid workforce allows companies to find talent outside the country. Sometimes this means reduced costs. But it can also deliver insights into new markets. Using freelancers may open the door to growth while minimizing risk in case things don’t pan out.
Companies that tap into resources for freelancer acquisition and freelancer management will decrease their costs and increase their revenue, helping companies stay ahead of their competitors.

 

Source : www.forbes.com

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Flexgigzz Editor

Author Since: June 19, 2020

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