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As economies change, the relationship between traditional organisational structures and freelance independent talent emerges as a critical focal point.
A massive talent gap is preventing the achievement of critical organisational goals. A recent Korn Ferry study reveals a significant global human talent shortage expected by 2030. This shortage, estimated at over 85 million people worldwide, could lead to unrealised annual revenues of approximately $8.5 trillion if not addressed.
Let's understand why traditional organisations should open up to the possibilities of freelance talent.
Traditional organisational structures are characterised by the following:
However, in light of speedy tech advancements, fluctuating market conditions, and the rise of the independent or freelance economy, many organisations with a traditional structure may need to evolve to realise their business goals and objectives.
Here is where freelance talent or skilled professionals offer specialised expertise, bring agility to the business and operate without the constraints of traditional employment.
While traditional structures often prioritise specialisation in fixed roles, freelance talent brings a wealth of niche skills and perspectives. From AI and digital marketing to data analytics to fractional leadership roles, freelance talent represents a reservoir of specialised knowledge that can bring innovation and agility into organisational operations.
The average cost per hire is $4700 in the US and Rs 25500 in India. Freelance talent allows traditional organisations to bolster their workforce capacity in response to project requirements, without the overhead costs associated with traditional hiring practices.
Moreover, a freelance talent management system can skip the layered recruitment processes and onboarding procedures. This saves significant time and resources for traditional organisations to realise timebound strategic objectives.
By embracing specialised independent freelance talent, traditional organisations can spur growth, foster innovation and, most importantly, achieve organisational goals with a blended workforce. Moreover, with on-demand work, you have the ability to scope a project to be outcome- and deliverable-based, define capacity required, and contextualise the nature of work (offsite, onsite, hybrid) at a project-level.
Actionable steps: Your team can
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