A common conversation among many business owners is the struggle to find more employees to work post-COVID. Many are calling it the Great Resignation and have one question: With companies raising wages and job openings at a record high, why aren’t people going back to work?
The truth is, they’ve discovered that they can work for themselves, and now the gig economy is on the rise.
For 44% of gig workers, their work in the gig economy is their primary source of income.
What Is the Gig Economy?
With this non-traditional job form, workers don’t rely on daily employment, but short-term jobs instead. While the concept isn’t new, many companies are just now beginning the recognize its value.
With more than 57.3 million Americans working in the gig economy, there’s no doubt we’re looking at a new era in employment. And the good news is, small businesses can use the rise of the gig economy to their advantage.
Employ as Needed
Small business owners can sometimes feel like they have to follow what the big box businesses do in order to compete. However, that’s not always the case, especially with employment. Use the boost in the gig economy to stop employing full-time workers for project-based needs.
By hiring freelance workers, you can get the same expert-level service to assist in running your business but only when you need it. The key is finding someone highly trained, who prefers to have more flexibility in their schedule, and who is ready to handle the jobs you send their way.
Nearly 60% of gig workers consider their working conditions to be flexible.
Manage Growth Better
As your business works toward expanding, there’s always the lingering concern that you may grow quicker than your business can handle.
You don’t want to sacrifice the quality, efficiency or cost of your services. Traditionally, part of that balancing act includes hiring the right people for the long term.
That process can be a slow one, whereas building a temporary team of freelance workers can save your hours of interviews. Plus, they’re often available immediately for hire.
With total control over your business contracts, you can determine how long you work with a specific person. This is especially important during your industry’s peak season.
Balance the Budget
By hiring freelance workers, small business owners can improve their cash flow by drastically reducing staffing costs. When hiring employees, it’s not just wages you have to keep in mind. There are also background checks, incentives and bonuses.
By working the gig economy to your benefit, you can hire quality workers and skip the hidden costs that come with traditional hiring.
Another financial benefit is that freelance workers generally come with their own resources and supplies. They can help complete the job and eliminate the need for you to provide certain supplies.
At the end of the day, you can bypass the traditional hiring hurdles and save money by bringing on freelance workers for your small business.
Companies that embrace the gig economy will be more flexible and have the chance to innovate faster. Tap into the benefits that come with outsourcing employment to avoid being one of the companies left behind.