The concept of freelance work is rising with great impetus as a desirable and most stable career options, it has not shown any downfall yet. Companies usually hire a mix of full-time, part-time and freelance individuals. Approximately, 34% of the total workplace, which means an estimated 53 million people in the U.S. are freelancing. The number is expected to hike by 50%, by 2020. According to data by the Bureau of labor statistics, in the year 1995, 93% of the workplace was full and the part-time employees were handled by the HR. This remained the same until early 2000’s. In the last 5 years, trends have changed. Today freelancers make up 15% of the workplace. These numbers are expected to grow from 7% to 16%. Through this we can conclude the following things:
- Freelance is on the rise.
- Growth in freelancers shows that the organizations are not only indulging into their own company staff but with the other external talents as well, which signifies that they are embracing themselves with newest trends, step by step.
- The enterprises, which use freelancer at large scale, will need to new procedures, protocols and tools to handle their life cycle.
Millennial are completely at ease with this change because of their entrepreneurial spirit. 70% of people already consider themselves as freelancers, or they want to work for themselves. Freelance a threat to HR? Full-time employees have always been served by HR. A lot of HR people will view freelance growth as a legal vulnerability whereas good leaders will not view it in the same way; rather they will try to seize the opportunity to grow and shine. Direction of Labor Market
- Millennials face tough prospects in job and often end up choosing flexibility in life.
- Retired employees stay engaged in workplaces as freelancers with a special set of knowledge, training and skills.
- Independent contractor usage within an organization will grow and will enjoy various benefits of labor.
- Organizations consider freelancers as the third spike of workplace along with staff and temporary workers.
- Freelancer management solutions are becoming standard expenditure within the enterprise.
Top considerations for progressive HR leaders
- Empower an all-star team assembly
- Progressive leaders will provide team leaders a better path to be experts in a team.
- They will develop a technology to find specific skills at the team level.
- They will provide team leaders with the ability to visualize a high performing team.
- Protect employer brand from core
- Progressive leaders of HR will use this to figure out best leaders in an organization and replicate them by providing similar talents.
- They develop a communication between two different mediums.
- They will coach individuals based on their work experience.
- Prediction of engagement to accelerate and enhance performance
- Before the progress of a project, HR leaders will empower leaders of the team to predict engagement issues.
- They will develop a technology which will reveal the overall engagement progress of the team.
The future workforce will need to be able to shelter freelancers in order to succeed, grow and compete in the world of tough combat. Organizations will need the protocols, tools, processes and most importantly the technology.