Talent Trifecta – Rapidly evolving technology and globalization are changing how companies get Hiring Freelancers vital work done. Instead of filling more desks with more workers, companies are leveraging highly skilled freelancers to help their staff accomplish more, in less time.
But changing how you get critical work done also requires changing how you source, communicate with, and pay talent. To do this successfully, you should brush up your skills in three areas. Think of them as the talent trifecta.
What is the talent trifecta?
The talent trifecta helps you maintain a controlled environment when you engage freelancers. When you establish it, you help reduce administrative time, reduce risk, and track your company’s contingent workforce spend with more ease.
The trifecta is made up of these three elements:
1. A reliable talent sourceThis is your go-to place for connecting with independent contractors who cover the skill sets you need, and within budget. Direct-sourcing through online marketplaces and job boards allows you to secure talent within days, instead of the weeks usually required through traditional channels.
2. Efficient administrative support
If you have several projects on the go, time spent coordinating freelancer engagement can add up quickly. This can pull your employees from other tasks, or cause frustrating delays. What’s more, the easier it is for freelancers to work with your company, the more likely top talent will agree to work with you again on future projects.
Automate and streamline everything you can including: Sourcing, communicating with talent, tracking project deadlines, and processing payments.
3. Solid classification process
Depending on the work required, a service provider you think is an independent contractor could be classified as an employee. Proper classification of independent contractors requires balancing several factors involving who will do the work, what they’ll be doing, and how it’ll be done. It can get complicated quickly.
It’s very important your freelancer engagement strategy includes a rock-solid worker classification process. You’ll want to get it right because misclassifying workers can result in tax penalties and damages.
Automating your trifecta
Most companies don’t have the internal resources or time required to handle all three talent trifecta elements well. Thankfully, you don’t need to because freelancer platforms streamline and automate much of the work for you. Talent Trifecta These solutions are also known as Freelancer Management Systems (FMS) and online labor platforms.
Freelancer platforms enable the hiring manager to directly source, coordinate the engagement of, and pay contingent workers from a single dashboard. It’s also great for collecting detailed data that you can later use for future planning, analyzing spend, and so on.
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Sourcing talent through freelancer platforms can save your company money in two main ways: Your staff saves time by finding the ideal talent through a single source, and your company avoids agency markups. e-tailwebstores, for example, reports an average 50 percent savings over in-house and traditional agencies.
More robust freelancer platforms also provide classification compliance services. By having compliance built into the sourcing channel, you can use less legal resources and automatically ensure each person is classified accurately. The new workspace has no walls
Industry experts say we’ve entered the Talent Trifecta Fourth Industrial Revolution (4IR), where companies rely on the flexible workforce to increase efficiencies and innovation. In fact, some companies incorporate freelancer use as part of their business growth strategy.
No matter what your usage level is now, it’s never too early to establish your talent trifecta. It’ll help you secure the vital help you need with more ease and less risk now, and as your company expands.