As the creator economy continues to expand in 2022, companies throughout industries are adjusting their workforces to revolve around flexible freelance talent sourcing, rather than sticking to traditional long-term, full-time hires.
Hiring freelance talent can be incredibly valuable for company growth, allowing you to source specialized skillsets with a quicker turnaround and lower expenses. Let’s dive in to what that really means.
The average full-time hire process takes 23 days, meaning that quick turnaround projects for company or client work can be nearly impossible.
Hiring full-time also means committing to annual salaries with employees who have pre-defined skill-sets. And if you commit to one person that isn’t the right fit? Studies show a bad hire can cost a company up to 30% of the employee's first-year earnings.
Alternatively, sourcing freelancers for individual projects allows you to pick the best person for each gig you’re looking to complete, with a much quicker turnaround time that doesn’t include long application processes or full-time onboarding.
The average full-time hire also costs $4,000 (before the candidate is even onboarded into the company). Once they’re on the job, inflated costs related to salary, sick pay, holiday pay, medical, dental - you get the point - kick in.
For smaller companies looking to grow, or larger companies looking to maximize budget, this makes consistent hiring challenging and unrealistic.
Freelance hiring is a quicker process and is paid by the hour or at a flat rate - cutting out costs related to salary and benefits.
Whether you’re a brand launching new creative projects or an agency serving a diverse set of clientele, the ability to hire specialized talent on-demand is crucial for fueling scalability within your company.
Just look at companies like Bloomberg, Condé Nast, Nintendo, Expedia, GoPro and Shutterfly - all who have fueled their growth with the help of freelancers.
The point? Don’t miss out on opportunities for growth by sticking to an outdated hiring model. Tap into the next generation of talent and save yourself time and money by doing so.