On the business front, the COVID-19 crisis has presented the greatest challenges for businesses across all sectors and industries. With businesses losing out on cash flow, many have decided to let go of employees. Almost 6 million jobs are potentially on the line, according to Bloomberg Economics. Uber, HSBC, IBM, and Airbnb are only a few of several businesses that have resorted to downsizing and job elimination in an attempt to survive the uncertainty caused by the pandemic. Not only that, but there’s an alarming amount of established companies that have filed for bankruptcy as a result of the COVID-19 pandemic.

How are businesses really coping?

Since the labor market is currently lagging behind in terms of economic activity, it is likely that we will be witnessing a second wave of job losses. As a result, businesses are reinventing their business models in ways they hadn’t done before. For instance, tech giant Microsoft announced its plans to make remote work permanent for a majority of its 150,000 employees.

Businesses that thought they could either cut wages or cut down on costs temporarily are now discovering that these unprecedented times are going to last for more than a year. Among the long term solutions available, hiring freelancers is making its way as the most realistic and practical one.

Freelancing is the future of work, why?

Flexibility, quality, reduced risk, and cost-saving are key strategies for business survival during such uncertain times. That is why freelancing is the future of work.

Relying on freelancers can eliminate the burdens and risks associated with long term employment and layoffs, in case something goes wrong. Moreover, it allows you as a business owner to get things right from the first time, without putting in the time, resources, and effort to train your employees and get them acquainted with your needs. Their experience and expertise also mean that they require a low level of supervision which allows your employees to focus on their core business tasks. In addition, working with freelancers offers your business a high degree of flexibility that otherwise wouldn’t be available. For instance, you can work with freelancers from different time zones who can work around your own schedule and be productive at all times of the day. Leveraging such a model will help businesses not only with increasing productivity and efficiency but also cutting down on costs.

In fact, the main attraction of freelancers to business owners is their potential when it comes to saving costs. A cost comparison between hiring a full-time employee and a freelancer proves that hiring freelancers is the most cost-effective hiring model. That is because employers are not entitled to paying additional costs to freelance workers including recruitment and training, taxes, fringe benefits such as medical insurance, paid vacation, equipment, and office space.

Where to find the right talents?

In such unprecedented times, the internet presents itself as a viable solution, and this is where the role of freelance marketplaces comes in.

We recently came across Ureed.com, a first of its kind, a freelance marketplace designed by people in the region for the region. The platform, originally Dubai-based but today operating from all corners of the world, was created in 2017 and offers a network of over 35,000 vetted freelancers from over 150 specializations.

Through a marketplace like Ureed.com, business owners or account managers can source their needs to vetted freelance talents from every field. Upon posting a project, employers receive pitches by freelancers then go through their profiles one by one, to ultimately hire a freelancer with the right skills, qualifications, experience and even an attractive portfolio. All talents on the platform are rigorously vetted by professionals before they can join Ureed.com and work on projects to ensure maximum value and high return for businesses.

What’s even great about Ureed.com is that it offers flexible solutions for employers.

Anyone can order any project of any size and scope, and the cherry on top is that they get to decide on the budget and the amount they want to pay.

Moreover, because Ureed.com’s founders are aware of how busy entrepreneurs and business owners are, they have invented an “Enterprise” feature where the employer can hire a dedicated success manager who will handle his project from beginning to end, hiring freelancers up until reviewing deliverables and managing payments. In fact, one can even hire an entire remote team from the comfort of their couch and pay them through Ureed.com!

In conclusion

The unfortunate events the world has witnessed have negatively affected businesses and economies. Adapting to the new norm is now vital for survival thus, businesses are bound to make changes in their recruitment practices. Freelancing and the benefits it holds is the most appealing option to business owners when trying to face the storm.

If you don’t know where to find freelancers, Ureed.com offers over 35K freelancers across 150+ industries. Reach out to Ureed.com to hire a team of freelance experts and get the right talents onboard.