All across the world, major changes in the ways people work are underway. In a survey conducted by The Harris Poll for Fortune, nearly 70% of the 2,000 American employees said that having a remote work option is important.
In fact, 65% of the Breeze survey respondents cited that they would take a pay cut to work from home while 53% are willing to work an extra 10 hours per week!
Business leaders and entrepreneurs should look into their talent acquisition models and make advantageous changes to accommodate the growing interest in remote work. A possible solution: the on-demand workforce. It has the potential to transform global business, as well as disrupt traditional recruitment, consulting, and outsourcing models.
What is on-demand work?
On-demand work, also known as the flexible or open talent model, is a hiring process that uses a flexible talent pool mainly through digital platforms. It incorporates freelancing, dedicated offshoring, and short-term contract work.
According to Gartner, the open talent economy makes up about 15-25% of the global workforce today and is projected to grow to 35-40% by 2025. It is a promising model of work delivery in response to changing business needs, especially in the post-pandemic age.
Talent on-demand can be hired for specific one-off tasks or recurring work. This allows a business to find a skilled and flexible worker for a hard-to-fill position, saving time and money in talent acquisition and improving productivity in operations.
Why an on-demand workforce is a solution to remote work?
As the world gradually reopens and employees return to the office, an Owl Labs survey reported that 70% of remote workers prefer a hybrid or work-from-home arrangement even after the pandemic. While there are businesses that fully embrace this, many companies are faced with the challenges of transitioning to this work setup.
One way to address the hurdles of remote working is by looking into the employment model of your business. Tapping into the on-demand workforce is a viable option in building a remote team without spending too much effort and capital on talent acquisition.
Below are the benefits of the open talent economy:
1. Global talent access
An on-demand workforce has workplace flexibility so there’s no limitation as to who or where you outsource tasks from. With it, talent acquisition is more focused on expertise and specialization in finding the right fit for your business.
Moreover, having workers from different time zones can mean extended business hours depending on what is agreed upon. This means work is done quickly and efficiently, especially in business areas like customer service where urgency is needed.
2. Ease of scalability
Companies that hire remote workers from the open talent pool can easily and quickly scale up and down to accommodate volatile production needs. If the current on-demand worker does not meet your standards, you can easily look for a replacement. On the other hand, you can re-hire them on a rolling contract and retain talent.
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3. Innovative skillset
Talent on-demand offers a fresh perspective and creativity to your in-house staff. They are highly skilled, tech-savvy professionals who aren’t confined to the established processes of your business so they can provide new ways to get things done.
Furthermore, most remote workers take jobs in various roles, since this helps them get ahead in the open talent economy. This allows them to apply different aspects of their skillset to complete the tasks delegated to them.
An open talent model can significantly cut down management and expenses in talent acquisition. You can outsource work that slows your in-house staff down but wouldn’t be enough to justify hiring a full-time employee.
Hiring remote workers also mean there’s no need for a fixed salary, benefits packages, and training. They also have their own equipment to work on tasks remotely so you don’t have to spend on office space and other overhead costs.
Moreover, you can tap into the on-demand workforce through online platforms and staffing services to better help your business in scaling.
Magic: On-demand virtual assistants for your business
Magic is a quick and easy way to hire remote workers to help scale your key business functions. With a pool of on-demand workforce, we can handle the hiring process from sourcing to qualifying so you don’t have to.
Through our proprietary selection criteria, we can match you with a virtual assistant who is equipped to work for startups and small to medium-sized enterprises (SMEs). Magic Virtual Assistants can take on a wide range of roles for your business such as:
- General Virtual Assistant
- Sales Assistant
- Bookkeeping Assistant
- Customer Support Assistant
As remote work is gradually normalized, an open talent model provides opportunities and flexibility that a lot of workers are now looking for. This, in turn, helps companies get exceptional results in both talent acquisition and work delivery.
While the on-demand workforce opens up possibilities in recruitment, finding the right talent is most crucial to the smooth operation of your business. Magic offers a frictionless way to integrate vetted remote workers into your team.
Just book a call to discuss what your business needs and leave the rest to us!