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Freelance & Outsourcing Industry: Difference between revisions
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*Over the next five years, almost 8 out of 10 corporations (77%) expect their use of contingent labor to increase substantially (33%) or increase somewhat (44%). Again, few (6%) expect their use of contingent labor to decline over this period. | *Over the next five years, almost 8 out of 10 corporations (77%) expect their use of contingent labor to increase substantially (33%) or increase somewhat (44%). Again, few (6%) expect their use of contingent labor to decline over this period. | ||
== | ==Freelace Supply== | ||
== Freelancers VS Full Time Employees == | == Freelancers VS Full Time Employees == | ||
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* Overhead and G&A: average of '''25% and 18%''' | * Overhead and G&A: average of '''25% and 18%''' | ||
== | === Pros and Cons === | ||
{| class="wikitable" | |||
! colspan="2" |Pros | |||
! colspan="2" |Cons | |||
|- | |||
!Freelancers | |||
!Full-time Employees | |||
!Freelancers | |||
!Full-time Employees | |||
|- | |||
|Reduced costs | |||
|Loyalty | |||
|Challenges in establishing company culture | |||
|An average workweek of 40+ hours | |||
|- | |||
|Reduced risk and more flexibility | |||
|Cost-effective | |||
|Unavailability and unresponsiveness | |||
|Greater requirements for employee training | |||
|- | |||
|Simple hiring process | |||
| | |||
|Lack of effective communication and management | |||
|Increase in labor costs | |||
|- | |||
|Industry-standard quality: | |||
| | |||
| | |||
| | |||
|- | |||
|Connections | |||
| | |||
| | |||
| | |||
|- | |||
|Access to the best-in-class talent | |||
| | |||
| | |||
| | |||
|} | |||
== Freelance during Recession == | |||
According to Linkedin, while economy is taking a toll on full-time employees, it’s offering a silver lining to gig workers and contractors.<ref>https://www.linkedin.com/business/talent/blog/talent-acquisition/is-2023-the-year-of-the-contract-worker#:~:text=Listings%20for%20contract%20jobs%20jumped,roles%20grew%20by%20just%206%25.</ref><ref>https://business.linkedin.com/content/dam/me/business/en-us/talent-solutions/resources/pdfs/future-of-recruiting-2023.pdf</ref> | According to Linkedin, while economy is taking a toll on full-time employees, it’s offering a silver lining to gig workers and contractors.<ref>https://www.linkedin.com/business/talent/blog/talent-acquisition/is-2023-the-year-of-the-contract-worker#:~:text=Listings%20for%20contract%20jobs%20jumped,roles%20grew%20by%20just%206%25.</ref><ref>https://business.linkedin.com/content/dam/me/business/en-us/talent-solutions/resources/pdfs/future-of-recruiting-2023.pdf</ref> | ||