Businesses that rely on freelancers often struggle with a lack of visibility and control over their workforce and related expenses. Managing hundreds of freelancers can also be very time-consuming. Most companies have taken a hands-off approach to this issue, putting the majority of responsibility for the supervision of their freelance workforce in the hands of managed service providers. However, these decisions resulted in less efficient workforce management.
So, in order to thrive in this ever-growing freelance economy, businesses today need to be proactive. According to Statista, around 50.9% of the U.S. workforce will consist of freelancers by 2027. To keep up, forward-thinking organizations are relying on freelance management systems.
A freelance management system is a platform that enables businesses to manage their freelancers and independent contractors. From finding talent to onboarding, project management, payment, tax requirements, and much more.
Implementing an FMS in your business comes with many benefits. Below, we list the five major ones.
Every business needs to increase productivity while decreasing expenses. However, with an increased number of freelancers, it can be difficult to ensure your employees' productivity. This is because you will spend the majority of your time dealing with the old manual methods of managing freelancers rather than focusing on the things that will propel your business forward.
The freelance management system ensures that you spend as little time as possible managing your employees, which will double your company's productivity. From editorial management and global payment processing to creative resource management, vetting and employee classification, and live event management, a robust FMS has a wide range of applications. This can greatly simplify and improve freelance workforce management, freeing you up to focus on other tasks and boosting your company’s overall productivity.
Many businesses that operate in the digital world need to keep an intact and excellent working relationship with their freelancers, as this will help them thrive. When you use new methods of managing your freelance business, you keep up with the latest trends, showing them that you are up to any challenge, as any successful company should do.
This will increase your workforce's morale and, as a result, improve your relationship with your freelancers. Freelance management systems are free of barriers, and as a result, they are more likely to foster a positive relationship between you and your employees.
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Using traditional methods to manage your workforce can be costly. This is because you will need to hire several managers whose sole responsibility will be to handle the rest. With a good freelance system, this may not be necessary because the system can manage a large number of freelancers. Furthermore, the system saves time that would otherwise be spent managing staff in the traditional manner.
Poor time management can make it difficult to complete tasks because you are unsure where to focus your efforts. A good time management strategy can help you stay on track and avoid becoming overwhelmed. Stress can also reduce productivity, so reducing stress can make you more productive as well as happier. That is why using this system, you will be able to keep track of everything that happens and be able to react on time, whether it is an unpaid freelancer or an unprocessed invoice.
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Fast and efficient onboarding of freelancers is the best way to get them ready to work in a new organization. However, without a standardized onboarding approach, you will inevitably face delays and bottlenecks, as well as time-consuming paperwork. Each step of this process is streamlined and simplified by the freelance management system.
For example, with a freelance management system, you can tailor the onboarding process to your specific requirements. It ensures that all freelancer contracts and other legal documents, such as NDAs, agreements, data protection programs, and so on, are signed, along with updated tax forms. Other departments can also be added to the process to keep track of the freelancers' work and ensure that everything is in order.
Using a freelance management system will ease your life and help you achieve substantial success with your company. With this type of system, you can create a world for your freelancers where they achieve everything on time, all their content will be successfully followed through this system, and you will be able to find, hire, and manage their work. This is the right way to achieve success and have a satisfied community of freelancers.