Changing employment trends could have big impact on traditional pay and reward models
A staggering 50% of workers could be working in some sort of ‘freelance’ capacity – by as early as 2020 – requiring businesses to restructure their attraction, retention and pay & benefits strategies.
This is the dramatic prediction by online marketplace provider, PeoplePerHour, which claims that if the self-employment sector grows at its current rate of 3.5% per year, then one-in-two staff will be freelance by the start of the next decade.
PeoplePerHour predicts traditional occupations will become ever-more refined, with more and more niche sub-categories developing that will see the emergence of ‘hyper-specialists’. These are the roles that will be freelanced out to specialist sub-contractors.
Xenios Thrasyvoulou, PeoplePerHour CEO said: “The self-employed workforce is growing by the day, and ‘on-demand’ services are being required more and more.” He added: Speed and accessibility are today’s buzzwords and it’s no different when making recruitment decisions. It is literally a whole new economy in the making. It’s the future.”
The research suggests SMEs will need to drastically alter traditional attraction and recruitment offerings/processes.
However, one benefit could be reduced waste. PeoplePerHour finds the average waste or spare capacity per day for small to medium sized businesses is 1.9 hours per person.
By hiring focused freelance professionals as required, wasted time savings could run into £6,297.17 per annum.