The advent of the COVID-19 pandemic in 2019 has left the world in shock. No one was prepared for how fast it spread across the globe. Because of this, many industries have suffered greatly. Besides the health sector, the labor forces worldwide also have to live through the effects of the virus.
Because of the number of COVID infections and death from 2020 to 2021, many companies suffered from massive labor shortages. It is also found that a significant number of employees have participated in the Big Quit or the Great Resignation. This term refers to an ongoing economic trend where employees voluntarily quit their jobs due to several economic and health reasons. Such reasons include wage stagnation despite the increasing cost of living, job dissatisfaction, safety from the COVID-19 pandemic, and desire to work for other companies with better remote working policies.
With all these issues, you might wonder how some managers respond to the current labor shortage. The answer is simple – freelancers.
How do freelancers help in tackling the problems of labor shortage?
Finding the right person to fill a job post can be a tedious, labor-intensive, and time-consuming process. And for an economy that is still recovering from the pandemic’s effects, this poses a new challenge. Upwork’s Future Workforce Report has proven this concern. They found that 69% of hiring managers anticipated hiring more workers in the next six months. However, 60% also cited having difficulty finding quality talent that can fill the open positions.
In response to this challenge, many companies have shifted their focus and tapped an independent contractor workforce. By doing this, about 80% of managers have felt confident they could find the help they need. One example is seeking help from virtual assistant companies in the Philippines.
A virtual assistant is an employee, typically remote, that offers administrative support for you and your business. They are usually part-timers or freelancers. Their job is to do tasks that an executive assistant would often handle, such as scheduling appointments, making phone calls, organizing emails, and arranging travel.
Another benefit of working with an independent contractor, like a Filipino virtual assistant, is organizations are seen to be more confident in withstanding turmoil. In the same report by Upwork, they stated that 84% of managers feel more confident in their company’s ability to respond to disruption. This is in contrast to the 69% who do not use freelancers.
Businesses setting themselves for success
It is no longer a surprise that many establishments have closed their doors or filed for bankruptcy during the peak of COVID-19. The economic effects of the pandemic were no joke and can still be felt today. Because of this, situations have been more unpredictable. Thus the best way to ensure survival in these uncertain times is to reevaluate one’s talent strategy and learn to embrace the flexible and on-demand workforce.
A fast turnover rate is deemed a bad reputation for any business. So instead of hiring and laying off people or waiting for your employees to resign, companies can hire independent contractors. Through this, they can build a dynamic workforce by scale or contract only when needed, whether for seasonal demands, highly specialized jobs, or market conditions.
Seek business success with OVA Virtual
OVA Virtual is an organization that offers virtual assistant services in almost all aspects of a business. We can handle many work-related or personal tasks, allowing you to focus more on accomplishing the more critical business-related duties.
If you want to know more about us, you can check our website at www.ovavirtual.com.