Key ROI Metrics of a Freelance Management System

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Hiring a freelancer to fill your talent gap is not just smart. In fact, it can be your only option. That is because a lot of people are leaving traditional jobs for freelancer life. At the moment, about 30% of workers are freelancers. Also, up to 80% of companies are estimated to hire more freelancer workers in the future. That is because it offers them a perfect opportunity to access the skills they need to suit your project needs.

However, working with freelancers comes with its share of challenges. Traditional methods, such as vendor management solutions, managed service providers, and Excel spreadsheets, provide limited support. That is because they are not designed to handle the remote talent from a wide range of locations. Fortunately, a new technology known as Freelance Management System (FMS) provides a much-needed solution. You can check – Freelancer Management System UK. For instance, with FMS, you can hire, communicate with, and even pay your freelance workforce from a cloud-based platform. However, is FMS really important? To answer this question, you should look at the following key metrics:

Cost of Talent

An instant benefit you can enjoy when you work with an FMS is that you can acquire a high-quality talent without any agency markups. Thus, you will be saving up to 20% per freelancer. In fact, some platforms allow you to compare ratings and rates of various freelancers at any given time. That makes it easier to hire the right talent that suits your budget.

Project Completion Rate

Usually, the experience and skills of your talent determine how quickly you can complete your project. For instance, some FMS can be integrated into freelance marketplaces. In this way, they can offer you access to talent pools that are made up of millions of qualified freelancers, located across the world, and a wide range of skill sets. The direct communication saves your time and keeps freelancers engaged.

Onboarding Efficiency

Through FMS, onboarding can be automated. In this way, you can do it at a fraction of the cost. That will save your company a lot of time, particularly when you hire the same freelancers for future projects. For instance, if onboarding in your company used to take two weeks, with an effective FMS, it can take a single day. Thus, it will help reduce administrative costs.

Project Management Time

With a Freelancer Management System, you can view different projects from a single dashboard. That makes it easier to see the pull reports, status, and even communicate with your project teams.