Talent marketplaces play a key role in connecting qualified freelancers with the right employers. These virtual marketplaces offer an immense range of benefits, from greater access to jobs and work opportunities to increased financial security and freedom for freelance contractors. But what specific benefits should these talent marketplaces provide to ensure they attract and retain only the best talent?
What are Talent Marketplaces?
Before we discuss the key benefits, let’s quickly explain what talent marketplaces are. Talent marketplaces (Upwork, Toptal, WeAreRosie) are virtual hubs where employers, entrepreneurs, and even individuals can find and hire freelancers with the right skills for their projects. These marketplaces have become increasingly popular in recent years as they make it easier for freelancers to find, apply for, and be hired for suitable jobs.
Especially during the pandemic, we have seen massive growth in contract work and one thing these marketplaces can do is remove the burden of classification risk from the client. With rising legal issues and increasing government crackdowns, one bad hire can easily kill a new company.
Why have talent marketplaces grown so quickly?
The simple answer is that they offer a range of benefits for both employers and freelancers, but particularly freelancers, who often struggle to find quality work in their field. This provides tremendous value to companies (especially startups) in the sense that these marketplaces allow them to focus on their competency, whether that’s the tech, product, service, etc. and not have to worry about (and spend tons of cash on) hiring. Especially now that tools within GreenLight such as Global Payments, AI-driven Worker Classification, and EOR services exist, talent platforms can massively scale without having to build their own in-house solution. All they need to do is find the right person for the job, we do the rest.
However, it’s important to note that all talent marketplaces are not created equal. To ensure top-notch talent is attracted and retained, the following key benefits should be offered:
Here are four key benefits that we recommend talent marketplaces offer freelancers:
1) Security & Transparency
First, it is important that talent marketplaces provide a reliable and secure platform for freelance workers. This means ensuring the privacy of freelancers’ data, offering multiple payment options (such as PayPal, bank transfers, etc.), and providing clear guidelines for job-posting services. For example, employers should be able to search for freelancers according to their skillset and experience level, while freelancers can set up a profile that reflects their qualifications, interests, and availability. In addition, talent platforms can create enormous security for freelancers by support dispute resolution and guaranteeing timely payments so talent can focus on their passion, not paperwork. This way, the talent marketplace will become an efficient one-stop shop for both parties.
2) Support, Scoping, & Project Management
Second, talent marketplaces should offer support services that can help freelancers succeed in their projects. This includes job-posting features that list all the requirements, such as the budget, timeline, and scope of a project. Moreover, these marketplaces need to provide adequate customer service support for both employers and contractors in case any problems arise. The goal is to make sure everyone is satisfied with the process, and that any disputes are quickly resolved. The marketplace should also have features like project notifications so freelancers can keep track of their progress with ease.
3) Professional Development & Skills Expansion
Talent marketplaces should offer freelancers professional development and skills expansion opportunities because it benefits both the freelancer and the platform. By investing in their freelancers’ growth, talent marketplaces can provide a better user experience and attract more high-quality talent. Freelancers can also improve their skills, expand their knowledge, and increase their earning potential. This can lead to increased job satisfaction and loyalty to the platform. Additionally, by offering professional development opportunities, talent marketplaces can help their freelancers stay up-to-date with the latest industry trends and advancements, which can improve the quality of work produced.
In addition, it’s important to note that as freelancers continue to develop their skills, it’s likely that their value created will also go up. Thus, freelancers can also begin to charge more for their services. As freelancer rates and retention go up, so does the bottom line for the talent marketplaces. Overall, investing in the professional development of freelancers is a win-win for both the talent marketplace and the freelancers themselves.
4) Global Payments on a Regular Schedule
It is important to pay freelancers regularly, in their own currency, and around the world for several reasons. Firstly, regular payments help to establish trust between freelancers and clients. This leads to better working relationships and more positive reviews and feedback, which can attract more business for both parties. Secondly, paying freelancers in their own currency eliminates the costs and complications associated with exchanging currencies. It also ensures that freelancers receive the full payment they are owed without any hidden fees or charges. Additionally, paying freelancers around the world expands the talent pool for businesses and provides opportunities for freelancers from diverse backgrounds and locations. This can lead to a wider range of skills and perspectives being brought to projects, ultimately resulting in higher-quality work.
We believe paying freelancers regularly, in their own currency, and around the world is essential for building trust, reducing costs, and expanding opportunities for both freelancers and clients. This is why we built out GreenLight’s global contractor payments and our EOR services wing make it seamless for talent marketplaces to scale while utilizing our platform’s suite of tools as the backbone of their operation.
By combining the features outlined above, talent marketplaces can attract and retain only the best talent, ensuring both employers and freelancers have a successful experience with their job postings and projects. With these benefits in place, it will be easier for talent marketplaces to become an established and trusted platform for all types of virtual work.
If you’re either a talent marketplace or an employer with a global workforce, schedule a demo today and we’ll help make scaling any contingent workforce safe and easy.