5 Benefits of Using a Marketplace to Find Talent

The independent workforce is a rapidly growing population that provides organizations with high-quality skills, greater staffing flexibility, and lower employment costs. Our latest research finds that more than 72 million people work independently across the U.S. As more companies tap into this valuable pool of talent, traditional hiring models are becoming a way of the past.

Finding independent contractors using traditional hiring methods can be hard because independents don’t tend to be on job boards or recruiting platforms designed for full-time employees. They also require a different level of compliance vetting than traditional employees.

Instead, many companies are moving recruiter functions in-house using tools like a marketplace—an online platform that connects independent contractors with projects. This enables managers to search through a network of available talent to find to find the person who has the skills and experience they are looking for.

Here are five ways a marketplace can change how you manage and engage your independent talent.

1. Reduced Time and Cost of Recruiting

Hiring managers who are used to working with staffing firms or searching for talent on their own may be hard-pressed to recognize the value a marketplace offers. However, a marketplace is specifically designed to help organizations easily engage top independent talent, making managers’ jobs much easier.

MBO’s marketplace, for example, uses a matching algorithm to pair qualified talent with available opportunities, reducing the amount of time managers must spend reviewing candidates.

While some marketplaces function by searching for candidates via keywords, MBO’s marketplace automatically pairs available projects with a talent network of pre-vetted, trusted independent professionals. This helps managers to minimize the amount of time spent on recruiting activities, increase visibility into the hiring process, and ensure compliant engagements.

2. Access In-Demand Skills When You Need Them

Posting and publishing opportunities using a marketplace not only enables your company to quickly and easily reach available talent, but it also helps to shorten the amount of time spent on back-office activities such as contract administration, compliance, and onboarding. That means independent talent can get to work both easier and faster.

By engaging independent talent on an as-needed basis, companies have the flexibility to pull in talent when and where they need it most. Independent talent can help companies remain competitive, develop a new line of business, or build out a new market using project-based work.

3. Minimize the Risk of Misclassification

A marketplace can further benefit your business by helping to reduce the risk of compliance violations through transparent, defined processes. For example, a marketplace that offers flexible engagement options allow independents to work how they want while ensuring companies remain compliant.

Another important part of proper worker classification is documentation. Onboarding processes should include secure collection and storage of documents that qualify each person your company engages. Companies like MBO provide these services along with contract administration to ensure proper procurement, finance, and accounting procedures are met.

4. Increased Retention and Loyalty

Self-employed professionals value a simple, streamlined experience, and a marketplace allows them to essentially roam your halls and see what opportunities are available across your company.

Providing prospective independents with insight into your company’s projects and processes fosters a sense of loyalty. As part of your trusted network, independents will place a high value on the ability to search for projects that match their expertise, quickly initiate their assignments, and rely on future opportunities for engagement.

5. Top Talent Retention

Marketplaces also help position your organization as a Client of Choice—a preferred destination for self-employed professionals. As competition for the independent workforce increases, positioning your company as an optimal client to work with will help you attract and retain top talent.

Independents value freedom, control, and flexibility in their work, and a marketplace like MBO’s exemplifies these values. An assessable system that automates onboarding, payment, and engagement documentation will create a positive experience both for your company as well as for the independent talent you employ. Working with a group of satisfied independents will help increase productivity levels and foster interest in re-engagement.

Direct sourcing tools make it easy for self-employed professionals to engage with your organization. Independents will appreciate working with a company that understands what they are looking for in a client relationship and employs tools that make their experience as straightforward as possible. In turn, your company can reduce recruiting time and costs, ensure compliant engagements, and generate loyalty.