Upwork, a popular freelance marketplace, is rolling out a new full-time hiring option for its clients and job seekers.
The company’s goal is to provide a more comprehensive and robust approach to the job search process, opening up the platform to new talent sources and offering more flexibility to workers and employers alike, Investors King understands.
The new model offers a range of benefits to both parties. Employers can use the platform to find, vet, and hire workers from over 180 countries, using Upwork’s tools for payroll, compliance, and contract management. This means that businesses of all sizes can now access these features, not just the larger enterprise clients who were previously able to use them.
For job seekers, the new system offers the opportunity to try out a job as a contract-to-hire before committing to full-time employment. This provides greater flexibility for people who are exploring new career opportunities and allows them to get a feel for a role before committing to it on a permanent basis.
The move is a significant change for Upwork, which has always been known as a platform for freelancers and independent contractors. However, CEO Hayden Brown believes that the new approach will help the company to compete with more traditional job search platforms, such as LinkedIn.
The new model has been in testing for some time, and over 2 million users have already expressed an interest in contract-to-hire opportunities. The company declined to provide exact figures for the number of users currently on the platform but did confirm that it runs into the millions.
The move comes at a crucial time for Upwork, which has seen its stock price decline by over 40% since its public debut in 2018. However, the company has seen a 16% rise in its value so far this year, indicating that the market is responding positively to its new approach.
The introduction of full-time hiring could be a game-changer for Upwork, offering greater opportunities for both employers and job seekers and driving growth for the platform in the years to come.