Upwork Overhauls Business Strategy to Encourage Full-time Employment
Upwork, a renowned online working marketplace, is revamping its business strategy to enable job seekers to land full-time positions with client organizations. The move will change the traditional approach of the platform, which has been connecting businesses with freelancers to carry out specific projects or work for a predetermined duration. By expanding its offerings to include full-time employment, Upwork aims to attract more users and workers to the platform.
Improved Job Search Strategy
The company's CEO, Hayden Brown, revealed that the new strategy will offer clients a better way to initiate full-time partnerships. Both employers and employees will opt into an explicit contract-to-hire expectation to gauge whether the work arrangement is a good fit. The process allows the parties to test a position by starting it as a contract-to-hire agreement before committing to a full-time role.
Expanding Offerings to More Countries
As part of the expanded offerings, Upwork's clients worldwide can identify, screen, recruit, onboard, and pay workers from over 180 countries. The company is making its payroll, compliance, and contract management capabilities more accessible to small and medium-sized businesses.
Entering a New Era
Upwork's latest initiative to incorporate full-time hiring in its platform could help it enter a new era. Despite the 40% drop in stock prices since the company's public debut in October 2018, it has seen an overall 16% increase in stock price this year. The expansion is aimed at increasing customer lifetime value and retention, among other benefits.
Testing the Waters
The move could be beneficial for those seeking employment opportunities. More than 2 million users have expressed interest in contract-to-hire opportunities since Upwork started testing the full-time employment feature. Although the exact number of professionals currently using the platform remains undisclosed, Upwork has introduced over 40,000 new contract-to-hire positions since the year began.
Developing New Functionality
Upwork began working on developing new functionality early in 2022. The company hopes that by offering full-time employment, it will help employers test if the individual is an excellent fit for a role before taking them on full-time. It's also an opportunity for job seekers who have lost their jobs to explore both full-time and freelance work.
In conclusion, Upwork's incorporation of full-time employment in its platform aims to offer clients and job seekers a better approach to initiate work arrangements. The company hopes that the new strategy will help it enter a new era and continue to provide excellent service to its clients worldwide.
