Elastic Team 101
The Transformative Power of Elastic Teams in the Future of Work
In today's ever-evolving business ecosystem, the concept of Elastic Teams is taking center stage.
As companies are rethinking their organizational structure in the post-pandemic wave of workforce trends, there is a larger focus than ever before on the need to incorporate freelance talent at scale. Plus, with over 50% of the workforce predicted to be freelance by 2027, it’s increasingly urgent for companies to figure out how to hire and manage freelance-heavy teams simply because the best talent is increasingly uninterested in traditional full-time roles.
We know that nearly all managers agree that freelancers bring undeniable benefits to the companies they support. Elastic Teams provide a level of flexibility, resilience, and skill diversity that traditional teams might find challenging to match.
With the right framework in place, forward-thinking companies can create Elastic Teams to tackle new initiatives, add bandwidth to support full-time staff, and manage work previously handled by expensive outsourced groups.
But first, exactly what are Elastic Teams?
What are Elastic Teams?
Functionally speaking, an Elastic Team is a curated team of talent who are any combination of full-time, contractors, and freelance workers who can be tapped into projects as needs call for more (or fewer) hands on deck.
Elastic Teams pull together diverse skills, experience levels, and fractional availability to create an “off the shelf” in-house resource for businesses that would otherwise need to lean on expensive outsourced agencies or vendors to tackle complex or large-scale initiatives.
Ultimately, Elastic Teams enable companies to function with a small core team supported by a wide network of specialized experts, and are purpose-built to take advantage of the fact that the most in-demand talent prefers to work freelance.
Why build an Elastic Team model?
1. Fractional Talent Helps You Stretch Your Budget
One of the major attractions to freelance hiring is the capacity to tap into specialized skills without the long-term financial commitment. When you hire on a project basis, you're investing in expertise only when you need it. This means that instead of hiring a full-time expert with a niche skill set, you can save costs and allocate funds more efficiently by engaging with fractional talent.
2. Your Full-Time Team Needs Extra Bandwidth, But Agencies Are Too Expensive
While outsourcing to agencies gives brands access to a host of specialized services from a single vendor, they come with a steep price tag - healthy agencies are running at least a 50% markup on talent hours. In contrast, Elastic Teams provide the extra hands without the hefty bills, because you pay talent directly. This direct relationship gives companies the freedom to scale up or down while eliminating budget bloat. A major bonus of incorporating Elastic Teams directly into your workforce is that you have close control over the quality of work - consistency and alignment are easier to achieve when you’re not playing a game of “telephone” with your agency or vendor partners.
3. When Your Elastic Team Is Close At Hand, You Save Time With Project Onboarding And Briefing
We often underestimate the time and effort it takes to bring an external team up to speed. But with an Elastic Team that's regularly engaged with your organization, you circumvent the traditional learning curve. They are familiar with the company culture, communication methods, and the nuances of your brand - it’s easy to see how this eliminates the need for redundant onboarding sessions! When your Elastic Team is close at hand, your fractional team members can click into work mode more efficiently than briefing in new talent every time.
4. Project Work Lets Freelancers Decide If They Want to Join Your Full-Time Team and Vice Versa
An indirect benefit of this model is the trial period it offers both freelancers and organizations. Before diving into a long-term commitment, both parties get a firsthand experience of working dynamics, cultural fit, and goal alignment. This organic vetting process can lead to more harmonious and informed hiring decisions over time.
5. Talent Deserves Transparency, Which Means Clear Boundaries for Freelancers and Full-Time Employees
Setting clear boundaries ensures that both full-timers and freelancers know their roles, responsibilities, and rights. This delineation fosters a culture of respect and mutual understanding, which empowers talent to work productively on terms that align with their own goals, motivations, and personal needs. Ultimately, a more honest relationship with work is something we can all benefit from, no matter what our role or employment type!
Conclusion
Elastic Teams aren't just another buzzword; they are a cornerstone of tomorrow’s workforce structure.
By harnessing all of the benefits that freelancers offer, organizations can remain agile, cost-effective, and prepared for the unpredictable ebb and flow of the global economy. As the boundaries between traditional employment and freelancing continue to dissolve, the essence of what makes a "team" will be defined not by employment contracts, but by shared goals, mutual respect, and collaborative spirit.