How to Increase Gig Economy Conversion Rates

Industry Trends

02 September, 2022

How to Increase Gig Economy Conversion Rates

Michael Kammer

Michael Kammer

Content Marketing Expert

Did you know that the number of global gig workers is expected to rise by more than 30 million in the next year alone?

That sounds like a lot, but remember – the number of companies competing for those workers has grown as well.

And with the competition for workers on the rise, it’s never been more important to have a constant, stable pipeline of quality employees. If your customers need to wait 2 hours for food to be delivered or 30 minutes for a taxi pick-up, they’ll go to one of your increasing number of competitors. 

In this article, we’ll show you how our solution can help you increase hiring conversion rates in the gig economy, so that your business keeps up with the competition and delivers the best service possible. 

Meeting the challenges of gig economy hiring 

You want to hire a contractor, and you want to do it fast. But there are so many things that can go wrong with the paperwork that you’re left wondering whether it’s worth the trouble. 

One of the main hiring challenges any company can face is a lack of preparation. There is a mountain of documentation that comes with hiring a single freelancer, let alone multiple contractors.

Hiring a full-time employee is usually easier, as you’ll likely follow your company’s standard hiring process. But when you’re thinking about hiring a contractor, things get a bit more complicated.

Just as with full-time hires, you have to:

  • Find and screen candidates
  • Draw up ironclad contracts
  • Make sure you’re complying with government regulations

As your contractors are probably hired for a shorter term, spending the same amount of money, time, and effort in the hiring process may not be the right move. And then there’s payroll!

Filling out mountains of paperwork for each individual contractor you bring on board is enough to make anyone want to throw in the towel. The question remains: Is your HR team able to keep up in such a dynamic work environment?

That’s where automated tools like payroll solutions let companies skip the headache of managing short-term employees. Having the right tools allows your teams to focus on more important tasks.

What are the benefits of automated gig economy hiring solutions?

When hiring for your company, there’s a lot you need to keep in mind. You want the best possible candidates, but you also have to consider costs, especially if you’re hiring someone for a short time.

Our solution has one goal in mind – to help companies hire and pay employees as easily as possible.

The solution is designed to help the employer and the employee in equal measure. It includes: 

  • A central dashboard where the employer can manage employees
  • An individual dashboard for each employee where they can manage their personal information and payment details 
  • The ability to integrate seamlessly with tools like Stripe for easier payments

How to find the right gig economy hiring and payroll solution

For companies, automated payroll solutions should be simple to use and understand. It’s best to find a solution that offers a free demo with a specialist.

With Symmetrical, you’ll be able to seamlessly:

  • Add employees
  • Set up bank account and tax information
  • Create projects
  • View reports that show how much time each employee has spent working on a given project

In addition, your contractors will have access to view their own details on their own dashboard. You can hire from your own platform, and as a white-label solution you can put in place all your branding so that candidates who apply on your site can get the full brand experience.

You’ll enjoy the backend that the solution offers without your candidates feeling like they’re going through a third-party recruitment process.

How to increase your conversion rates with automated payroll tools 

Automated payroll solutions can help you identify and hire top talent faster than ever before. You can also securely store and organize your important documentation, which helps you avoid the nightmare of searching for paperwork. 

Symmetrical’s payroll solution is designed to replace your paper and Excel-based payroll processes, making it easier and more efficient for your company to hire, onboard, and pay employees.

Our solution is designed to free up your time so you can focus on what matters most – growing your business. It allows you to generate reports quickly and easily, while improving calculations by eliminating the human error factor. 

This is crucial, because mistakes that lead to late payments can cost a considerable amount of money and damage your reputation, sometimes irreparably.

Automated hiring solutions: The Symmetrical difference

Once you’re signed up for our service, you’ll enter each employee’s hours into the online portal. The system then calculates their pay while tracking overtime, sick days, holidays, benefits, and tax deductions. 

After you’re done entering employee information and confirming that it’s correct, the system generates a report that you can email or print out. You can then verify that all the information is accurate before printing out pay stubs.

Everything from contractor time spent to paychecks is handled by an expert team of payroll specialists, then seamlessly integrated into your account so that you can keep a close eye on how everything’s going, right on your dashboard. 

There’s no need for you to juggle multiple systems or sift through dozens of Excel sheets – Symmetrical gives you one easy place to track payroll and get answers when you need them.

You can even use the intuitive reporting tools to get a bird’s-eye view of the information that matters most to you – everything from the total number of hours worked in a month to how much money each employee has earned in commission.

Simplified hiring in the new gig economy: conclusion

Companies and contractors both want quicker, more efficient hiring processes that don’t use complicated applications. The good news is that businesses are altering their hiring methods to match the changing job market.

Thanks to Symmetrical, hiring shorter-term contractors will be much simpler, with all your documentation, tracking, and data in one place. 

You’ll be able to increase hiring conversion rates, saving time and money on the recruitment process while giving your candidates an amazing user experience. 

About Symmetrical.ai

Symmetrical is the first payroll solution you won’t hate. We enable fast-paced companies to onboard at scale and run their payroll invisibly. To run your payroll hassle-free, contact our experts to learn more!

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