A recent article published by CNBC on October 8th confirmed one of the many fears of the world’s economic sector: Over 40 airlines have gone bankrupt in 2020, with more failures to come.
The number of passengers are plummeting by the month, the flight frequency of global airlines is hitting staggering lows, and the travel industry’s losing billions of dollars in revenue—airlines and travel agencies are hanging on to a very, very thin thread.
In the article by CNBC, Brandon Sobie, an aviation analyst at Sobie Aviation, mentions that while many airlines are experiencing bankruptcies in these turbulent times, there’s still hope to keep these businesses afloat and delay any negative outcomes or financial collapses.
In a report written by Deloitte’s Global Aviation Leader Bryan Terry, he outlines the actions the airline sector can take to effectively respond to the major changes of a post-COVID19 world and survive the pandemic.
In summary, he mentions that, in order for the travel industry to see the light at the end of the tunnel, they need to prioritize agility over perfection, perform meticulous risk management, reinforce and vocalize their mission statement and purpose, and adapt to local consumer shifts.
What’s needed is an aggressive approach that requires expertise, diligence, and flexibility, all of which can make the idea of prospering in the midst of the pandemic feel like a child’s dream. But there are viable options on the market that can help you achieve this in a quick and cost-effective manner—one of which is hiring freelancers.
Freelancers are slowly dominating the labor market
The International Labour Office based in Geneva issued a report in 2015, estimating that around 3.2 billion people around the world are self-employed, which is good news for business executives during these difficult times of global financial and economic unrest.
What can freelancers do to help you implement Bryan Terry’s recommended course of action?
Freelancers are agile and flexible, and don’t add financial strain
The courage to take action is more important than getting it perfect, and you need someone to be able to take decisive action that will help your business thrive. Time is of the essence, and the unpredictability of this health crisis proves the integrality of taking smart, quick action.
“Fortune favors the bold,” as Terry states in this report. The market, according to him, is shifting from being a “seller’s” market to one that is a “buyer’s” market. Recognizing these opportunities and making the first move is the difference between a thriving company and a failing one.
Providing results fast and in a short amount of time are what freelancers are most adept at. Because of their flexible hours, they are experienced in working on tight deadlines without sacrificing quality. With their level of experience and the quick-thinking strategies they developed in their field of work, freelancers are familiar with the kinds of risks worth taking.
While you would have to wait until your 9-5 employee clocks in for work to do their job, freelancers are usually willing to work outside the standard work hours of a traditional company. Hiring freelancers also means that you don’t have to worry about paying insurances, retirement benefits, social security, or any other costs that typically come from hiring an in-house employee.
Freelance risk management & finance consultants can help your business thrive
The 3.2 billion people who freelance aren’t necessarily writers, editors, designers, or the like.
Experienced risk management consultants, finance experts, and supply chain managers also make up a huge portion of the freelance market. According to Terry, business executives should be giving utmost priority to risk management and devising contingency plans for the months to come, and while this is an urgent necessity, there might not be a need for a full-time risk management analyst at your company.
Freelance marketplaces offer you a large pool of expert freelance consultants to choose from, and freelance marketplaces such as Ureed.com can help you find the exact freelancer profile you’re looking for.
Freelancers can help localize your services, and adapt your brand and mission statement to the local consumer
Adapting to consumer mind shift in these times means gaining the trust and loyalty of your consumers on a local level, and not just on a global level. Aviation expert Bryan Terry mentions the importance of empathizing with your consumers and guaranteeing their safety. What “safety” and even “domestic travel” look like differs from country to country.
Freelancers come in all shapes and sizes, and hiring freelancers online is akin to casting a wide net over the whole globe. Freelancers will fill you in on their local knowledge of what is now in demand in the local market of their respective countries, and will be able to give you insight on the destinations local travelers are currently heading.
Freelance social media experts, for example, know what the local consumer is looking for on their social media feeds, and can adapt your company’s mission to suit and attract the local market.
There’s no need to hire researchers to find out what’s trending in the local market, you can leave it up to your local, expert freelancers.
Business executives in the travel industry need to think about the three most important factors of surviving the pandemic: time, cost, and localization. Freelancers will prove to be valuable members of the workforce when it comes to reducing costs and improving workflow efficiency, while also providing invaluable local insight and expertise that are difficult to attain otherwise, especially on short notice. The agility and flexibility of freelancers should be considered as a viable business strategy that can help industries thrive rather than fail at this critical moment in time.