Linkedin has been known so far for supplying candidates and advertising openings for permanent positions. To complement that, LinkedIn has come up with a new offering, i.e. a marketplace for freelancers.
Today it is unveiling its Service Marketplace, a new feature that lets people advertise for short-term positions to those looking to hire for such roles. With this, LinkedIn will find itself competing against platforms such as Freelancer, Upwork and Fiverr – hosting workers skilled in different niches.
This launch comes along with a host of other major updates from LinkedIn indicating the ways Linkedin is adapting to new trends in the market. These updates include new filters to search for hybrid, on-site, or remote jobs. Along with that, one can also check the vaccination policy if the employers have stated it.
Service Marketplace was introduced partially in February 2021, and LinkedIn has gained around 2 million from the nearly 800 million users in the US. From today onwards, Service Marketplace is open to everyone globally. It marks an exciting turn for LinkedIn after Microsoft which had 25 million new users during the last quarter.
The company is aiming to develop its economic graph. The idea is that one can get a more extensive understanding of the global economy by tracking how people interconnect in their professional lives. The idea is to provide a more robust underpinning for recruitment. LinkedIn sells premium subscriptions to recruiters. Though the platform has stable growth, it has not kept pace with the changes in the job market. In recent years, many people have been seen leaving their full-time jobs and opting for freelance positions. Until now, LinkedIn didn’t have a way to engage this workforce.
LinkedIn doesn’t currently charge for Service Marketplace as it does for its other recruiting products, but over time it can. According to product manager- Matt Faustman, there are currently 250 job categories, and they plan to expand it to 500.
There are still many limitations to Service Marketplace: there is no way to negotiate a fee or invoicing. The client can review those they have worked with but not vice versa. And those listing presenting themselves on Marketplace have no means of looking for a job themselves; they have to passively wait until they are discovered.
But these are all aspects of the platform that will be reevaluated as time goes on. And that will be essential if Linkedin wishes to get the credibility of the workforce they are trying to cultivate because freelancers often suffer from a lack of transparency.
It also remains to be seen if LinkedIn can assimilate other kinds of workers in the marketplace, covering the wider population of people working on the frontline or providing other services.