Upwork Builds Out Enterprise Capabilities, Betting on More Remote Work

Upwork Enterprise

Upwork has enhanced its enterprise capabilities to help large companies identify and hire contingent workers. The platform is designed to simplify the tasks involved with centrally managing a remote workforce strategy while accessing talent.

In the midst of the COVID-19 pandemic, a range of companies have shifted to remote work. Upwork is positioning itself to be one solution to the various technical, logistical and operational issues that come with managing a combined force of off-site workers.

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The company said Upwork Enterprise enables direct sourcing from wide-ranging pool of knowledge workers and agencies, which enables customers to scale their workforce according to business needs.

The platform’s enhancements include a “Bring Your Own Talent” offering, which enables companies to onboard their existing, non-Upwork contingent workers for centralized management. That includes payroll, collaboration, cost management and reporting. Upwork Enterprise has also added Work Protection, which helps customers resolve any issues on work done.

Upwork and Work Changes

Upwork Enterprise also offers:

  • Matching technology that identifies top matches from Upwork’s global database, and private talent clouds that allows clients to quickly rehire professionals they’ve used in the past.
  • Sourcing experts who provide extra assistance in finding talent.
  • Worker classification support to ensure compliance.
  • Dedicate support teams.
  • Payroll support in over 160 countries, including the ability to automate payroll by consolidating multiple contract invoices into unified monthly billing.
  • On-platform onboarding and contracting processes that allow professionals to start work with minimal administrative delays.

Upwork says more than 30 percent of the Fortune 500 use its services. Its user base offers skills categories ranging from software development and design to finance and customer support.

On May 6, Upwork reported first quarter revenue of $83.2 million, a year-on-year increase of 21 percent. The company said its gross services volume rose 15 percent year-on-year, to $559.5 million. It posted a net loss of $10 million compared to a net loss of $5.2 million in the 2019 period.

Investors have been looking favorably on the company’s stock in recent days as the market eyes businesses that could benefit from the fallout of COVID-19. They seem to agree with CEO Haywood Brown, who recently said the shift to remote work is here to stay.

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Image: Upwork