NEW YORK, Oct. 19, 2020 /PRNewswire/ — Toptal, an elite network of the world’s top talent in business, design, and technology that enables companies to scale their teams on demand, has seen applications to join its global talent network increase by 55% in the first nine months of 2020 compared to the same period last year, as the COVID-19 disruption drives record numbers of people to consider switching to remote freelance work.
The company, set up as fully remote at its foundation 10 years ago, is seeing growing demand across multiple industry sectors, including automotive, logistics, and fast-moving consumer goods, as clients seek out the best available global expertise to work alongside their permanent employees.
Taso Du Val, Toptal chief executive officer, said: “The COVID-19 pandemic has accelerated a paradigm shift in the employment marketplace as more and more companies have changed the way they access the world’s best talent. This is coinciding with a surge in applications that we are seeing from specialists in multiple industries who – after months of remote working – are deciding to take ownership of their career paths and value in the labor market.”
In the first nine months of the year, Toptal has seen the volume of applicants to join its specialist, on-demand talent network increase by 55% to more than 200,000 people. Business-client demand, based on the volume of roles required, has also risen through 2020, including rises of over 20% in North America, Asia-Pacific, and across the European Union. In the UK, demand is up by 40% compared to 2019.
Fewer than 3% of applicants to Toptal’s network are accepted. To date, the company has more than 10,000 professionals in its network, all of whom have been through the same rigorous test and vetting process that is the hallmark of the Toptal offer to its clients.
“Many parts of the staffing and outsourcing sectors, which have traditionally focused on high-volume, low-cost labor, are not configured to adjust to the new realities of what the world’s biggest companies need,” added Du Val. “What we are seeing is companies seeking out specialist, on-demand talent to solve particular industry challenges in ways that deliver lasting, high-value solutions. This specialist segment is set to be one of the fastest-growing parts of the talent economy this year and beyond.”
Toptal provides access to experts in areas such as software engineering, finance, project management, product management, and design. Despite the impact of the pandemic, Toptal is set again for a successive year of profitable hypergrowth (over 40% revenue growth). The company is forecasting full-year gross revenues in excess of $300 million in 2020. Additionally, by the end of this year, Toptal is expected to hit $1 billion in cumulative gross revenue since the company was founded in 2010.