Talented candidates across the board are in high demand but critically short supply. The situation is so dire now that the lack of available talent is hindering overall jobs growth in the US. If your company is not taking advantage of contingent labor to fulfill hiring needs, there’s a good chance you won’t be able to achieve your operational and growth goals, at least not at the pace you planned.
Flexible hiring solutions are now in the forefront of Talent Acquisition and no longer an unusual alternative, they are a necessity -- one reason Intuit predicts contingent labor will soon account for 40% of the workforce. It could go even higher, as contract labor is fast becoming the go-to solution for all sorts of industries.
There’s good news here for employers because although “contingent” means temporary, it also means fortuitous. Project-based contract workers can help solve your hiring woes, but they also bring multiple additional benefits.
Why contingent labor
New technologies are constantly changing and new ways of doing business require new skills. All industries are affected by labor shortages now, especially when it comes to technology/IT positions because every business depends on technology whether you’re in retail, financial services, or healthcare. Companies of all sizes are scrambling to keep up with migration to cloud computing, collection and management of unprecedented data volumes, and ensuring information security.
No wonder the Bureau of Labor Statistics predicts that computer and information technology jobs will increase by 13% between 2020 and 2030, faster than the average job U.S. growth rate. But who will fill them?
You want to hire the best candidate for every position. But if you’re only recruiting in one lane – the traditional process of job posting and waiting for responses – you are severely limiting your ability to find, let alone land, the best talent. Meanwhile, there’s a void waiting for results, and that’s bad for business. Contingent labor can keep you on track.
Get needed help now
Contingent workers are ready to step in and get to work quickly, immediately solving your most pressing hiring problems. Instead of the delay and frustration of unfulfilled hiring plans and gaps in your ability to complete projects, you can maintain momentum and strategic progress. You can quickly scale up or down as needed.
Acquire specific skills
Project-based workers can bring skills you simply cannot find in the permanent-hire recruiting marketplace right now, especially key technology capabilities as noted earlier. They may bring new ideas or fresh approaches to expand creative thinking and problem-solving. They can serve as teachers and mentors while they’re with you, transferring their knowledge and skills to your current employees. They may only be engaged on a project for 6 or 12 months, but your team (including any new permanent hires who have joined you) will be better equipped to carry on, doing more or doing it better.
Kick-start a project that’s been sitting on the shelf
You planned this initiative for a reason – to support corporate growth goals. But you can’t reach the goal if you can’t get out of the gate. The same is true for projects that are limping along because you don’t have enough talent or the right team members to get the work done. This is not only a problem in terms of reaching strategic goals, lack of resources can be a frustrating motivation-killer for existing employees. You don’t want to lose your existing team members to a competitor that will let them truly shine!
Save money, save time, and mitigate risk
Nothing says “expensive mistake” like hiring the wrong person into a permanent position. You invest heavily in employees and the process you go through to select and retain them. Hiring contingent labor means you can skip both one-time and ongoing costs including fees, onboarding, benefits, etc. And you can get the right talent in place, right now.
Contract-to-hire option
Here at Power-4, we often recommend this option to clients who have not been able to fill permanent positions in a timely manner. Considering contingent labor opens up the top of the hiring funnel with more options for both employers and candidates. You can bring in talent you might not otherwise consider, even though they have exactly the skills you need. And, who knows, maybe they’ll want to stay!
The best staffing companies establish “right to hire” agreements with their clients. That way, once a contingent worker is in place if everything aligns nicely and both parties want to maintain the relationship, they can go forward without a hitch.
This is a great opportunity for employers to sell their value proposition in person, and it opens a new door for a contract worker who may be enticed to become permanent. As you work with them you can determine if they are a good personal and cultural fit for your organization.
Maintain agility
Rapid change has been the new normal for quite some time, and this won’t change. Contingent labor gives you the flexibility to make and implement critical technology and other business plans with confidence, knowing you’ll have the resources to execute.
Should you do it?
Ask yourself this simple question: what will happen if this job is not filled? Your new release won’t happen on time, your expansion won’t happen, your digital transformation will be stuck in limbo or you will not be able to support a key business unit– issues that will become more pressing the longer they languish.
Now turn that around: what can we accomplish if we get the help we need, right now? If your need is real, contingent labor could be just what you’re looking for.