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Did you know that over 4 million people in the UK are self-employed? As reported by the BBC, according to the Office for National Statistics (ONS), this number has been on the up since 2001. Now, self-employed workers account for 15% of the working population – and it’s a percentage that is expected to rise. Still unsure how your company could benefit from a transient workforce? We’ve compiled just a few:
1. Money savings
The technology market is competitive, and the price of traditional employment is rising. Companies must provide increasingly lucrative benefits package to attract top talent, where the demand for skilled technology professionals massively outstrips supply. Therefore, while it is true that a contractor’s day rate may be higher than employees on payroll, you will save money in the long-term. Independent contractors provide you with top technology talent, without the pressures or demands that come with continued employment.
2. Your permanent workforce will benefit
Contractors are used to working in a multitude of different and often challenging environments. Continued access to a variety of projects means contractors are constantly upskilling, so, when you engage a contractor, you gain access to their expertise on a need-by-project basis.
Furthermore, contractors can also act as consultants to junior members of your workforce, or a team member looking to acquire a new skill. Unlike employee team managers, who juggle many day-to-day managerial responsibilities, contractors may be able to act as a temporary mentor during their time of engagement – which is extremely beneficial for your company.
3. You will source top talent, quickly
Filling a permanent position can take anywhere from one month to a year, depending on the role and required skillset. When you engage a contractor, the whole process takes an average of three weeks – which will massively reduce the time you spend searching for talent in the technology market.
4. Your workforce will be agile
The technology market is a project-based industry, so having an agile workforce will pay dividends to your company. This is extremely beneficial when you have a time-sensitive project that needs a specific set of skills for a certain amount of time. You can create contracts for a week, month, even a year, depending on your requirement.
There is one key take home from this article - the project-based economy is here to stay. If you’re not already engaging with the contractor workforce, you are missing a trick. Engaging a contractor will result in huge benefits for your business. And while there are many factors to consider when making changes to your workforce, Oliver James is here to answer any queries you might have.