News & Resources »

4 Benefits of hiring contractors during a downturn

Published 22nd May 2020
As hiring freezes are currently in place, many organisations are looking to flexible contract engagements for the following reasons.

1. Continue or start vital projects

In uncertain times, many corporations refrain from hiring new staff however, this shouldn’t stop the progress of vital projects the company is undertaking. Hiring contractors, specialized in producing outcomes means your projects can stay on course. New projects borne from this pandemic, like digital transformations, are best suited to a highly skilled project-based workforce when ‘time to market’ is crucial.

2. Control project costs and risks

Engaging contractors means you can have more control of your short and long term costs. As you experience financial pressures, you need assurance that you can manage the costs and lengths of a contract and not expose your business to liabilities and risks.

Contractors can also be included in project budgets rather than in operational head-count. They can be hired on a part-time, short term, long term or retainer basis to suit your needs and budgets.

3. Build an agile and sustainable workforce

Contractors can serve as an extension of your workforce. They provide skills and resources to satisfy demand, which suits the peaks and troughs every company goes through. 

This also allows any regular permanent staff to focus on their normal workflow without suffering from unmanageable workloads. Having a healthy total workforce is more effective in the long term.

4. Top talent is available now

The global pandemic has created an open market for talent sourcing and the talent that is now available as a result of business closures and layoffs is of a uniquely high standard. Many candidates with sought after skills and experiences are now available, with demand for roles outstripping supply.

The types of roles that are attracting contractors are in areas like executive management, HR, consulting, project managers, IT or cybersecurity, and digital dev ops, to name a few.

Now is the time to source key talent that otherwise would not be readily available. 

 

Do you need an actionable guide to help you attract, engage and manage your contractor workforce?

Download our Contractor Insights Report