In today’s dynamic business landscape, the rise of the ‘gig economy’ has led to an increasing number of companies hiring contractors over full-time employees.
So with the increasing presence of these transient, remote, part-time, and contract workers, it raises the question of whether it is still essential to develop and nurture a robust company culture.
The answer is a resounding YES!
In fact, in the gig economy, culture matters more than ever before. With a highly competitive job market, the workplace environment plays a significant role in determining whether someone chooses to work for you or not. As organisations embrace this flexible workforce, it becomes crucial for them to recognise the significance of workplace culture in attracting and retaining the very best, skilled contractors.
In Oncore’s recent State of Contracting survey, a staggering 78% of contractors highlighted a company’s culture as very important to them, with open communication and collaboration coming out top as the most important aspect of culture to them (at 80%). In this blog, we will delve into the reasons behind this statistic and shed light on the role workplace culture plays in the contractor ecosystem.
So what is Workplace Culture?
A workplace culture encompasses the values, beliefs, and behaviours that shape the environment within an organisation. It reflects how employees interact with each other, collaborate, and find meaning in their work.
Attracting high-quality contractors
In a competitive market, the best skilled contractors have the freedom to choose the projects they work on. Workplace culture has become a distinguishing factor for companies seeking to attract top talent. Contractors are no longer simply motivated by money but also seek an environment where they feel valued, supported, and aligned with the company’s vision. A positive culture fosters a sense of belonging and encourages contractors to give their best efforts.
Enhancing retention rates
Maintaining a strong contractor base is vital for companies that rely on contingent workers. A thriving workplace culture can significantly impact retention rates. Contractors who feel connected to the organisation are more likely to stay engaged and loyal to their projects. When a company invests in cultivating a positive culture, it not only reduces turnover but also builds a reputation that attracts future contractors.
Collaboration and teamwork
Successful projects often require seamless collaboration between contractors and permanent employees. A robust workplace culture promotes effective teamwork, open communication, and knowledge sharing. When contractors feel included and supported within the company culture, they are more likely to forge meaningful connections with colleagues, leading to improved project outcomes.
Contractors bring a wealth of experience and fresh perspectives to a company. However, their ability to fully contribute and innovate is greatly influenced by the organisation’s culture. A culture that encourages creativity, risk-taking, and idea-sharing empowers contractors to think outside the box and make valuable contributions. In turn, this benefits the company as a whole and drives innovation.
Flexibility and work-life balance
One of the key attractions for contractors is the flexibility that comes with their role. A supportive workplace culture acknowledges and respects this flexibility, promoting work-life balance and ensuring contractors can manage their schedules effectively. A culture that values well-being and promotes a healthy work-life integration can boost contractor satisfaction and productivity.
Fostering professional development
Contractors often seek opportunities for growth and professional development. A company that prioritises learning and provides resources for skill enhancement demonstrates a commitment to its contractors’ career progression. A positive workplace culture that fosters continuous learning and provides challenging assignments can attract contractors who are eager to expand their expertise.
Communication of a company’s culture when sourcing candidates
Hiring managers are often missing the mark and struggling to explain a company’s culture and the benefits of roles when sourcing talent, leading to lower placement ratios according to data from Recruiter Insider. Recruiters need to work closely with hiring managers and provide training on how to pitch and articulate their company’s culture and benefits to potential candidates.
Your culture could be the key to your success
By nurturing a positive culture, companies can distinguish themselves in this competitive market, attract top talent, and retain skilled contractors. Cultivating an environment that promotes collaboration, innovation, flexibility, and professional development will not only benefit contractors but also contribute to the long-term success of your organisation.
By recognising the pivotal role of workplace culture and proactively investing in its development, companies can build strong relationships with contractors, fostering an ecosystem that thrives on mutual growth and success. A strong culture provides a sense of identity, attracts top talent, guides decision-making, and fosters collaboration, all of which are crucial for sustained success in today’s dynamic work environment.
If you would like to read more thoughts, insights and statistics on this or on all things Contracting then head over to Oncore’s State of Contracting survey 2023. Or if you would like to talk directly to Oncore about how to manage your contingent workforce more effectively then please do get in touch.