Project-based hiring
Save cost:
Full-time employees mean huge financial commitments, right from the salaries and benefits to furniture/equipment costs. On the other hand, contingency workers are often self-employed and come without the frills attached to full-time employees. Hence, even if as an employer you may have to pay the consultant you are hiring the same as your employee, you would save up on aspects such as employee benefits, office/stationery space and utilization, provident fund contributions. You also would only need to pay the talent for the specific work that they do, hence you are not left with employees whose profiles are redundant.
Be agile:
Contingency hiring allows you to add on to or contract your team depending on business conditions – this is especially beneficial in case your business is one that sees a variability in staffing across the year, or is project intensive. You can create contracts for a week, a month or a year – completely based on your requirement. Contingency workers can also fill up roles in case regular employees go on leave or sabbatical.
Save time:
In a survey conducted by human capital solutions company CareerBuilder in the US where they conducted a poll with 1,025 employees, it was found that 60 percent of companies are worried about the costs associated with delays in filling up positions. Here is where a contingent workforce may help. Contingent workers are often already specialized in their fields, thus reducing the need to hire and train people just to see them leaving. You also save up on the time you would otherwise need to spend interviewing people and getting the administrative documents ready for new recruits. This is especially beneficial in cases of emergency when you need to fill up a position, urgently. In addition, with a contractual worker, you are hiring for the specific talent, and hence do not need to worry whether they will fit into your work culture in the long run. Once the work is done, both you and the consultant, are free from any obligations.
