2019 was very much a candidate-driven market, and it’s no surprise that this remains true as we enter the new year. The unemployment rate is the lowest it’s been in 50 years, there are more job openings than there are people to fill them and, if you’re like most hiring managers today, you’ve felt the frustration and stress this can add to the workplace. While permanent, full-time roles are a majority of the job openings today, contract staffing can bring so many benefits to both job seekers and your teams. Here are some of those benefits and how your organization can capitalize on them in 2020.
Benefits to the client
Quick hiring process
If you’re looking to fill a position immediately, contract staffing is the way to go! Time to fill ratios for these positions is substantially lower than permanent roles. According to HireVue, the average time to fill a permanent position is 42 days. This is a huge problem because candidates are only on the job market for 17 days, so chances are you’re missing out on great talent!
“Try before you buy”
Hiring a contract worker is a great way to ensure the candidate has the right skill-set and fits well with your company culture. If the candidate isn’t working out, you can end the contract, or if they’re a great asset to the team, you can convert them into a permanent employee!
Cheaper than hiring a full-time employee (FTE)
As most employers are aware, employees are the most expensive asset to organizations with the highest risk. By hiring a contract worker, you reduce your costs associated with vacant positions, as well as the costs related to onboarding a permanent, full-time employee.
Staffing flexibility for projects and overflow
Hiring a contractor for a short-term project is a great way to get the work you need to be accomplished while not having to worry about headcount once the project is over. If you need workers with a unique skill-set or knowledge, this is a great way to tap that resource without having to invest in a full-time hire.
Benefits to the contractor
Contract workers can be a tremendous asset for your organization; however, contract assignments also benefit you as a job seeker. Here are a few reasons why a contract assignment is attractive to job seekers as well.
Quick hiring process
Yes, this is also a benefit to the temp employee. If you need a job immediately, contract positions are the way to go. You can typically start working as soon as you complete all necessary onboarding procedures. Essentially, you get to jump right into your next opportunity!
Try something new
This is an excellent way for a worker to see if the organization is a fit for them. In my experience, if candidates go in and do a great job for the organization they’re working for, they’ll often keep them on-board and convert them into FTE.
Adds diversity to your skill-set
Permanent positions, while great for the long-term, can hinder skill-set if you’re not continually taking on new challenges or responsibilities. Contract jobs are a great way to expand your skill-set and get exposure to other areas in the workforce. These skills can be great resume boosters and help make you a more valuable employee in the future.
Fills your income gap while searching for FT position
A contract job is a great way to earn income while you search for a full-time job. Searching for a full-time position can be a daunting task and usually takes much longer to get through the interviewing and onboarding process.
Want to discuss the possibility of contract staffing?
This isn’t an all-inclusive list for all of the benefits contract jobs have to offer. If you’re currently in need of a contract employee, contract job, or just would like to discuss the additional benefits of contract staffing, I can help! I have added contract employees to numerous banks and credit unions in the Pacific Northwest; I would love the opportunity to partner with more organizations and make an impact in 2020.