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contract staffing

Contract Staffing: The Key Hiring Strategy Your Bank Is Missing Out On

contract staffing

The current hiring market for the banking industry is extremely competitive. One of the best ways to get a leg up on your competition? Incorporate contract staffing into your hiring strategy! There are many benefits to hiring contractors, for both you and contractors. Moreover, contract staffing can be utilized in almost every department of your organization. Having partnered with several top credit unions and banks in the Pacific Northwest, I can attest that the need for contract staffing will only continue to drastically increase.

Contract staffing is everywhere

According to the American Staffing Association, America’s staffing agencies and companies employ 17 million contractors each year. Additionally, one-third of those contract employees end up receiving a permanent job offer from the company they are on assignment with.

Almost half of employers utilize contract staffing for IT positions

The need for contract staffing in financial services and banking covers a range of positions; from administrative duties to the mortgage department and even one of my specialties, IT. For example, according to Interactive Business Systems, 48% of companies have used a staffing agency for IT-related job functions. The era of digital banking is here and the need for talent in those areas is increasing.

According to Ernst & Young, “A recent study found that 62% of senior leaders in the banking industry believe that the digital talent gap, or the disparity between the supply of qualified people with digital expertise and the demand for those candidates, has been widening in recent years. As the needs of banks change, they will sharpen their focus on recruiting people with specific technology expertise.” In other words, there is a talent gap in the banking industry for exceptional IT professionals.

Mortgage loan professionals are great for contract staffing

My clients find that their need to hire support staff increases as the number of mortgage loan applications fluctuates throughout the year. Typically, I recruit very heavily for banks and credit unions at the beginning of the year to beef up their mortgage support teams. These contracts range anywhere from 6 months to one year. Thus, these assignments are just long enough to get them through their busy season. Fortunately, I have a large network of mortgage talent that I’ve built up over the years. This allows me to service the same clients year-over-year in accordance with their busy seasons.

Whether it’s a short-term contract or a long-term project you’re looking to hire for, I am happy to help! I understand the need for top-talent and the shortage of qualified candidates on the market today. Let me help you source contractors that are not only qualified but also excited about contract assignments!

Why Your Next Job Should Be A Contract Position, career, career help, career benefits, job search, contract positions, Johnson Search Group

Why Your Next Job Should Be A Contract Position

Why Your Next Job Should Be A Contract Position

So, you’re on the job hunt and you come across an incredible opportunity. It’s exactly what you’re looking for – flexibility, a chance to sharpen your weaker skills AND it’s with a well-known institution who prides themselves on community involvement and employee engagement. You contact the recruiting firm or hiring manager to find out that… DUN DUN DUN… this is a contract role. Now what? More and more companies are using contract and contract-to-hire employment as their preferred method of hiring. In fact, contract employees make up 32% of the workforce in the United States.  It’s important to understand the benefits to this type of staffing before dismissing the process altogether.

Here are some common misconceptions of contract opportunities.

Temp employees do not receive benefits.

This is simply not true. Although the contracted employee may not receive benefits through the employer directly, the staffing firm may provide benefits to those employees who qualify. Here at Johnson Search Group, you receive Medical, Dental, and Vision when you qualify for benefits.

Wage and overtime laws do not protect contracted employees.

Contract employees are protected under the same wage and overtime laws as permanent, full-time employees.

Temporary work is short-term and pays less than permanent roles.

In my experience, contract roles pay industry standard, if not more. Some contract work may be short-term but there may very well be the opportunity to become a permanent employee. If you come in, do a great job and prove yourself in the role, your chances of becoming a permanent employee increase if and/or when an opening becomes available.

Contract work looks bad on a resume.

A lot of employers are aware of the benefits of contract work. Performing in these roles gives the contractor an opportunity to gain knowledge, experience, and fine-tune their skillset. If you’re going into a new industry, this is a wonderful way to see what the industry is all about and if it’s something you want to pursue long-term.

In today’s’ competitive market, these contract and contract-to-hire positions can get you a foot in the door, expand your knowledge and skillset, allow you to network with people in the industry and possibly land you your dream job one day!

(You’re welcome)