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Myths About Contract Workers

3 Myths About Contract Workers

Contract Workers

You’ve probably heard at some point or another that the ‘gig economy’ – a marketplace of contingent or short-term contractors or freelance workers – is thriving. According to a recent study, more than one-third (57 million) of U.S. workers hold a contract position. Despite encompassing so much of today’s workforce, countless employers still don’t understand and see the value in hiring contractors.

Here are three of the most common myths about contractors and why your team should consider enlisting them.

They’re always looking for greener pastures

A common myth about contractors is that they are always looking for ‘better’ opportunities. And while that may be true for some contractors, most of them will finish out their assignment. Whether it’s three months, six months, or even a year, contract workers will typically stick around and help your company reach its production goals. In fact, many are working hard for the opportunity to earn a permanent position on your team.

They don’t have the experience I need

This is another misconception about contract workers that simply isn’t true. Contract workers can often have more experience than candidates who’ve only held permanent positions. However, it may be challenging to identify this. It can be tricky to understand the resume of a contract worker as it probably looks nothing like a traditional resume. For example, a contractor’s resume may be much longer than a standard resume because they probably have worked at numerous employers with a broad range of positions.

Or, since they’ve had some many positions, it can make them appear to be a job hopper. However, since contractors often work for numerous employers in various industries, there’s a good chance they are even more qualified than a ‘traditional’ candidate.

It’ll cost my company more money

Many hiring managers and employers believe that utilizing contract workers is too costly to their company’s bottom line. Again, this isn’t always true. Your organization can actually save money hiring contract workers instead of waiting weeks or even months to hire a permanent employee. If it’s taking you months to hire the right candidates, it costs your company more than you might think. The average cost of a vacancy is over $4,000 over a 42-day span. So, if you have a handful of positions and they’re vacant for months (which is often the case in today’s labor market), it’s costing your company tens of thousands of dollars.

And do you know what an efficient solution is to avoid these costly hits to your bottom line? Enlisting contract workers! Contract workers will help prevent hiccups in production and keep operations running smoothly. The best part about contract workers is if they’re adding value to your team, you can offer them to come on board permanently.

Partner with Johnson Search Group for your contracting needs

Contract workers are a great solution to your staffing needs in today’s tight labor market. If you are interested in utilizing contract workers, reach out to a recruiter at Johnson Search Group today! Let’s work together to find the talent your team needs.

Contract Workers

Why Contract Workers Are Appealing in Banking

Contract Workers

With the market as hot as it is, we need to talk about contractors. Most banks don’t think about using contractors for those urgent or critical roles. It is not at the forefront of the minds of hiring managers and HR professionals like it is in other industries, such as Healthcare. Hospitals and healthcare providers are continuously using contractors to fill their most critical positions. However, in this tight market, more and more banks are utilizing contract workers.

In fact, I placed two contract positions last week for two different banks. If you think banking institutions aren’t interested in contract workers, you are definitely mistaken. So, when can or should you use a contractor for a role?

Critical Job Vacancies

For any role that’s vacant and is vital to your organization. For example, the operations side of the bank is an area that makes perfect sense to utilize a contractor. A recent study claims that over one-third of workers are considering quitting their jobs to take advantage of today’s market and find a new job opportunity. So, hiring a contract worker is ideal when you lose that critical person on your team, and you need someone to fill in immediately. Plus, it will help ensure you don’t burn out your other staff that is going to have to fill in for them until you find the person to replace the loss.

My team and I can fill those contract roles incredibly fast. I just filled a Mortgage Closer/Funder role for a bank in less than 24 hours. They lost a critical member of their team and needed someone that could handle those closings within a day of starting. We were able to get this bank a great professional contractor to fill in until they can find the right person. And if the contractor continues to do a fantastic job, they may get converted into a permanent employee.

Leave of Absences or Vacation

Another great reason is for Leave of Absences (LOAs) or extended vacations. With the laws changing with LOAs to offer more freedom for new parents, banks are in a pinch as they let their employee take the time they need with their new child. Or when someone needs to take an extended vacation but has essential tasks that still need to be done while they are gone. This is a natural place for a contractor.

You may not be looking to replace all of what that person does daily, but the bulk of what they do. You need to prioritize what that person does, and which tasks/responsibilities are essential to the organization. After you determine that, your team now knows what to look for in a contractor.

To put this in perspective, one of my top clients called me last week needing a senior accountant. One of their accountants is going on an extended leave, and they need a contractor to fill their place temporarily. We discussed the most critical responsibilities they required the contractor to be able to handle. We received this job order on a Tuesday, and we had a great accounting contractor in the next afternoon. She covered the must-haves and had some additional skills that will help cover the role of the employee on leave.

Hiring for a project

A common need for a contract employee is for project work. We do a ton of this in many areas of banking, including IT, Risk/Quant, HR, and BSA/Compliance. Our team has placed many people in these areas. When your project needs a subject matter expert or a regulatory requirement change, this is where we can help you get contractors in place. You will save money on the contract, and you don’t have to figure out how to utilize that person after the project if you decide not to bring them on in a perm capacity.

Plus, we handle everything for you; they just show up, work on their assignment, and move on to the next project. Many of our clients see the value of contract workers and consistently utilize Johnson Search Group to fulfill their temporary hiring needs. In fact, we just filled a role for a massive technology conversion with one of our banking clients. The contractor we placed with them has helped multiple banks convert to this new technology and knew the hurdles, pain points, and shortcuts to help make their project go smoothly.

Work with us to find your next contractor

So, when your next perm employee quits without notice, think about calling us to fill the role on a contract/temporary basis. Or, if one of your employees goes on an LOA, think about utilizing a contractor to perform the critical aspects of their job. Johnson Search Group’s banking team can get the bulk of the workload off your other employees’ shoulders, so you don’t lose them too due to work overload. If your organization needs someone now, give us a call and let us help you find your next contractor.