by Adrienne Jermyn Senior Relationship Consultant at Contracting PLUS.
Ireland’s Project Economy, research by Trinity College Dublin, reveals that the blended workforce is now a reality. More than 70% of surveyed companies have at least 10% contractors in their workforce, and nearly 40% of larger organizations surveyed claim to engage over 200 professional contractors.
Internal Company needs, a tight talent market, and candidates’ own working preferences are driving demand, with more and more companies leveraging the value Contractors bring to drive growth.
At Contracting PLUS, we’re not surprised by these findings. We have been collaborating with Independent Contractors for over 20 years and are well aware of the significant value and numerous benefits these highly skilled professionals bring to the workforce.
Companies engaging Contractors report these key benefits:
- Specialised Skills – Contractors usually possess unique expertise that may not be present within the company. As they have worked on similar projects with other organisations in the industry, Independent Contractors bring a wealth of experience from their previous roles. Clients can quickly access and easily benefit from this valuable experience and skillset!
- Top Talent – Many professionals opt to work as contractors due to the financial and career flexibility it provides. A blended workforce significantly improves access to a wider talent pool, bringing greater diversity to a company’s workforce.
- Flexibility – Contractors offer companies the flexibility to adapt to market demands and manage their workforce effectively. By using contractors, companies can easily scale their workforce up or down as needed, add specialised skills for specific projects, or cover talent gaps, such as during maternity leave. This allows businesses to allocate resources according to their current needs. Building strong relationships with contractors also opens the possibility of re-engaging top talent for future projects.
- Cost-Effective – Hiring contractors can be a cost-effective choice. Contractors work as independent professionals, which means they are responsible for their own taxes and insurances, reducing administrative costs for the organisation. Although contractors’ daily rates may be higher than base salaries (usually around a 20% increase), they don’t receive employee benefits like pensions, bonuses, holiday pay, or health insurance. When you consider the valuable skills they bring, contractors are seen as a cost-effective talent solution compared to a full employee package.
- Competitive Advantage – Contractors allow companies to remain agile and save time and costs in recruitment and training. They bring a fresh perspective, introducing new ideas and challenging existing thinking, which helps companies gain valuable insights to improve processes and drive growth. Contractors are also agile and adaptable, allowing them to hit the ground running and make a valuable contribution to the company immediately.
- Quick Turnaround Time – Contractors are hired for their specific skillset and need minimal onboarding and training. They can swiftly contribute to a project without a lengthy learning process and are experienced in meeting deadlines. In today’s competitive recruitment market, contractors provide organisations with a fast way to access talented individuals.
So, in summary, contractors enable organisations to deploy the skills they need, where they need them, when they need them, and for as long as they need them… and there’s no need to worry about Contractor setup – that’s where we come in!
If you would like to share this message with your clients, we’re here to help!
Click here to contact me directly and together, we’ll raise awareness of the valuable contribution that engaging contractors can bring to your clients’ businesses.
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