As Covid-19 firms its grip on the world, we have seen a dramatic change it how people work, as swarms of employees begin working from home, and businesses rethink how they hire. Almost overnight, this has changed the global recruitment landscape for at least the short term and months to come.
Amidst this new world, businesses, from small to big, are understandably affected, and hiring for permanent positions may be too risky of an undertaking at this moment. This is obviously bad news for job seekers, but also for the companies themselves, whom still need good talent to maintain business in the long run. The question now is, how can companies continue to bring in talent and still hire, without having to undertake the risk and investment amidst this unprecedented global economic uncertainty?
Contract hiring may be the right solution for you. Beyond the flexibility that hiring a contract employee brings to you as a business, this arrangement also comes with a much lower immediate-term recruitment cost, as well as a shorter hiring process. Below are 3 reasons why contract hiring may be what you need to consider getting you through as a business in 2020, and without doing damage to your hiring plans and overall business growth.
Reduced Effort & Cost – As a Recruitment company, Formative Search will take care of the third-party costs associated with hiring and recruitment, such as related services like collecting and generating timesheets and invoices, and also the statutory requirements with insurance and taxes. Businesses do not need to spend on training or development as well as the Contract hire will be expected to join the company for a limited time. Companies also avoid the large up-front recruitment cost that comes with hiring permanent employees, and instead pay lower monthly fees.
No Cooldown Period - Contract hires allow companies to increase or decrease the team size as they wish, and extending contracts allow a project to continue running without delays. Of course, the beauty of this is also having the option of converting the contract role into a permanent one if they wish to do so in the future.
Niche and Highly skilled Hires - Typically, contracts are hired for a specific skillset they possess that can really drive a project forward. They are used to working on niche projects and making an immediate impact in their short time with a company. Additionally, there is the bonus of the hiring process being shorter and more efficient as clients are only looking out for technical skills instead of cultural fits.
Formative Search recognises that many organisations now are looking for alternatives outside of hiring for a permanent role. We recruit for contract roles on a simple pay-by-month basis, offering a quick and cost-effective way to find you the talent you need to drive your business forward in the current global crisis.
Contact us here to find out how Contract Recruitment could be the right solution for you, or submit a Contract position with us.
More information on what contract hiring is and what it can do for you and your company can be found on Formative Search's Youtube Page.
For enhanced contractor experience and compliance, we use Agile Human Solutions’ AI-augmented processes along with a human touch from Formative Search to keep your costs low.
Text by Tammy Lee