What are the business benefits of hiring contractors?
by Heat Recruitment
The use of contractors, often referred to as freelancers or consultants, is thriving in the UK and undergoing a sustained period of growth. Why this increase in popularity?It is arguably down to the abundant benefits these types of workers present to business.
So, when approaching a hiring opportunity, it can be useful to weigh up the potential value that hiring a contractor could have. Here we take a look at the four most powerful reasons why turning to the contractor marketplace could be one of the best hiring decisions you make all year.
- Saving money
Hiring a contractor rather than hiring a full-time employee pose a variety of cost reliefs for businesses. The prime being removing the responsibility of covering the costs of equipment and office spaces. Contractors, not being permanent members of staff don’t pose the traditional expansion and service costs that a traditional hire would.
In addition, hiring a contractor will tend to correlate to a person with a specific skillset and specialty, thus eradicating the need for training and development. T&D can be costly, not only in terms of the basic costs. But when you factor in the time lost in productivity and time taken to reach training benchmarks, a contractor could be an even better investment than first thought. After all, time is money.
- Increased flexibility
Contractors are the go-to candidate when considering a short-term project or perhaps a smaller scale assignment that doesn’t require the full specification or time of a full-time worker.
Additionally, they are highly useful when trying to bridge a gap in employment. If an employee of yours has been signed off for sickness or maternity cover for example. The cost alone of fledging a full-scale recruitment campaign, teamed with the time taken to source someone relevant for the role can be abundant. A contractor will allow you to tap into the skillset you need right away.
Think of the journey as a ‘try before you buy’ tactic too. The cost of a bad hire has been covered exponentially in the media, with some figures suggesting potential losses of up to £50,000 in the long run. Hiring a contractor can allow you to bypass that risk entirely due to the interim and professional nature of the worker.
- Refined skillsets
Contractors hone a plethora of specialist skills alongside extensive experience, due to the nature of their employment. These are great attributes that businesses can tap into without committing to a high-cost, specialist salary from the offset.
The accessibility to these high-level workers will also put you in prime stead to challenge the top-tier competition in your industry also. You will have the ability to tap into the mindset of a specialist who has faced varying barriers in different businesses and apply some of their natural problem-solving ability to those challenges facing your organistion.
- Improved company-wide productivity
When confronted with a project or scenario that could benefit the use of a contractor, don’t forget to weigh in the positive multiplier effect that it can have on your team too. Applying a niche person to task-orientated challenges allows your permanent members to focus on their day-to-day roles – eradicating the risk of being ‘spread too thin’.
The short-term nature of many contractor-led projects can also work in your favour. How? Deadlines. Project-based tasks can give your contractor a clear and concise map of what they need to achieve and when-by. Boosting their productivity levels two-fold.
Leading on from productivity is the general consensus that contractors need little or no supervision. Chances are, if you’re hiring a specialist, they have done this before and know what they are doing. This is a great help in terms of trust, but it also frees up your time as a business leader to pay attention to team members who are struggling or need a little more help or assistance.
by James Gallen