7 Benefits of a Contingent Workforce You Can't Ignore

In today's world, companies need to be able to turn on a dime. Sometimes, you need talent for a brief period of time, whether it is a temporary receptionist...or an interim chief financial operator. This is called the contingent workforce.

At higher levels, this means bringing in the talent you need for the time you need it on a contract basis usually for specific projects. There are numerous benefits to hiring a contingent workforce rather than taking on somebody full-time; in addition, a contingent worker may be converted to a full-time worker if you find you have a long-term need for their specific combination of talents and skills.

Here are some of the benefits of a contingent workforce.

Reduce Administrative Burden With a Contingent Workforce

Contingent talent is typically either a contractor or employed by an agency. Especially in the latter case, you don't have to deal with the typical administrative burden of bringing on an employee, adding them to payroll, etc.

Add High-Level Talent Without Permanent Commitment

You can add the precise talent you need to fill your organization's current expertise gaps without having to commit to that person's long-term career. You also don't have to feel bad; high-level contingent workers not only know their position is temporary but, in most cases, enjoy the challenges that come from solving a company's problems then moving on.

Reduce Costs

Turnover is expensive. Hiring and onboarding costs money and so does laying somebody off. Unemployment insurance claims can result in increased premiums in the long term. When you know you only need somebody for six months or a year, it makes sense to use a contingent worker, planning on keeping them only for the time you need them.

Close Skill Gaps

Technological progress is racing ahead of skill building. Accenture predicts that if this does not slow down, the G20 economies could lose as much as $11.5 trillion in growth in the next decade.

However, it's expensive to train workers. Hiring a contingent expert gives you the skills you need, and they can also pass their expertise on to your permanent workers, helping you keep up with the pace of change.

Scale Up Fast

Our MetaExperts™ are used to getting to work as soon as you need them to. This means they can achieve very fast results; they already have the expertise you need and thrive on change, a fast pace, and tight goals. They have helped all kinds of companies with all kinds of situations, including ones just like yours.

Try New Approaches Without Hiring Permanent Employees

A bad hire can cost you a considerable amount of money. This does not always mean that they are a bad person or a bad worker, but rather a poor fit. Sometimes you might hire somebody to do something and then find that that is a poor direction, leaving you with an employee who has no job to do and dealing with the expense and morale loss associated with turnover.

Reduce Risk

In fact, the cost of a bad hire may be as much as 30% of their first-year earnings, per the U.S. Department of Labor. If a MetaExpert™ is not working out, you have no permanent commitment and can simply end the contract and hire somebody else. However, it is rare for our MetaExperts™ not to be suitable, as we take great care to match them with your company's needs and culture.

Contingent workers are one of the ways your company stays flexible and agile. You can hire MetaExperts™ when and where you need them, with no need for a permanent commitment. This allows you to close expertise gaps in your company and support growth without high costs and administrative burdens.