In today's rapidly changing business environment, companies need to be agile and adapt quickly to changing demands. A contingent workforce is an excellent solution that provides businesses with a flexible, cost-effective, and scalable workforce that can adapt to changing demands. In this article, we will discuss the benefits of hiring a contingent workforce in America and how businesses can leverage this model to achieve their goals.

WHAT IS A CONTINGENT WORKFORCE?

A contingent workforce is a flexible and temporary workforce that is hired to fulfill a specific task or project. This workforce includes contractors, freelancers, temporary workers, part-time employees, and other non-permanent workers. According to a report by the Bureau of Labor Statistics, the number of temporary workers in the U.S. has increased from 1.1 million in 1990 to 2.9 million in 2019.

ADVANTAGES OF HIRING A CONTINGENT WORKFORCE

Cost-Effective

One of the most significant benefits of hiring a contingent workforce is cost savings. Contingent workers are typically less expensive than full-time employees, as they do not receive benefits, such as health insurance, paid time off, or retirement plans. According to a report by McKinsey, companies can save up to 30% of their labor costs by utilizing contingent workers.

Flexibility

A contingent workforce provides businesses with the flexibility they need to adapt to changing demands. Companies can hire contingent workers to fill gaps in their workforce, meet temporary staffing needs, or ramp up their workforce during peak seasons. According to a report by Ardent Partners, 95% of businesses use contingent workers to support business objectives.

Access to Top Talent

Hiring a contingent workforce provides businesses with access to top talent. Contingent workers bring diverse skill sets and specialized expertise that may not be available in-house. According to a survey by Field Nation, 45% of businesses hire contingent workers for their specialized skills.

Reduced Liability

Hiring a contingent workforce reduces liability for businesses. Contingent workers are not entitled to the same benefits as full-time employees, such as health insurance, paid time off, or retirement plans. This reduces the cost of liability for the business and frees up resources to invest in other areas. According to a report by Randstad Sourceright, 76% of businesses use contingent workers to mitigate risks associated with full-time employees.

Scalability

A contingent workforce provides businesses with the scalability they need to meet changing demands. Companies can quickly ramp up or down their workforce as needed, without having to worry about the long-term commitments associated with hiring full-time employees. According to a survey by The Adecco Group, 66% of businesses use contingent workers to adjust their workforce quickly.

Reduced Time to Hire

Hiring a contingent workforce can significantly reduce the time to hire. According to a report by SAP Fieldglass, the average time to hire for a full-time employee is 42 days, while the average time to engage a contingent worker is only 5 days. This reduces the time and cost associated with recruitment and onboarding.

Diverse Skill Sets

A contingent workforce brings diverse skill sets and experiences to a business. This diversity can lead to increased innovation and creativity, as well as fresh perspectives and new ideas. According to a report by HCMWorks, 61

Innovation and Fresh Perspective

Hiring a contingent workforce can bring fresh perspectives and innovative ideas to a business. Contingent workers bring diverse backgrounds and experiences to the table, which can lead to new and innovative ways of solving problems. According to a survey by WorkMarket, 86% of businesses use contingent workers to bring fresh perspectives and ideas to their organization.

HOW TO EFFECTIVELY MANAGE A CONTINGENT WORKFORCE?

While a contingent workforce provides businesses with many benefits, it can also present unique challenges. To effectively manage a contingent workforce, businesses need to establish clear communication, provide adequate training and support, and ensure compliance with all relevant laws and regulations.

CONCLUSION

In conclusion, hiring a contingent workforce provides businesses with a flexible, cost-effective, and scalable solution to meet changing demands. It also provides access to top talent, diverse skill sets, and fresh perspectives. By effectively managing a contingent workforce, businesses can achieve their goals and stay competitive in today's rapidly changing business environment.

If you are looking to hire a contingent workforce, we at CresTalent Consulting are here to help. With our expertise and finesse in providing top-notch contingent staffing solutions to businesses across America, we can help you find the right talent to meet you achieve the benefits discussed above.