How companies are using executive contracting
Businesses that adopt an executive contracting model, in conjunction with their permanent hiring strategy, cite many benefits to this approach. Ultimately, it comes down to flexibility, costs and risk management.
Getting top talent in the right place, at the right time
Most contractors, by nature, are motivated to constantly upgrade themselves with the latest skills and expertise to stay at the top of their field. For this reason, they tend to be more competent than permanent staff—a point supported by research with shows that contractors generally make greater strides in their career than permanent workers in a 10 year span. Their motivation also impacts their dedication and engagement in getting the job done.
Contractors can also boast a much deeper skill set, having worked across a multitude of companies and projects. They are adaptable as well, given their experience melding into different corporate structures and cultures, and typically have strong social skills which enable them to fit into new environments quickly.
The contingent staffing model provides employers with flexibility and immediate control, enabling them to circumvent issues such as hiring freezes or other headcount, time, resources and workload pressures. The need to invest time and other resources in on-boarding and training is often minimal, given the depth of expertise and experience of most contractors. This translates into a minimal amount of disruption to the existing operation, taking less time from other staff, including HR.
Cost efficiency and risk management
One of the greatest benefits of a contingent workforce approach is the cost efficiency and ability to lower risk. The total cost of a permanent hire can greatly exceed that of a non-permanent one and have a real impact on the books in terms of statutory costs, insurance, and tax benefits, to name a few.
The opportunity for recruitment value added services
Recruitment consultancies that provide specialist contracting services as part of their holistic service offerings are engaged – and accountable – from sourcing the candidate right through to the duration of the assignment. Because they are providing services across the board, it means that they can also provide companies with the option to “try before they buy,” riding on their thorough understanding of and relationship with both the contractor and organisation.