Published Date: 12th July 2024
Let’s face it, the market is tough out there right now. But there is still work to be done. Whether it’s getting through to year-end, budgeting for next year, implementing a restructure, or carrying out a new system implementation, there is always a need for skilled and experienced people.
While full-time employees remain essential, when uncertainty enters the economic outlook, there is typically a trend towards engaging contractors for the flexibility and agility contractors can provide.
In the Accounting and Finance space here at Beyond Recruitment, we are seeing more organisations look for ways to access talent while they carefully manage their resources. The benefits of hiring contractors are tangible and measurable – so we’ll explain in detail the difference they can make to your business.
Ultimate Flexibility
One of the most effective and simple ways to handle fluctuations in your workload is to hire temp staff. There will be times when your organisation needs to quickly build a team to meet demand during peak periods, audits, or new projects – or perhaps after a few resignations.
Another underrated aspect of engaging contractors is that you can address issues arising from excess overtime. When your team is short-staffed, you run the risk of decreasing morale and productivity, as well as mental health and wellbeing issues. Adding a contractor to your team could significantly alleviate the workload and aid with the long-term retention of permanent employees.
Reduce a Range of Business Costs
Staffing expenses like holiday pay, sick leave and parental leave can add up fast – and put a damper on momentum during a critical growth (or survival) phase for your business.
Paying temporary workers only for the hours they worked is a sensible way to keep costs under control, more so during periods of uncertainty. If you’re engaging a New Zealand agency to hire temp staff, costs like payroll tax, workcover insurance and administrative expenses will already be covered.
Salaries aren’t the only area you can shave expenses from – there are other additional overheads associated with permanent employees in the form of office space, rent and utilities. With a flexible headcount, you can make easier decisions about office leases, equipment and other operational expenses.
Access Vetted and Specialised Skills
Gaining access to specialist skill sets is among the major benefits of hiring contractors in every industry. Virtually every organisation we encounter has skills gaps, which are often persistent and difficult to hire permanent employees for. Using contractors will bring well-developed skills to your teams and projects that may not be available within the company's full-time workforce.
By hiring temp staff, you can bring in people who can work with minimal supervision. For example, a tech company developing a new software product might need a senior cybersecurity expert on board.
The Contractor Hiring Process is Faster
Instead of undergoing a lengthy hiring process and managing salary negotiations with an agency, you can quickly onboard a contractor at an hourly or day rate.
The contractor hiring process has a much shorter lead time and is less likely to involve notice periods. As we carefully screen every contractor, you won’t need to spend time on background checks, such as criminal history, reference checks and work rights vetting.
Risk Mitigation
Contractors can help you reduce the risks associated with hiring full-time employees during leaner times when restructuring might be on the horizon. If your business experiences a downturn and redundancies become necessary, downsizing a temporary workforce will result in fewer financial obligations and the potential for legal claims.
Additionally, temporary hires allow you to avoid the risks associated with a mistake hire. Hiring an unsuitable employee for a perm role can get quite expensive and time-consuming to rectify – not to mention the paying out of their leave entitlements.
Innovation and Fresh Perspectives
Contractors can bring fresh perspectives and ideas, having typically worked with multiple companies across different industries. With a fresh pair of eyes, they can identify areas for improvement, enhance process efficiency, and introduce new concepts that can drive innovation and growth.
We’ve seen contractors act as catalysts for improved productivity in organisations. Their presence can encourage existing teams to engage in creative problem-solving. By sharing their experiences and knowledge, contractors can help build a more innovative and collaborative company culture.
Find Contractors Now with a Premier New Zealand Recruitment Agency
Hiring skilled temporary or contract professionals enables you to maintain a high-quality workforce and adapt swiftly to changing business needs, ensuring that you always have the right skills and talent on hand.
I regularly work with exceptional contractors, and I'd love to discuss how they could benefit your organisation. Please feel free to reach out to me directly at 021 469 750 or contact the Beyond Recruitment team today.
