Modern times have seen many shifts in business processes. The role of technology and social media, globalised communications and shifts in lifestyles have all contributed to a starkly different business environment to that of the years past. Yet despite all the changes, a traditional recruitment strategy is making a resurgence due to its alignment with the present emergence of demands for workplace flexibility.
Contracting is by no means a new concept, however, many could argue its relevance has been optimised in a modern business environment characterised by dynamism. The ability for organisations to contractually hire employees can provide significant cost-savings, yet also prime the organisation to reach goals as they utilise the knowledge-based resources of contractual hires often on a micro-strategic level.
Cost savings arise through contracting in a range of ways, that extend far beyond the often part-time basis of contractual outsourcing. Contracting allows businesses the flexibility to increase their workforce during busy periods, or periods of intensive restructure or re-strategising, without the stress of having to constantly hire and lay off staff. Furthermore, contractual hires are often highly educated, trained and experienced, reducing the need for businesses to undertake extensive training and development with contract hires. Overall, this seeks to lower the Human Resources costs, as contractors often work and operate without the need for extensive human-based management.
Furthermore, contract hiring can be a valuable way to fill in knowledge gaps, or provide the necessary expertise required for a particular project or business activity. Contract hires are often experts in a particular area of business – whether this be change management, leadership, or anything in between – providing key knowledge-based resources that hiring on a permanent, full-time basis may not uncover. The ability to engage with valuable knowledge-based resources in a flexible manner can be a perfect strategic fit for many organisations.