As the business world becomes more volatile and competitive, organizations are seeking innovative ways to increase productivity while cutting costs. A new trend on the rise is engaging contingent workers or Flexpreneurs* to perform specific tasks to meet specific goals.
*Flexpreneur, a word collaboratively coined by the Diamondpick team, that brings together the words ‘flexibility’ and ‘entrepreneur’ to perfectly represent those who specialize in flex working models.
Over 80% of executives are reporting an expansion in leveraging contingent, seasonal, intermittent or consultant employees to achieve their business goals.
The need for a high-quality, on-demand Flexpreneurs is gaining rapid momentum primarily because of,
Both contingent and traditional workers will perform tasks required to grow a business. Hiring a Flexpreneur will get the job done without the need to take on the responsibilities that accompany hiring full-time employees. Read on to find out if the benefits of hiring a Flexpreneur outweighs hiring full time employees.
A key element of the rise of skilled Flexpreneurs is the significant save on costs by hiring talent for specific project needs.
The employment cost structure is changing, with some organizations opting to pay by project/hour instead of monthly salaries. The higher rates that companies pay to strategic contingent workers are more than offset by the costs savings in terms of onboarding and indefinite salary paid to the permanent employees.
Here is a cost-risk analysis and sample scenarios for Flexpreneurs vs a full-time employee to better understand the cost and risk benefit each model brings with it.
These numbers speak for themselves! It is significantly cheaper to hire, train and retire a Flexpreneur over a full-time employee. But overall, the cost is only 60% of that of a full-time employee, and this benefit of 40% is passed on to the hiring team or the organization.
Apart from cost, the added benefits that come with adopting Flexpreneurs are,
For employers and employees alike, contingent work provides flexible options in an uncertain environment.
Benefits to Employers:
A contingent workforce gives organizations the ability to acquire the best available talent with a specific set of skills. It enables quick adaptation to major market changes, rapid scalability, skill development, and expertise sharing.
Contract staffing has several benefits for employees, especially a tech professional, making more and more of today’s talent opt for this kind of employment agreement.
they are often hired for specific projects, they have the opportunity to work on a range of different projects for different clients, which can help them develop new skills and expertise.
Disruptions will continue to change the global economy and talent marketplace and the best way a company can plan for future growth is to invest in a more flexible contingent workforce. One that can be implemented, on demand, to scale up unexpected skill gaps and help businesses pivot and thrive.
President, Account Management and Operations Strategic Accounts, Diamondpick
Arvind is a Talent Advisor, Change Management Enthusiast, Talent Acquisition & Human Capital Leader. He overlooks sales, account management and operations for the Strategic Accounts at Diamondpick, and is instrumental in developing the Hire-Upskill-Deploy and Contingent Staffing models for the company. His 19 years of experience spans across various dimensions of Talent Acquisition, leading large-scale recruitment, setting up Recruitment Shared Services and GIC’s (Global In-house Centre) multiple times across organizations.