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The business world is currently undergoing what’s been coined the ‘digital transformation’; the number of UK businesses moving online and investing in IT infrastructure and software has sky-rocketed. Between 2016 and 2017 alone, the IT industry’s turnover grew 4.5%, and the UK is now ranked third globally for total capital interest within the Tech industry.
But with jobs being created much faster than they’re being filled, a substantial talent gap is emerging; research predicts that by 2020, the IT industry could be short of talent by more than 1.1 million workers globally. Competition is rife within the sector to take on – and retain – the industry’s top talent.
However, what most companies fail to consider is the potential solution that is temporary staff. Contractors are the flexible alternatives to long-term employees that you can tailor to your company’s specific professional needs. An IT specialist, for example, will provide your business with technical skills needed to get you up and running, without the long-term commitment and at a lower overall cost.
It is estimated that a quarter of the UK’s workforce is currently made up of temporary staff. In the last year alone there has been a 9.5% growth within the number of contracted employees, the benefits of temporary workers proving manifold for both companies as well as employees:
The most important factor to consider is the time that your company could save as a result of hiring a contractor. An employee working on a contracted basis is essentially self-employed, great for a busy company that wants to get a specific job completed without the time to invest. They will also be responsible for things such as gross salary, admin and their pension; your company will be saving time simply by cutting out the usual hassle that comes with hiring permanently.
A contractor will save you money immediately in the simple fact that they are a temporary, finite solution – you are not funding a full-time employee but paying a set amount for a set service within a set time frame. Taking on a contracted worker will keep expenditure low and within your company’s financial limits, as you stay in control of how many hours, days and weeks they will work.
Hiring new employees comes with legal considerations and a list of responsibilities. A busy company doesn’t always want to dedicate time to these things, this is where a contractor can be more beneficial than permanent staff. Generally, a recruitment agency would be responsible for a contractor and the legal responsibilities that come with this style of work - from due diligence, screening and background checks to financial matters such as sick days, holiday pay and annual leave.
Contracted work is becoming increasingly popular within our job market, and the increase is set to keep rising. Temporary contracts are changing the traditional 9 to 5, this style of work not only benefitting the employer but the employee as well, allowing for more freedom and a better work-life balance. It is estimated that the average 25-year-old, for example, spends three years at a company before moving on, with job hopping becoming increasingly popular within the millennial age group; 87% of graduates have voted contracted work as an idyllic career path.
National corporations have already saved a vast sum of money on employee costs by opting to hire contractors; companies such as McDonald’s, PepsiCo and FedEx are but a few seeing the positive benefits that come from contracting staff. The benefits outweigh the disadvantages by a landslide and, for the IT market in particular - saturated with opportunity and desperately competing over specialist talent - seems one of very few viable solutions to keep up with the times.
The Guardian, Number Of Zero Hours Contracts In UK Rose By 10,000 In 2017, 23.04.18
Computer Weekly, UK Tech Sector Growing 26 Times Faster Than Overall Economy, 17.05.18
Linkedin Talent Blog, These Industries Will Face The Biggest Talent Shortage By 2030, 24.07.18
Business Insider, Companies Don't Like Having Full Time Employees, 25.06.16
CSG, The Rise Of Contract Recruitment, 10.05.18
Micheal Page, Why Hire Contract Workers?
Mondo, 4 Business Benefits Of Hiring Contract Talent
Time Doctor, Employee Extinction? The Rise Of Contract, Temp Workers In Business