How Contingent Workforce Makes Your Business More Competitive?
Increasing global industrialization is witnessing more demand for the contingent workforce across end-industries. Companies have already adopted this innovative workforce strategy to reduce the expenses spent on direct-hires. This drive is primarily for ensuring the best and flexible talents at all levels of the organization.
Who are called Contingent Workforce?
Contingent employees are project-based and are hired temporarily. But, in some cases, if the employer likes their performance, they can hire them as the full-time workforce.
What are the types of Contingent Workforce?
- Independent contractors
- On-call Employees
- Contract workforce or Hires on contract
- Individuals hired on project-based are types of contingent staffing
Why Contingent Workforce Are Significant?
- In the current era, the contingent workforce is a significant driver to enterprises to remain competitive in the market. Many organizations are implementing contingent staffing strategies and hiring skilled talents in the market.
- If you are searching to hire a contingent workforce, USM is your best partner. Depending on business needs, criteria, and domain, we place hires on a contract basis. Reduce hiring costs and deliver your project on time by involving our skilled IT professionals.
- Also, we provide full-time staffing, permanent staffing, and RPO services.
- USM has two decades of experience providing staff augmentation services. We provide the best contingent workforce solutions to various industries. We strive to improve the customer’s internal functional areas.
- Our contingent employees are well-trained in advanced technologies like Artificial Intelligence, Machine Learning, IoT, Blockchain, and Big data.
- On full-time hires front, our talented and dedicated talent acquisition team works to meet your project needs. We adopt the changing market environment and understand the business needs to hire suitable candidates.
Top Three Benefits of Hiring Contingent Employees
As of our industry knowledge, below are the few reasons why many companies are opting for contractual/ contingent staff instead of a permanent employee?
#1 No Tax Duties
If you hire permanent staff or full-time staff, you need to pay state and local income taxes and medical taxes. But, if you hire our contingent employees, no need to pay any of the above taxes to them. They will work on USM payroll. USM is responsible for all medical and employment tax coverage.
If the contingent employee is a self-employed or freelancer, they have to pay self-employment tax.
#2 No Financial Obligations
Unlike permanent employees, contingent employees are not eligible to get the company’s employee benefits (like health insurance, holiday benefits, and retirement benefits). Also, no annual bonuses will be offered to the contingent workforce. Thus, as an employer, you can save money and only pay for the work that they do.
#3 More Flexibility
Contingent Workforce solutions offer more flexibility than general hiring approaches. As they will hire on project-based, you can off-board them upon the successful accomplishment of your task. USM is a global leading contingent workforce service provider. Our contingent workforce solutions help you deliver your IT project as you scheduled.
Tips to Manage the Contingent Workforce
To ensure the best performance of the contingent employees, we suggest to follow the below tips:
- Contract them on project-basis
- Continuous monitoring of Contingent employee Operations
- Check work progress daily without fail
- Pay on-time and get your project ready
If you hire a contingent workforce, you have the feasibility to terminate them, once the project was done or to permanent them, based on their performance. USM’s project-based contingent workforce ensures your project realization quickly.