The contingent workforce refers to a group of talented professionals who work for various companies on an on-demand basis. Freelancers, independent contractors, agency workers, and consultants are all examples of individuals who make up the contingent workforce.
The growth of the contingent workforce can be attributed to several factors. Freelance platforms and new technologies have made it easier for freelancers to collaborate with clients and grow their businesses. Attitudes towards work-life balance are also evolving along generational lines, inspiring more individuals to pursue a freelance career. Freelancers can often earn more than full-time employees, and the erosion of job security has also played a role in inspiring more individuals to pursue a freelance career.
The contingent workforce offers several benefits for employers. First, hiring from the contingent workforce is often cheaper than hiring full-time employees. Companies can circumvent many of the costs that are traditionally associated with full-time employees, such as salaries, national insurance contributions, recruitment expenses, and more. Although members of the contingent workforce often charge a higher hourly rate, businesses still make significant savings by working with those professionals.
Second, finding and hiring talent from the contingent workforce is faster than hiring full-time employees. Companies can leverage data-driven recruitment tools and platforms to find the talent they need in a matter of days instead of weeks. This speed means that businesses can identify a distinct need and then fulfill it in the same week, giving those businesses a significant competitive advantage.
Finally, the contingent workforce is talented and diverse. Diverse workplaces are often more creative, productive, and performant. Businesses that call upon the contingent workforce for short-term projects get to benefit from a more diverse workforce. Those on-demand professionals naturally bring a whole new set of attitudes and approaches that can deliver lots of value for businesses. This regular injection of new talent helps businesses to keep abreast of new developments and even get a glimpse into best practices picked up in other companies.
In conclusion, the contingent workforce is here to stay, and businesses that embrace it will benefit from the many advantages it offers. Myn’s leading Talent Intelligence platform is an excellent example of how businesses can leverage the contingent workforce to find the talent they need quickly and efficiently. Join the growing number of world-leading brands that have already accessed Myn’s portal and experience the power of the contingent workforce today.