With two major economic downturns in the past twelve years, many companies have been forced to rethink the way they do business and how they use workers. Companies made necessary changes to become more nimble and in return independent consultants became the fastest growing sector in today’s workforce.
Is your company taking advantage of the independent workforce? Consultants can provide expertise the instant it’s needed and add to your company’s intellectual capacity. Independents offer flexibility to the ever changing demands of your company and greater cost control in order to handle the economic peaks and troughs. Another big plus is that consultants often come fully trained and greatly specialized, which helps them make a positive impact from day one.
Businesses should incorporate independent consultants into their workforce plan to partake in the following benefits:
Cost Control: In general, hiring consultants brings less cost to a company than employees do. There are a number of factors that make up this equation. When paying a consultant the company does not incur expenses such as the employer side of payroll taxes, Federal and State unemployment insurance and workers’ compensation. Hiring consultants can also help lower expenses like employer-provided benefits, office space and equipment.
Staffing Flexibility: Being flexible is important in today’s economy. Working with consultants gives employers the ability to increase or decrease their workforce quickly. This can be highly advantageous for companies with fluctuating workloads. You can hire consultants for a specific task or project knowing that both parties are aware that the relationship will end when the job is finished.
In many industries talent needs can change fast. When talent gaps are exposed in your organization, bringing in specialized consultants can enable you to access the right talent to quickly meet the challenge without incurring the longer term costs of hiring employees.
Increased Innovation: The experience that consultants bring to the table usually results in new knowledge and fresh ideas within your organization. Companies that work with consultants should have processes in place to facilitate knowledge and transfer expertise from their consultant workforce to permanent employees. Companies can then capture that knowledge on a permanent basis.
For talent-hungry industries, the growing independent consultant workforce provides far more than just an economic benefit. Professional consultants possess specialized skills and experience and provide new approaches to problem-solving. In today’s economy, companies who engage with and take full advantage of the diverse pool of independent workers may well find themselves positioned to flourish.