We’re in the final stretch of Fiscal Year 2020. While the U.S. economy is still in recovery mode, the hiring outlook has improved and 20% of firms are planning to increase staff in the fourth quarter. During this season, businesses are often focused on year-end initiatives and exhausting project budgets before the calendar resets.
But with the COVID-19 pandemic still ongoing, firms must tread carefully as they figure out how to spend remaining budget and execute projects before 2021. But with challenge comes opportunity — and supplementing your workforce with contractors can be a great way for you to allocate budget and ramp up your operations for a fourth quarter push. Here are three benefits of leveraging contract staffing during Q4 2020.
Capitalize on unused budget without overcommitting
Companies that follow the fiscal year calendar often have a “use it or lose it” mentality when it comes to their budget. They feel pressure to use up their remaining budget and search for ways to spend it efficiently. While it’s common for companies to devote these funds toward new hires in a bullish economic climate, bringing on more people than your business can support could be a risky move due to today’s uncertain future.
Utilizing a staffing agency to hire employees allows you to focus on the growth of your business and take on additional short-term projects without adding to your long term headcount. Plus, you have the option to downsize staff and overhead when the projects are finished.
Execute business initiatives during the busy season
Many firms are faced with last-minute project work that comes up between now and the close of the year. While every industry is busy during this time, we often see a significant increase of business in the healthcare, retail and financial services verticals. But with the holiday season just around the corner, many companies find themselves short-staffed due to employees taking time off.
To help you get things done on your immediate to-do list, it may be worth your while to tap into the consultant market. The contractors in our network are vetted by in-house experts and ready to work at a moment’s notice. Instead of the typical onboarding and hiring rigmarole, we use video interviews and remote onboarding to expedite the process and quickly get you the support you need.
Join the flexible talent trend
Times have changed. Even before COVID-19, many companies were shifting toward a remote workforce comprised of team members signing on from around the globe. And across nearly every industry, quarantining has put this shift into hyperdrive. In light of today’s environment, it should come as no surprise that 47% of hiring managers are more likely to hire contract or freelance talent since the COVID-19 crisis began. What’s more, six out of 10 hiring managers believe organizations that aren’t adopting a flexible workforce are falling behind.
Is your business looking to explore the consultant market to complete critical year-end projects? Are you unsure how to access talent during COVID? We’d love to have a conversation with you on how we’re helping our clients pivot in Q4, keep up with rising demand and leapfrog their competition. There’s still lots of hiring going on — but it’s more important than ever to be strategic.