Contract professionals mitigate risk for business
From SeasonedPros.ca Content Lab
At this time of year, businesses are planning for 2023, and talent will be top of mind.
With economic headwinds in the air and the possibility of a recession, leaders will be thinking differently about talent than in previous years.
The talent paradox
Despite the economic changes, there is still a huge demand for talent. Healthcare, tourism, hospitality, IT, finance, retail, construction and transportation are sectors hungry for workers.
Businesses are also looking for specialized talent to deal with cybersecurity threats and other challenges such as environmental sustainability and diversity. Good leadership is always in demand. Even in an economic downturn, they still need talent.
Contract talent mitigates risk
If a company requires talent but doesn’t want to take the risk of a full-time hire, a solution could be found in a contract hire.
With changes in the talent landscape, there are more freelance leaders and experts available for contracts.
Technology databases and specialized agencies have talent ready to hit the ground running on contracts. Many are executives who have left their jobs after long careers. They have deep experience in leadership and solving complex problems.
The 4 pillars of contract talent
So who are these workers and what kinds of contracts can be used to tap the best talent?
Here are 4 contract categories:
Fractional – This talent works in a fraction of the role. Fractional talent often works part-time and for multiple clients. The arrangement is usually open-ended and can be a long-term relationship for multiple projects.
Interim – These are roles that work for a defined period of time. They often work full-time hours to solve a problem for a company. They might be a marketing expert helping a company prepare for a product launch.
Project Expert –This contractor is a subject matter expert that is required for an organization to complete a project. Unlike fractional and interim hires, a project expert role is for a defined period of time.
Full-time contract – Sometimes contract workers are hired full-time but kept on contract. This removes them from the freelance market and guarantees their availability.
Companies reconfiguring talent strategies
Contract talent is not new but it has come of age as the result of technology, demographics and workers’ desire for flexibility and freedom to choose the way they work.
Whatever the economy brings, contract work is here to stay.
SeasonedPros.ca is an on-demand business talent source. Clients with an immediate need for experienced talent trust us to source professionals for project, interim and part-time roles. Each professional in our national database has 20 + years of business experience. We provide our clients 2-4 four vetted professionals in 10 business days or less.