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“In response to today’s fast and volatile markets, organisations are shifting from fixed cost traditional models to more project-centric and flexible structures just as skilled workers are changing their attitudes toward the typical corporate career path. One of the ways to accomplish this is to reduce the number of full-time hires in favour of contingent or talent engagements.”

• Human Capital Institute, January 2009 whitepaper: The State of Contract Talent Management and the Role of HR.

This point was the main theme in a recent white paper report published by the Human Capital Institute. The salient report was created in response to today’s employment market and the wider economic situation.
Interestingly so, it has highlighted the main benefits of contract work from both an employer’s and a candidate’s perspective. These benefits are depicted below:

• Employers:
• Flexibility (to staff down quickly in response to requirements)
• Lowered wage costs
• Lowered benefits
• Potential to migrate layoffs in economic downturns; the contract workforce provides a buffer.

• Candidates:
• Earnings increased (hourly rates are normally higher than equivalent salaries for full time workers doing the same or similar work).
• Tax benefits
• Flexibility
• Variety of work
• Quality of work (successful contractors can choose the projects that most interest them).

These benefits emanate through the solution Crackerjacks offer businesses who are seeking the best contract talent. We are seeing a shift in businesses hiring practices as these benefits become more important as a step towards solving the obstacles many NZ employers face.

Businesses opt to hire contractors for many reasons, for example; to overcome skills shortages issues, to circumvent the impact of increased globalisation and as a measure to adapt to ever-changing market environments. The option of hiring a contingent workforce (in other words contractors) is gaining momentum for these reasons. In the US, according to the US Bureau of Labour of Statistics, four out of five organisations use contract talent. Further on from this, it has been projected that the contracting market would experience 54% growth through to 2012 where more than double the workforce is expected to work on a contract basis.

This increase is largely influenced by the increasing popularity of contracting amongst professionals within the Generation X and Early Baby Boomer generations. With this increased popularity of contracting and the benefits offered to employers as an alternative to hiring permanent staff, it is crucial that organisations have a contract talent strategy firmly set in place.

This is where Crackerjacks can assist your business; there is now a solution to sourcing, recruiting and engaging contract staff at an affordable rate. Click here to find out how Crackerjacks can help your business’s recruitment of contractors.