As the world of work evolves, global workforce trends are moving towards a more flexible work environment where a worker is employed under a contract or on a temporary basis. Thus, contingent workers are not employees of a company – they get hired by companies to perform specific jobs/ projects, and their contract is dependent on the existence of the job/project. Depending on the region, contingent workers are also known as non-employee workers, temporary workers, gig workers, freelancers, or independent contractors.
There are many benefits of employing contingent workers. Contrary to popular belief, contingent workers are experts in their fields and they often offer a more broad, up-to-date, and unique set of skills companies need to fulfill their projects. Additionally, hiring contingent workers enables companies to gain more control over their workforce and expand it without building-up additional costs. Employing contingent workers will allow for greater staffing flexibility, i.e. hire staff according to your needs.
According to a recent survey by CXC and Ardent Partners, the number of contingent workers globally is steadily increasing – the USA, Australia and the EU are leading the race for now, but Asia is catching up. Two biggest forces reshaping the future of work in 2020 are generational shift and recent development due to COVID-19. Companies that have previously delayed restructuring their workforce strategy are now looking for fast, cost-effective and efficient solutions as they switch towards flexible work arrangements.
Moreover, traditionally permanent employees are recognising the benefits of working remotely and, thus, having the flexibility and freedom to balance their personal life and career. Young professionals may enjoy the ability to commit to certain type of projects and flexible hours, allowing them to do work and maintain their skills. Parents may prefer it as it would allow them to easily schedule time between their children and work. Retirees depending on limited financial support may wish to work remotely to increase their earnings.
The future of work is here, now. Smart companies are aware that, to achieve a competitive advantage, they need the support to redefine and manage their workforce – contingent workers are here to stay.
Contingent work comes in many different shapes and sizes, so it is important to understand how, where, and when it is used within your company. At CXC, our aim is to actively contribute to your business by aligning our solutions according to your objectives and business drivers. Enabling your future of work – one worker at a time.
To find out more about CXC’s solutions please get in touch via email@example.com or call us at +65 6536 0334.