A NPR poll found that one in five jobs in America are held by contract workers. Within a decade, contractors and freelancers could make up half of the American workforce. Companies and candidates in all industries will be affected by this transition, so why are contract positions on the rise?
1. Work-Life Balance
Many contractors state they were seeking better work-life balance and that contract work gave them that freedom. With flexible hours, working for oneself, and the ability to hand-pick assignments, contract positions are perfect for an independent, self-starter searching for work-life balance. Especially for families with two working parents, contract positions offer the ability for one parent to keep flexible hours and spend more time with their children.
2. A Variety of Options
Work-life balance aside, other contractors want to create or design their own careers by choosing the work or projects so they can develop certain skills. As a contractor, individuals are exposed to a variety of challenges, new skills, and environments which makes the work more interesting. For a worker who thrives in fast-paced and new environments, a contract position offers a solution to career boredom or stagnation.
For companies, contractors are cost-effective for the company as they allow a company to size up or size down without spending a lot of money. Companies can not only derive cost savings from adjusting staff sizes up and down based on business requirements, but they can also control the wages paid for particular assignments by using contract talent on a project basis.
4. Boosted Innovation
For clients, hiring a contractor isn’t just cost-effective, it also boosts innovation. Each new contractor brings in their own knowledge and ideas from outside of the company, and sometimes, outside of the industry. Companies that have programs or processes in place to facilitate knowledge and expertise transfer from their contractors capture that knowledge on a permanent basis.
Contracting with Pinnacle
If contracting sounds like a good fit for you or your company, reach out to the recruiters at Pinnacle Accounting and Finance: our team has years of experience that will put you on track for success. If you would like to learn more, please contact us at 412-343-6300 or firstname.lastname@example.org.