These days it seems like every other news article and LinkedIn post is concerning a possible recession. It’s not our place to comment on whether a recession will happen or not, but regardless of the possibility, it’s the savvy businessperson that acknowledges that the employment economy naturally ebbs and flows. Businesses need to adapt hiring and staffing strategies to the evolving ecosystem. With uncertain times upon us, some employers may notice that hiring permanent employees can come at a high cost.
With economical staffing on every employer’s mind, let’s contemplate the cost advantages of working with a temporary workforce.
Considering the Cost of an Employee
A long-term employee who continually delivers value is a huge asset to any organization, and we can all likely agree that the cost of that employee is worthwhile when the business can afford it. The cost of an employee isn’t just their salary, but PTO, insurance benefits, 401k, and more. Costs are an ongoing and indefinite investment into your employees that grow overtime as raises and bonuses are earned.
Keeping those high-performing team members performing for you may be a critical reason to assess the cost of employees when there is the possibility of an economic pinch. Typically, after years of raises, bonuses, and more, these tenured employees are more expensive than the average employee. Keeping them on staff is critical for business performance but staffing elsewhere in the company cannot fall by the wayside. When costs come into concern, hiring temporary employees may be a strategy to adapt.
Economical Staffing with Temps
A temporary worker is an employee that is contracted through a staffing agency to perform a role at an organization. Often these employees are staffed at a pre-discussed rate and are paid through the firm that provided them. Many businesses choose this as a solution and below are some reasons why you might consider this too:
- Quick Hiring Process: Temporary employees are accustomed to moving through a hiring process and getting started quickly, often in a matter of days. Production must go on as usual and things still need to get done. In these situations, temps allow you to conduct business as usual while avoiding the long-term commitment of a permanent hire.
- Experience: Often, a company can hire a temp employee with niche experience to act as a short-term consultant. The temp can offer their expertise on a project without a long-term commitment.
- Flexibility: Temporary workers can meet scheduling needs that your more tenured staff cannot accommodate. For example, you have the option to offer a schedule that you wouldn’t normally, whether that’s a shorter or longer shift, or scheduled earlier or later in the day, etc., depending on business needs. Tenured staff may be needed to maintain current operations, but additional help can adapt to new schedules with ease.
- Cost Concerns: The staffing agency is the employer, not your company. Because of this, the cost of your temporary staff is fixed and rolled into one predictable hourly rate. Additionally, when working with a staffing agency like BANKW Staffing, there’s no need to pay PTO, or benefits, as these employment perks are offered by the agency.
Thinking Beyond the Contract
Did you hire a temp, and they turned out to be a valuable addition to your existing team? Amazing! You can offer your temp employee a full-time position any time during the duration of their contract if you foresee them becoming an asset to your organization. One of the perks of utilizing a temporary workforce is that the contract has an end date – you know when the temp is going to end and can choose to end as planned or extend their contract. By utilizing this strategy, you have plenty of time to evaluate the employee’s performance and consider whether they’d add permanent value to your team.
Make Your Plan Today
Most employers assume that you connect with a staffing agency when you have an immediate staffing need. To maximize your organization’s hiring potential, it’s important to establish a relationship with a reputable staffing and recruiting agency before you find yourself searching for a replacement or new team member. Connecting with an agency early on allows time for contracts to be discussed and established, and for your agency representative to become familiar with individual business needs and how the ideal employee, temporary or not, will fit into the organization.
Strategizing cost-effective solutions in questionable times is something every employer deals with but working with a staffing agency can take the pressure off of the situation by having talented and capable applicants ready to take on a diverse set of roles within your organization. Contact BANKW Staffing today to discuss economical staffing solutions today.
About BANKW Staffing
Through its portfolio companies, KBW Financial Staffing & Recruiting, Alexander Technology Group, The Nagler Group, Sales Search Partners, and KNF&T Staffing Resources, BANKW Staffing, LLC is the leading regional provider of temporary and direct-hire staffing services in the areas of finance, accounting, information technology, office and administration, legal, human resources, and sales.
BANKW Staffing companies have received over 100 awards for rapid growth, business excellence, and workplace quality. Recognition includes Inc. 500, Boston Business Journal’s “Best Places to Work” and Business NH Magazine’s “Business of the Year”.
Learn More – https://www.bankwstaffing.com
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