Regardless of whether the economy is running at lightning speed or is sluggishly slow, the demand for temporary talent continues to remain steady. With the hiring needs of employers becoming increasingly uncertain, turning to the temporary workforce could provide them with access to a wealth of talent previously untapped.
Here we take a look at how employers across the Isle of Man can benefit from this section of the workforce.
Flexible hiring to meet fluctuations in demand:
The findings of a study published by the Resolution Foundation revealed that temporary workers are a key element of the workforce for around 40 per cent of all employers. Several other reports put this figure at 70 per cent or higher. Unsurprisingly then, temporary workers come into their own when businesses need an extra pair of (capable) hands during times of high or unexpected demand. Not only does this provide key support for an over-stretched team of permanent employees, it also enables the business to keep their hiring costs to a minimum as they only recruit the extra talent they need, when they need it.
Freeing up your schedule to give you your time back:
Recruiting for permanent staff is notoriously time consuming, and it is easy to see why so many employers turn to temporary recruitment agencies to help them find the quality candidates to help them with their hiring requirements. And because in many instances the temporary workers being recruited for already have the experience and skills to be successful in the role, employers can quickly find that not only is their time-to-hire significantly reduced, the cost per hire also decreases.
Securing talent for the future:
If the events of the last few months have taught as anything it is that great long-term value can be gained from investing in temporary workers in the short term. If they’ve been doing a good job during their temporary contract and look to be a good fit for the role and company culture, then it makes business sense to seize the opportunity to make the role a permanent one. This effectively eliminates the need to undergo another round of recruitment, plugs the long-term talent gap within the business and extends the period of employment for the worker themselves; it’s a real win-win.
Tapping into the ‘hidden’ temporary talent pool:
Most if not all employers will have a database of potential candidates that they can access as and when a new role becomes available. But how many of those contacts are actively available for work at the time when you need them? This is where working with a recruitment agency really helps. They will have a network of talented individuals at their fingertips, many of whom they will have placed in other roles. Not only does this mean that the agency has a good understanding as to what each of these individuals can offer, they will also be privy to their availability to take up a new role. For example, they will know when existing contracts are due to end for those candidates who skills and experience are most suited to the role you are recruiting for. They can then set about approaching them directly on your behalf to secure their interest and what do you have to offer.
Mitigate many of the risks associated with long term appointments:
According to the Recruitment and Employment Confederation, the cost of a permanent mis-hire can range from £42,000 as a minimum to over £132,000. Few businesses, if any, can afford to absorb such a financial hit especially in the current economic climate. This is not to suggest that employers should turn away from hiring permanent workers in favour of those they can bring on board on a temporary basis. Rather, adaptability is very much the name of the game here. When hiring temporary workers, you don't have to wait out notice periods, training can start immediately, and you're not left with an empty workstation.
Finally, temporary workers can add real value to the culture of the business. Our experience of recruiting temporary workers over the years has shown us time and again start they tend to have a strong positive mindset and enthusiasm for the work they do. Moreover, they often share ideas that have evolved and been developed during each previous contract they have worked which their current employer becomes the beneficiary of.
We’re the recruitment partner of choice for many of the Island’s premier employers. They trust us to help them find the right candidate to fill their roles. Click here for more information on how we can help you with your job search.