The contingent workforce, part of the gig economy, is becoming increasingly important for large organizations with reports suggesting that as much as 40 per cent of the entire US workforce will be contingent by 2020.

The surge in contingent workers has coincided with companies realizing the vast number of benefits they can gain from hiring contract workers. From rapid scalability to hiring on a project-by-project basis, this new world of work is allowing employers to create an agile workforce that hires the best talents for the exact moment and timeframe that they are needed. 

Hiring contingent workers will set your business up for rapid market changes, shortages in skilled workers, skill development and expertise in subject areas that your company does not require a full-time employee for.

Whether your business is seasonal or you simply need specific expertise for certain projects, hiring contingent workers will help your business to be more efficient, it will boost profits and it will lower your company’s bottom line.

And it’s not just the hiring company that seriously benefits from contingent work either. Many workers are now turning to contingent work as it gives them higher wages, the option to decide their own hours and the ability to shop around for a company of their choice.

So, how exactly can your business ensure it attracts, engages and retains the most talented contingent workers? HCMWorks has listed four tips here:

1 - Share your goals

Organizational alignment is highly important for contingent workers, even if they’re not coming into your office every day like a full-time employee. Contingent workers may not be legally tied to your company, but they still want to know that their work is helping the company to achieve those all-important business goals.

2 - Create a 21st Century company culture

Contingent workers have the option to pick up projects for companies that they want to work for, and if they like the experience they will often offer their services over a long period of time. With current skill shortages across a variety of industries, it’s even more important that your company has a culture that attracts both full-time and contract workers.

Understand what your ideal workers are looking for in a company, and then implement those practices into your company culture. An enjoyable company culture will result in the contract worker having a good experience, and, in turn, they will let their peers know that your business is a rewarding place to work.

3 - Deliver future opportunities and value

The contingent worker is defined by taking short-term projects for the opportunity of increased flexibility and freedom, but that doesn’t mean they are not interested in future and long-term opportunities with your company.

Whether that be creating a plan for temporary-to-permanent hiring or simply offering them attractive new projects that can develop their skills even further, offering contingent workers extended value will help your company to retain the top talent within your industry.

4 - Implement a contingent workforce management solution

Contingent workers are great but without a contingent workforce management program, it’s more than likely that your approach to contingent workers will be fragmented, wasting money and inefficient.

However, a management solution that uses a formula to hire top talent for the exact place and time they are needed will boost productivity levels, give your business access to specialized skills and boost revenue streams.

While contingent workers come with significant benefits, the management of a successful contingent workforce program is complex. Perhaps an outsourced solution could be the right choice for you. Contact HCMWorks today to find out more.