Six reasons to consider flexible staffing during times of uncertainty

“A tree that is unbending is easily broken” ~ Lao Tzu

The global economy today is volatile and times are uncertain. First the pandemic, now the Russia-Ukraine war, and no idea what next.

The world continues to be hit by shocks of trade-wars, global supply-chain disruptions and rising energy prices, and as a consequence the elevated inflation is said to persist through 2022. As if these were not enough, there is a hint that we will be entering a new age of de-globalisation that may not have favourable results for the economy.

As a consequence of these disruptions, the workplace has been unsettled, prompting business leaders to work out strategies to strengthen their businesses. A key learning has been that alternative hiring to manage the workforce optimally is crucial, something that is achieved by balancing permanent hires with temporary staff.

What is flexible staffing?

Flexible staffing involves employing contingent workers (including contractors, freelancers, agency-provided workers or gig workers who are not on a company’s payroll) instead of permanent employees to meet business and operational challenges as they unfold.

Many companies worldwide, including India have already adopted flexible staffing solutions in response to the changing world economy. As of March 2019, India’s organised sector had 1.3 million contingent workers, and by 2025 they are predicted to make up about 10 per cent of the overall workforce.

Flexible staffing markets in India

Indian Staffing Federation (ISF) reported that in 2016, India contributed to 4.8 per cent of the global flexible market of $59 billion then. Although the share appears teensy, there is scope to improve as the staffing industry in India is evolving.

Check below ISF’s record on India’s IT flex-staffing usage:

Encouraging figures that are said to improve.

The six benefits of flexible staffing

• Increased competitive edge — Embracing the flexible staffing strategy serves as a boost to your business when in need; in a worst-case scenario, it helps you survive. Take, for example, manufacturers like Burton Snowboards and Cascade who pivoted to making personal protective equipment (PPE) during the pandemic to help fill the demand-supply gap.
• Cost optimisation — A company compensates its employees in many ways: salary, paid leaves, stock options, performance bonus, retirement benefits, unemployment benefits etc. All these costs are saved when opting for contingent staff. In this case, you pay only for talent you need, when you need it.
• Accelerated talent acquisition — A company relies highly on skilled talent to grow its business. However, recruiting employees when the company’s future is uncertain is hard. This situation calls for a handshake with contingent workers. You get specialised services really fast, for as long as you need, without the commitment of full wages or long-term employment.
• No hiring aftershocks — A bad hire is a waste of both time and money, and hiring is the single biggest problem in business today with a success rate of only 50 per cent. Sadly, the consequence of making a bad hire is a nightmare, best avoided if possible. One way to avoid it is to opt for trialling a candidate before offering a permanent position, something that flexible staffing makes possible. This way, you know whom you have hired.
• Enhance business operations efficiency — It is a cold hard fact that the day-to-day tasks of a company, while necessary to keep the business operational, consume too much time, taking away the focus from long-term goals that grow the business. For efficiently operating the business, a balance between the two is needed. Flexible staffing can be the solution to this conundrum. While the flexible workforce covers the chores that keep the business wheels in motion, the core staff can focus on value-adding activities.
• Grow your network — Networking, whether by making new contacts or by keeping existing ones alive, is essential for business development. Flexi-staffing offers a great opportunity to do that with workers and staffing agencies without the baggage of permanent hires.

These apart, flexible staffing also offers a means to quickly replace unsuccessful workers and staff on leave.

To get the best out of the flexible staff pool, collaborate with an experienced staffing agency that also offers in-depth market insights.

Partnering with IT staffing agencies

Partnering with staffing agencies to take care of your hiring requirements is a wise business decision. These agencies have evolved over time to meet modern business needs and offer holistic talent solutions and critical capabilities.

Careernet, India’s leading talent solution provider, boasts of a rich clientele consisting of startups as well as Fortune 500 companies that have all immensely benefited from the various solutions it offers. Its professional staffing solutions takes care of these: sourcing talent, onboarding, workforce, HR operations, payroll process and compliance management; vendor development; real estate management, workstations and assets, IT infrastructure solutions, and on-demand interviewing and assessment services.

Conclusion

With a dynamic and people-centric workplace, coupled with today’s selective workers, it is no surprise that alternative staffing has witnessed phenomenal growth. Half a century ago, this would have been a tale worthy of a fictional novel, but, today, we are living this reality.

A company’s vision is only matched by its flexibility in acheiving it.

“Stay committed to your decisions, but stay flexible in your approach” ~ Tom Robbins

Flexibility is a win-win, don’t you agree?

References

• yourgosource.com
• jobstorestaffing.com
• mediamint.com
• betterplace.co.in
• katytrost.medium.com
• imf.org