It’s important for companies to be agile and stay ahead of the competition. One way to do this is by leveraging the benefits of hiring contractors over permanent employees.
Some of the benefits of hiring contractors include:
Flexibility: Contractors can be hired on a project-by-project basis, allowing companies to adjust their workforce as needed.
Cost Savings: Companies may save money by not having to provide benefits such as health insurance or retirement plans to contractors.
Specialist Skills: Contractors may have specialized skills that are needed for a specific project, and can be brought in as needed.
Reduced Risk: Hiring a contractor can be less risky for a company than hiring a permanent employee, as the company is not committing to a long-term employment relationship.
Faster Hiring: Hiring a contractor can be faster than hiring a permanent employee, as the company does not need to go through a lengthy hiring process.
There are several potential benefits of contracting work over permanent work for data professionals. Some of these include:
Work on your terms. Greater flexibility and control over your work. As a contractor, you have the ability to choose which projects you work on, and to set your own schedule and work hours.
Diversify your skillset. The opportunity to work on a wider range of projects and gain new skills. As a contractor, you have the opportunity to work with a variety of different organisations and on a range of different projects. This can provide valuable experience and exposure to different industries, technologies, and business challenges, and can help you to develop new skills and expertise.
Higher potential earnings. In many cases, contractors are able to earn higher rates than permanent employees for the same work. This can provide a financial incentive to take on contract work, and can help you to maximize your earning potential.
Expand your horizons & network. As a contractor, you have the opportunity to work with a wide range of organisations and individuals, and to build your own network of contacts and professional relationships. This can be valuable for your personal and professional development, and can open up new opportunities and career paths.
Yes, there is a market for data contractors.
There is a high demand for skilled data contractors, particularly among companies undergoing data transformations. These companies require specialised expertise at various stages of their data maturity journey, and often prefer to hire contractors for specific projects rather than permanent employees. This trend is driven by the need for specific skills and experience for specific projects, and the flexibility that contracting offers for both the company and the contractor.
Finding a contractor for a specific project or role can vary in terms of time, depending on the complexity of the project and the availability of suitable candidates. However, there are several steps that can be taken to speed up the process.
First and foremost, it is important to clearly define the project's requirements and the specific skills and experience needed for the role. This will help to narrow down the pool of potential candidates and make the screening process more efficient.
Second, alongside leveraging technology and online platforms such as our extensive CRM, job boards, LinkedIn etc we will approach our networks of suitably qualified candidates. Being a data specialist we are in contact with your target audience every day so are very well networked.
Third, it's also important to have a clear and efficient process for interviewing and assessing candidates. The contracting market is very fast paced and it’s imperative that you are able to interview and assess at short notice.
We offer a dedicated payroll service, so you can rest assured that your contractors will be paid on time. Contractors are paid on a monthly or weekly basis depending on the company they are contracting with. If your contractor is hired on a fixed term contract, organisations often choose to pay directly on a monthly pro-rata salary.
As a recruitment firm, our role is to ensure that the contractors we provide to our clients meet all legal and regulatory requirements regarding labour laws, work rights, and insurance. However, it is ultimately the responsibility of the client to ensure compliance with these laws and regulations when using a contractor instead of a permanent employee. The client should also be aware of their obligations under the Fair Work Act, including ensuring that contractors are not being paid less than the award rate for their work and that they are not being exploited in any way.
It is not necessary to set up your own company when you start contracting, but it is an option.
Many contractors choose to operate as an employee of the recruiting firm while others choose to set up a company. The decision ultimately depends on your individual circumstances and the nature of your business. Setting up a company can provide some advantages such as limited liability and tax benefits, but it also comes with additional responsibilities and compliance requirements. Contracting through your recruiter is a straightforward process with no additional responsibility for you.
It's best to speak with a financial advisor or accountant to determine which structure is best for you. Keep in mind that as a contractor, you are responsible for your own tax and superannuation obligations.
Hiring a contractor can be cost effective for companies. Contractors are typically hired on a project-by-project basis, which allows companies to adjust their workforce as needed without committing to a long-term employment relationship. This means that as your business grows, you can easily scale your team without being bogged down by unnecessary overhead.
As a candidate I have always been impressed with the quality of service I have received from Talent Insights. They are reliable, efficient, professional and above all honest. They have recently found me a role for the 2nd time and I will be using their services to build my analytics team in 2017.
We have worked with Talent Insights for 18 months now, sourcing data analysts and insights professionals. They are highly skilled and always capture the best people in the market for us.