If you’re a large organization, you likely took advantage of contingent workers to fill gaps in your operations before COVID. With the explosion of gig workers and the many benefits they provide, it just makes sense to outsource. Why pay a full-time employee a salary with benefits, paid time-off, and retirement savings if you don’t need to? It seems as though the business world is turning to contract workers more than ever before, as 30% of the entire US workforce is comprised of gig workers, and 22% of self-employed professionals have multiple revenue streams. The influx of telecommunications capabilities and decentralization are significant factors in the increase, with COVID only adding heat to the fire.
Contingent work arrangements offer a host of benefits to employers as well as employees. Remote gig workers enjoy flexibility in where they live and work at any given time, while businesses gain top-tier talent with fewer costs and responsibilities. Though contingent arrangements mean that employers are off the hook in terms of healthcare, retirement, and paid time off, there are many reasons to reconsider. Offering contingent workers benefits is actually good for business. Keep reading to learn why.
Offering Contingent Workers Benefits Is A Good Idea
Contract workers, especially remote ones, often display a greater sense of satisfaction and lower stress levels than full-time in-office employees. Without the need to fight traffic, live close to their workplace, and work a set nine to five schedule, workers can enjoy more autonomy in their lives. Though employers will benefit from a wider talent pool, they must also note the increased competition for gig workers. Gig workers are growing at a staggering rate, making up over 30% of the US workforce as of 2020, with numbers exceed 90 million by 2028. As this number continues to grow, the top talent will require employers to offer more, with certain perks like benefits being a deciding factor in their decision.
The employee pensions of the baby boomer era are over, and with it comes the realization that jobs simply are not “for life” anymore. People change jobs every few years, companies reorganize, downsize, and outsource. Loyalty is irrelevant, so though contingent work arrangements are temporary, they must remain competitive and packed full of attractive benefits that make in-demand gig workers turn their heads and sign on the dotted line. Not only will offering benefits help you secure world-class talent, but the savings you will experience by employing temporary workers remotely (bye costly office space!) will negate any additional costs.
Moreover, offering benefits to contingent workers does not mean you have to bury yourself in paperwork. When you partner with Nexus CW, we do all of the work for you. Not only do we recruit, but we also take care of HR, benefits, and payroll at an ultra-affordable rate.
We understand that a quality benefits package adds significant value to an employee’s total compensation package. Nexus Contingent Workforce is the solution for employers who lack the resources to offer and administer benefits. Contact us today to learn more.