The Contingent Workforce Has the Specialized Skills Businesses Need

In today's dynamic business world, the contingent worker has become a crucial component of the workforce puzzle. From freelancers and contractors to temporary workers and long term contingent staff, these individuals offer the specialized skills that businesses need to adapt, innovate, and thrive.

Let’s delve into the benefits of accessing this diverse workforce and see how these workers solve skill shortages, lower costs, and maximize adaptability, ultimately reshaping how organizations approach talent acquisition and utilization.

Understanding the skill shortage

Many industries — from manufacturing to video production — are enduring a significant skill shortage caused by the combined effect of increased competition in the labor market and a lack of relevant training. Recent reports show approximately 37% of average job skills have been replaced in the last five years, highlighting how rapidly skills become redundant and how quickly roles and responsibilities evolve.

Unsurprisingly, traditional hiring models that typically focus on education, work experience, credentials, and degrees struggle to find the right candidates. Businesses are ultimately left with a substantial skills gap despite the time, energy, and money they invest in recruiting talent.

Due to these changes in job requirements, skill-based hiring is on the rise. In this model, organizations hire candidates based on their expertise rather than relying solely on traditional qualifications. While skill-based hiring may be more effective in finding the right person, it is still a time-consuming approach in terms of acquisition and training. And in this fast-paced economy, time is too precious a commodity to waste.

Therefore, organizations are increasingly turning to external workers who can be hired without the lengthy hiring processes associated with traditional full-time employees. Moreover, these workers bridge the skills gap more efficiently as they are typically experts in their respective fields. Additionally, as they require little to no training, contingent workers can be hired to start working immediately, offering an immediate solution.

The value of the contingent worker

Today, the contingent workforce accounts for a significant portion of the U.S. workforce, estimated at 40% in 2022. This growth highlights an important paradigm shift: Contingent work is moving from peripheral roles to positions of more responsibility. More and more often, contingent workers are managing core tasks within organizations.

This change is due to the unique skill set, knowledge, and experience contingent workers bring to the table, creating a vast pool of talent with a diverse array of expertise. This diversity gives businesses the opportunity to access specialized skills precisely when they need them, without the overhead costs and long-term commitment associated with traditional hiring.

Moreover, utilizing a contingent workforce can cut labor costs and reduce risks significantly, especially if organizations collaborate with an employer of record (EOR) service. Not only can businesses scale their workforce up or down as required, but they are also free from the constraints of permanent employment contracts. This flexibility is particularly valuable during uncertain economic times or amid spikes in demand for specific skills.

Maximizing adaptability and scalability

The contingent workforce also plays a pivotal role in enabling organizations to remain adaptable and scalable in the face of evolving market trends, technological advancements, and shifting customer preferences.

This workforce allows organizations to remain responsive and competitive in rapidly changing conditions, whether it is utilized for short-term projects, seasonal spikes, or sudden market shifts. But the agility to scale up or down quickly pushes organizations to look beyond traditional hiring models that are generally burdened by lengthy hiring processes, even for part-time or contingent workers.

Here, businesses would do best by leveraging the power of staffing agencies for such recruitment purposes. These agencies have access to a broad talent pool and can help organizations swiftly identify and onboard the specialized skills they need. This approach empowers businesses to reach their goals regardless of the prevailing economic climate. And it enhances adaptability.

Hire the skills you need

The contingent workforce has emerged as an indispensable asset for businesses, and the advantages of this are clear. Contingent workers provide access to specialized skills precisely when needed. They are cost-effective labor solutions who also reduce business risks. And they enhance adaptability and scalability.

Consequently, sourcing and hiring these workers have become top priorities for businesses seeking to remain competitive. Businesses should therefore consider partnering with staffing agencies and employer of record (EOR) services such as Maslow Media .

Maslow Media stands out as a trusted source for accessing specialized skills and talent, providing the right contingent workforce solutions in video production. Our staffing and EOR services will get you the talent you need and streamline contingent workforce management so your core HR can focus on strategic initiatives.

To explore how Maslow Media can help you access the specialized skills your team needs, visit our website or contact us today. Together, we can drive your success with speed, agility, and scalability.