One-off, short-term projects
Companies often find themselves struggling with a lack of resources or skills for projects that may be one-off or short term. This can include undertakings such as IT or systems implementations, compliance requirements for new legislation or policy, and process/efficiency evaluations, among others. A contractor provides you with a more flexible arrangement to complete these projects without needing the commitment of a permanent employee.
Financial advantage and risk mitigation
Contract workers often result in cost savings to organizations. While they may earn a higher wage, you will often save on costs such as taxes, benefits, training and development, redundancy payouts and vacation pay that ultimately end up being more costly in the long-term. In addition, you can protect your organization from unforeseen legal issues and costs as most contractors maintain their own liability insurance.
Leaves of absence
Employees may go on leave for a number of reasons, such as parental leave, a sudden illness or sabbatical. Upon these departures, you may be required to bridge a skills gap or cover responsibilities for a certain period. It is helpful to utilize a contractor in these circumstances, as they can cover off a predetermined timeline or can be used for an indefinite period until you find a more permanent solution.
Fill Immediate need
Imagine that you are in the middle of developing your budget and your CFO suddenly leaves. Contracting with an interim CFO is a great way to assist in this type of situation for a couple of reasons. Firstly, they are experts at entering an organization at difficult times. They have experience dealing with new processes, cultures and teams at a moment’s notice. Secondly, their productivity is instant as they are trained experts in their field and are used to navigating various systems and procedures. Hiring interim support not only helps fill the immediate need, but also gives the organization time to critically think and assess their next move.