NAVIGATING RECESSION WITH CONTRACT HIRING
The growing buzz about the weak economic indicators, not just in US but also globally, making us think how real is the threat of recession in coming quarters.
Global supply chain disruptions, Ukraine war, shifting geo-political dynamics, US-China tussle, threat of nuclear war, Climate change , natural calamities , growing inflation, income inequality, poverty, civil unrests etc are all adding up to the anxiety
The news about major banks collapsing, layoffs in many companies globally, tightening measures taken by major central banks, funding freeze for start-ups. hiring freeze, on-boarding freeze etc are all signs of how world is reacting to this fear.
In coming months, it cannot be a business as usual. Those companies who are planning to hire new employees are facing a typical dilemma, whether to hire full time on payroll or on contract.
The best option to solve this is to explore a contract hiring model with option to hire / regularise the candidate.
Here are few advantages of hiring through “Contract to Hire” model
- Helps in hiring only for specific project for a specific period
- Highly flexible model – Short term / long term, onsite / remote, Dedicated / Shared
- Save on bench cost, non-utilised hours
- Helps in addressing high attrition challenges, abrupt employee quitting
- Flexibility to replace non performance
- Save on time and efforts of searching, short listing, interviewing, on-boarding, training etc.
- Save on other employment obligations and related costs
- It helps you stay nimble and agile in uncertain times
- It helps you stay nimble and agile in uncertain times
- Helps in avoiding painful event of layoff in uncertain times and subsequent bad reputation
- Mitigate risk of mis-hiring or culture fit mismatch
- Gives option to companies to regularise the resource at the end of contract if they wish to, based on their performance and culture fit.
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