Contract Recruitment on the Rise
The landscape of the Australian workforce is changing, favoring a shift toward the flexibility of contract workers. As Baby Boomers retire and Millennials enter the workforce in an unstable economy, contract recruitment has become an attractive option for both candidates and clients.
As the Baby Boomer generation reaches retirement age, many are finding it difficult to retire from work in the traditional sense. Boomers are:
- Concerned with supplementing their retirement funds.
- Providing financial aid to their adult children who are weathering the economic downturn.
- Quitting their 9-to-5 jobs, but using work as an outlet to explore new interests.
- Working contract positions that give Boomers flexibility in earning income, and exploring new interests on a by-project basis.
As Boomers redefine the way they work, a new generation, the Millennials, enters the workforce for the first time. Contract work is attractive to Millennials because:
- A shortage of permanent jobs has made contract positions a practical option.
- Project-based work offers flexibility for Millennials who don’t necessarily want to work the traditional 9-to-5 job.
- As they are just entering the workforce, contract work gives Millennials the opportunity to gain experience and explore their career options.
While contract work is an increasingly attractive option for Boomers, Millennials, and other workers, it also provides a valuable solution for employers. Companies can meet productivity demands without the risk of hiring full-time employees and providing costly benefits.
Perks of Contract Recruitment
- Fast. Unlike permanent hires, contract workers are usually needed on the job immediately. Additionally, because there is less risk in placing a contract worker than a permanent hire, your client can make a hiring decision fast.
- Replenishing. Contract recruiters can benefit from the revolving nature of contract recruitment. As good candidates end their assignments, they re-enter your pool of talent. And as clients enter and exit lulls in productivity, you can fill their job orders again and again.
- Profitable. Contract recruiters are usually compensated by the hours that contract employees work. As a bonus, if your client decides to permanently hire the contract worker you placed, you will receive the permanent placement fee from your client as well.
Think that contract recruitment could be a good fit with your agency?
Begin building your contract division by asking your current clients if they have any need for contract workers. Chances are, many of your clients need people for special projects and seasonal demand. They may be outsourcing these types of positions with another agency. If they are not using another agency for their contract recruitment needs, using your agency could be an attractive option that they would be willing to pursue.
Bullhorn Offers Contract Recruitment Solutions
Whether you focus solely on contract recruitment, or if it is one division of your many services, Bullhorn recruitment software can help your agency make more contract placements.
Back Office Integrations: Bullhorn Back Office makes time and expense management, commissions, invoicing, and onboarding a breeze.
Decision-Making: Bullhorn’s reporting tools provide a holistic view of your key metrics, so every decision is well-informed.
VMS Integration: Contract recruiters often work with cumbersome vendor management systems to retrieve and work job orders. Bullhorn VMS lets Bullhorn users automatically parse job orders into their database, saving time and labor.
While independent contractors have always had a place in the workforce, a more permanent shift towards contract work is taking place. Now is a great time for your agency to take advantage of the demand for contract opportunities.