The Pros and Cons of A Contingent Workforce

The Pros and Cons of A Contingent Workforce -https://ift.tt/5ZWTnlQ –

Is a contingent or contract worker a better choice than a full-time employee? In some cases, the answer is yes. For example, hiring contract workers can help businesses complete projects or get through busy seasons of work.

If you’re weighing your options when it comes to building out a team of workers, check out this quick video that covers the pros and cons of a contingent workforce. We’ll also provide an overview of the content below:

The pros of hiring contingent workers:

1. Fast access to labor (0:25)

Recruiting and onboarding an employee can take months. Contingent workers are more quickly available and don’t require training.

2. Greater staffing flexibility (00:35)

If there’s a specific project or season of business you need additional help with, you can temporarily hire an independent contractor.

3. You can save money (00:45)

Expenses such as insurance and taxes means it usually ends up costing more to hire full-time employees than contract workers.

The cons of hiring contingent workers:

1. Less control over how work is completed (00:57)

Controlling how a contractor completes their work puts you at risk of being responsible for payroll taxes.

2. No ownership of intellectual property (01:05)

Unless a written agreement stating otherwise is signed, copyrightable works created by contractors will not belong to you.

3. High chance of government audits (01:15)

State and federal agencies might audit your business if they believe you have misclassified employees.

For a more in-depth explanation of each of these pros and cons, visit our related blog content: https://ift.tt/XlabPLo