Strategic Balancing of Contingent VS. Permanent Talent
As we enter uncertain economic times that will challenge many companies financially, strategically, and operationally, a firm’s talent strategy can be an important driver in gaining competitive advantages. Many firms will choose to retrench and focus on reducing spend, however, in a time where innovation and adaptability will be more important than ever, balancing your permanent hires with contingent talent can give a firm strategic guidance and flexibility essential for navigating dynamic market conditions.
PERMANENT staffing provides you with consistency, culture, and preserves intellectual capital. When ALL those elements are essential, a permanent hire is the best strategic decision.
CONTRACT TO HIRE staffing provides you with flexibility when there is uncertainty regarding a cultural fit, skill assessment uncertainty, or financial hesitation in funding the permanence of the role.
CONTINGENT staffing provides benefits that can supplement talent resources as well as strategy and operations in the following areas:
-Cost-effectiveness for short-term needs
-New perspectives that can contribute to innovation and strategy
-Flexibility when financial or market plans contain some uncertainty
-Deep expertise to supplement skills in current workforce
-Scale projects quickly and more efficiently
-Reduce burden onboard and train, allow existing workforce to remain productive
It is not uncommon that in times of uncertainty, hiring managers trade off the cost of high-impact contingent staffing without consideration of the benefits of such a model. Alternatively, committing to a long-term contingent hire when a permanent resource would have been more productive in building the team would unnecessarily burden the company’s resources.
Ultimately, developing a talent strategy with a strategic blend of these 3 approaches will optimize a firm’s success in navigating uncertain economic factors by enhancing innovation, utilizing resources to set the right strategy, and efficiently execute to a thoughtful adaptable plan.
In closing, whether you need a contractor or an entire team, Precision Life Sciences can secure qualified life science contractors to build, scale, and efficiently manage staffing shortages. Contact us today to get the conversation started.