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Contractors need to adapt as companies review staffing levels
Posted Oct 6, 2008
A recruitment company says that contractors need to "review their working styles" as blue-chip companies evaluate their current staffing levels in a difficult economic climate.
The Global Contingent Worker Poll, conducted for Alexander Mann Solutions, examined professionally skilled or senior level contract workers perceptions to employment in the coming year. Contractors working in the UK, Hong Kong, Singapore, Australia and the US, were surveyed to gauge how the temporary worker market is coping with the current economic situation.
Only 11% of contingent workers see their contracts getting extended over the next 12 months, with just 12% expecting a rise in pay. 50% of respondents believe the number of positions available will reduce in 2009, with 41% expecting the competition for roles to increase as more jobseekers enter the market.
Contractors are bracing themselves for an uncertain future, but changing workforce planning indicates opportunities for those willing to adapt. A more strategic look at the use of the contractor workforce in many blue-chip companies is seeing new opportunities open up, as businesses look to target skills gaps.
The poll found that the most significant factors when considering contracts are pay (76%) and industry sector (75%). The size of the company, although still important, was rated bottom with a mere 20%. Interestingly, almost half of those surveyed also stated that the reputation of a potential employer's brand to be important or very important.
Two Contractor "Types"
Findings point towards two types of contractor workers - the 'stability hunter' and the 'brand buddy'.
- Stability Hunter The original contractor would primarily seek better pay and longer contracts as their main objectives, snubbing companies with a higher quality reputation who pay less and offer shorter contracts. This wasn't previously an issue due to the positively buoyant marketplace, however the poll results indicate that these contracts are becoming few and far between.
- Brand Buddy The new breed of contractors acknowledge the importance of having good brands and respected companies on their CV. These modern contractors use big brand employer reputations to leverage their next contract. With a lot of companies feeling the pinch and not wanting to take risks when hiring staff, permanent or contract, the use of familiar brands provides assurances of a contractor's capabilities and experience.
According to AMS, this split in profiles represents something of a sea change with regard to how contract workers are adapting to economic conditions, with many now building their own brand as the competition for contracts increases.
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