5) Financial – Benefits like life insurance, stock options, pension or portion of CPP/QPP or EI are not paid to independent Contractors allowing a company to have a stable cost base and better budget control
4) Flexible – Variable work load allows a company to tailor the work force to the load. Moreover projects that need to be done quickly can be accomplished by a contractor without disrupting the flow of larger projects that permanent staff are working on..
3) Evaluation – Matching a candidate with a specific company requires a good fit with the culture, the team and the project. Hiring the person as a contractor before offering a permanent position allows the company time to evaluate in an “on the job” situation whether it will be a good fit.
2) Faster – When specific expertise is required, a contractor with the specific experience can get the work done more quickly than an employee who requires a learning curve to get up to speed. The contractor also knows the potholes to avoid and can help avoid costly errors.
1) Perspective – Contractors because of their varied experience bring a fresh view and new ideas to the team that can ensure the success of the project.
What are contract and temporary workers? Temp workers are short term employees often used to fill short term staffing needs – e.g. holidays, sickness, whereas contract workers are often strategically required specialists, often running special projects or assignments. Recently due to skill shortages and the desire to attract key staff, the use of especially contract staff has increased and is increasing.
In Q1 2013 US companies hired close to 3 million such workers per day. 1
The use of temp or contract workers is increasing within the biopharmaceutical industry – certainly in Canada. 2
This has partly been ascribed to more women entering this industry over the past few years – thus companies are dealing with maternity leaves where contract replacements are common. Additionally biopharmaceutical companies have feast or famine years, wherein it is better to reduce fixed costs – hiring contract specialists obviates the necessity of high employee overhead commitments.
From the worker’s perspective,this form of insecure employment can offer an opportunity to enter the biopharmaceutical industry, to learn or hone specific skills, to grow a network, to evaluate a type of position or career, without a major commitment.
Companies are hiring contract sales, upstream or downstream contract manufacturing, legal, paralegal, accounting, quality, regulatory, scientific, clinical research, and other specialists as required in an effort to hire quickly and cut operating costs.
[Please contact Hess Associates to discuss/ evaluate your contracting requirements.]