The Hidden Gems: How to Attract Passive Job Candidates
In addition to wanting more opportunities for remote work, one major takeaway from the pandemic has been employees searching for greater flexibility. Sometimes this comes in the form of more (or unlimited PTO), mental health days, and if not fully remote then the opportunity to work both in office and from home on certain days each week.
In response to this shift in what candidates want, employers have begun offering an increase in contract over paid positions. According to LinkedIn, postings for contract work jumped 36% from May to November 2022 while postings for permanent positions rose just 2%.
Here are a few reasons why promoting contract positions over permanent job may be a better option for your company:
Contract positions are lower risk and lower cost.
Contrary to permanent positions, which require companies to offer benefits like insurance and paid time off, contracts come with fewer strings. Advertising your opening as a contract requires little more than paying employees, which typically happens through a hiring agency. That means less red tape for your company, much lower risk and a lower cost.
They typically result in quicker hires.
If you need expertise to move on a project now - and not months from now - a contract position may be the way to go. With fewer hoops to jump through as far as the onboarding process, contract workers can typically get started much quicker, allowing them to hit the ground running.
They don’t require a prolonged commitment.
Since contracts are typically for a set amount of time, they don’t require the prolonged commitment to an employee that a permanent position would. If your candidate doesn’t fit the team culture or if their performance isn’t up to par, you can usually terminate a contract (pending contractual terms) or simply not renew it once it expires. Your company - and the candidate - have greater flexibility that way.
They allow you to offer higher pay.
Since you don’t have to worry about offering benefits with contract workers, many companies opt to offer higher pay for contracts. This helps to widen the talent pool and it attracts more highly qualified candidates so you can make sure you’re getting the right candidate for the job.