Benefits of Hiring Independent Contractors

There are many definitions of what an independent contractor is and what they do exactly, but according to letsdeel: "An independent contractor is a person or entity performing services as a non-employee, which means they work for themselves. Contractors are usually small business owners who are self-employed, pay their own taxes and benefits, and earn a living by working for multiple clients on a short-term or per-project basis. They're often referred to as freelancers."

In todays competitive labor market, it is worth considering especially if there isn't a real need to hire someone full time, but rather just for intermittent projects or on an ad hoc basis. Of course with any business endeavors, there are pros and cons, but lets focus on the pros of this viable option for our business needs.

Benefits of Hiring Contractors

• Cost per employee savings

        Save money on payroll taxes, unemployment insurance, employee benefits, wcb coverage, etc.

• Reduced office and supplies costs

        Save on office space as they typically work offsite using their own equipment and tools.

• Access to global talent unlocked

        The options have opened up considerably because you are no longer limited to a geographical region.

• Staffing flexibility

        A great option for fluctuating demands, or if they don't perform well - its easier to walk away.

• Little or no training expenses

       Sourcing from a bigger pool of candidates ensures the best acquisition of talent and skills beforehand.

According to an article on Indeed, the most common contractors are Real Estate Agents, Graphic Designers, Freelance Writers, and IT Professionals. And while that may be true for the most part, in recent years there has been a surge of Virtual Assistants coming to market offering many diverse skills all under 'one roof'.

If you want to research this talent sourcing option further, please reach out to Modern Link Professional Services. Our team of independent affiliates and professionals have varying degrees of experience and expertise, and are standing by to help. We invite you to book a free discovery call to see if our virtual supports can help your business!

"Innovation distinguishes between a leader and a follower."

Steve Jobs

Sources: letsdeel/Indeed