When experienced pros leave your company, seasoned contractors can help fill the knowledge gap.
When companies offer their employees a voluntary buyout, it sometimes leads to a mass exodus of top talent.
The majority of those targeted by voluntary (or involuntary) buyouts typically include top-level executives and senior associates who take with them a wealth of knowledge, experience, and expertise. We’re talking about long-term employees whose company has invested heavily in them.
In the aftermath of a corporate buyout program, many employers, struggle to find replacements for their seasoned professionals. While some of their less experienced employees may be ready to step up to meet new challenges, employers often find that there really is no replacement for the decades of knowledge and experience that has left the building.
As for the workers who take a voluntary buyout package, some are content to fully retire and enjoy a more leisurely lifestyle. Some may choose to work full-time again. Some will go the entrepreneurial route and start their own business.
For many, it’s the perfect time to “downsize” their careers and take their experience to the “gig” economy as a part-time or temporary contractor. These people have a lot to give and are eager to contribute. They’ve climbed the corporate ladder, they’ve made sacrifices, and now they can be a strategic resource for the right employer who recognizes their intrinsic value. However, finding well-paying, part-time, professional-level opportunities can be a challenge.
This situation can create a “win-win” opportunity for employers and employees alike. Smart, forward-thinking employers understand how talent of this caliber can provide great value and use it to supplement their workforce at reduced costs.
Why Hiring Contractors Makes Sense For Companies
- Gain Industry Expertise: The supply of seasoned professionals who are on the sidelines provides companies small and large with a great opportunity to snatch up industry experience and knowledge at a great value. Whether your company is launching a new project that could benefit from a part-time consultant with a background in your industry or is looking for support to help drive process improvements, hiring a seasoned professional on a temporary contract basis can be a cost-effective solution.
- Mentor Up and Coming Talent: Many employers struggle to invest in and “coach up” their less experienced employees to develop them into reliable leaders. While mentoring may be the job of other leaders and managers within your organization, given competing priorities, the “coaching” role tends to happen inconsistently or not at all. Leveraging former leaders with prior experience in your industry to coach and develop new talent can be a great way to develop the leaders you need.
According to a 2020 article from the Society for Human Resource Management (SHRM), 84% of American workers say poorly trained managers create a lot of rework and stress, and 50% felt their own performance would improve if their direct supervisor received additional people management training. Hiring a former leader from a similar industry on a temporary or contract basis could help you develop your up-and-coming talent and have a lasting positive impact on your company.
Support Your Current Staff During Economic Downturns
Just because the economy may be slowing down, that doesn’t mean the volume of work is slowing down. However, for many companies, now is not the right time to be adding to full-time staff.
Supplemental contract staffing can be a perfect opportunity to help keep overburdened employees from burning out and keep hiring costs down, with no long-term commitment. Need help in finance, operations, marketing, or HR? Consider bringing in a seasoned professional who can acclimate quickly and contribute on day one.
You can teach skills, but you can’t teach experience. Companies that are strategic with their hiring needs can benefit greatly from employing those with 20 or 30 years of experience on a part-time or contract basis to fill gaps in support or knowledge.
Bullseye Talent Solutions helps match seasoned professionals with companies that can benefit from hiring highly experienced professionals via temporary contract staffing arrangements. Whether you’re an employer seeking top talent or a seasoned professional seeking your next gig, contact us today.