IT services companies are anticipating reduced hiring in the short term due to an anticipated growth slowdown and a decreasing attrition rate. This trend is expected to continue for the next few quarters before stabilising at the long-term average of 13-15 percent.
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However several organisations ramped up their hiring efforts during the festive season, creating an acute demand for temporary job functions even amidst economic uncertainties.
How can Flexi-Staffing help stabilise the job market?
This rapid job market transition is creating an erratic hiring environment, compounded by technological advancements and evolving workforce expectations. In such times, flexi-staffing for temporary needs has emerged as a viable solution to stabilise market fluctuations by ensuring that business functions flow smoothly with minimal disruptions and increased cost-optimisation.
Flexi-staffing encompasses various types of work arrangements that offer flexibility to both employers and talent. These range from providing temporary support during peak seasons to providing specialised skills for specific projects and equipping companies with an agile workforce. There is seasonal staffing, where workers are hired to meet seasonal demands, as is the case with the majority of e-commerce and logistics companies hiring for the festive season. Further, there are contract, freelance, and gig workers, often hired on a contractual basis for specialised project work for a stipulated time.
Temporary staffing has several merits, contributing to its growing popularity as a strategic workforce solution. It helps businesses scale sustainably by reducing overhead costs of retaining a high volume of underutilised permanent employees. Additionally, businesses can quickly adapt to seasonal fluctuations, project needs, or economic tremors, mitigating any legal or administrative risks in the long term. Many professionals appreciate the personal agency they receive with contract positions, enabling them to work on multiple projects based on their specialised skills concurrently. A recent market survey indicates that a majority prefer flexible work arrangements over higher pay. It is important to highlight that the present-day workforce prioritises work-life balance, as offered by Flexi-staffing. Flexi-work also provides exposure to diverse job functions, helping individuals gain varying perspectives into new industries and enhance their skill sets. Additionally, Flexi-staffing is well suited for recent graduates or those seeking immediate employment, as it offers a relatively quick way for workers to penetrate the job market. It is imperative to break the stigma that temporary work does not generate income. These freelance jobs provide a steady source of income during periods of job transition and market uncertainties.
What are the Best Practices for Implementing Flexi-staffing?
Organisations must strategically align their overall business goals with their flexi-staffing strategy. They must accurately define their temporary staffing needs based on the skills and qualifications required, the stipulated period, and the number of job roles. They also need to decide on the work arrangements best suited to the needs of the temporary business functions.
Furthermore, organisations can optimise the process by outsourcing hiring solutions to specialised recruitment firms that have the relevant expertise. They offer access to a diverse talent pool and workers with specialised skills on a project-to-project basis. They also help expedite the hiring and onboarding process, helping employers fill vacant positions faster, reducing downtime, and ensuring business continuity. Customisation is the key to effectively integrating temporary staff with the existing workforce and enhancing operational efficiency. It is not enough to just hire temporary workers. It is also important to deploy effective performance monitoring strategies for continuous improvement to ensure that the temporary staff meet the desired needs of the business.
I would like to conclude by reiterating that the current employment landscape is undergoing several changes owing to factors such as layoffs and a general decline in hiring. In such circumstances, flexible staffing solutions effectively support employment demand, ensuring that businesses can continue to grow despite macroeconomic uncertainties. On the other hand, professionals can also reap the benefits of temporary work to channel their specialised skills, maintain a better work-life balance, and secure a source of income during market fluctuations.
The author is CEO and Co-Founder, Careernet