As we step into the 4IR (Fourth Industrial Revolution), the way we do work is rapidly changing. To remain relevant, businesses need to reinvent their technological capabilities to streamline their operations.
Whether your business is developing an app to improve a product, integrating different systems to boost efficiency, or revamping data security procedures, hiring a team of people with specialised IT skills will be required to effectively oversee and implement an IT project.
A smarter solution for one-off projects will be to hire on a per-project basis, as you may not require the specialists’ expertise after the completion of a project. This arrangement allows your company to work with top talent to get projects completed on time without the hassles of recruitment, training, and permanent employment-related benefits.
Apart from removing the hassles above, there are many benefits of IT project-based hiring! Here are the top benefits:
Top Five Business Benefits of IT Project-Based Hiring
Save on costs
Cost savings are one of the top tangible business benefits of project-based hiring. Hiring permanent employees translates to a larger financial commitment for companies in terms of benefits, health care, parks, and allowances. For instance, according to Glassdoor the average salary of an IT Consulting Specialist in a developed Asian country can range from US$ 40,000 – 52,000 per year. Senior software engineers are paid as much as US$ 85,000.
Companies can spend around US$ 4,000 on medical insurance per employee, per year. Benefits and allowances can add up to an annual cost of anywhere from $1000 to $2000 per employee. These allowances cover meals, transport, travel, health screening, and long service benefits. In addition, companies are required to contribute towards any provident funds. These costs add up to a whopping US$ 90,000 or more per year for a permanent senior IT consulting specialist.
You may also need to factor in the costs of hiring specialists. These relate to hardware, office space, onboarding, training, advertising and marketing, travel, background checks, assessments, and relocation costs. With project-based hiring, your company can save money on provident fund contributions, benefits, hiring costs, medical insurance, and office space utilisation. You only need to compensate the specialist/consultant for the duration of the IT project, which reduces the impact on the bottom line significantly.
Deliver projects on time
Hiring top talent is a challenge for most tech companies given the IT skills gap and the stiff competition among businesses. This can translate to delays in filling up vacant positions that impact productivity and project timelines. Even when companies hire someone, they typically need to invest in training and onboarding that leads to further delays. With project-based hiring, you will be working with people who are already specialists in their fields that eliminates the need to train them. In addition, with project-based hiring, there is no need to be concerned about their culture fit as there are no obligations on either side beyond the project.
Project-based hires can also fill in for the regular employee on leave. This enables companies to adhere to their project delivery deadlines without compromising on quality or efficiency.
Flexibility
Most businesses will experience troughs and peaks throughout the year. Their employment methods need to reflect these changes in demand with the ability to scale up or scale down manpower.
Project-based hiring, being a flexible working arrangement gives more control to companies on who they hire and how many specialists they hire. This type of arrangement is ideal for freelancers who desire the flexibility and freedom it offers. With no pressure to continue to employ these professionals after the completion of the project, companies have the flexibility to reduce or increase the number of hires as per their project requirements.
Hire top talent
Asian cities such as Singapore and Hong Kong are dealing with the challenge of IT skills shortage. Project-based hiring is a great strategy for businesses looking to diversify into other domains or geographic locations or those who require specific skill sets not available in-house. This hiring strategy will also help you avoid the expense of hiring talent permanently, not to mention the difficulty of finding such talent.
The specialised skill sets of these professionals and their extensive experience in the field combine to enhance the efficiency of project planning and implementation. Experienced consultants, being well-versed in their domain, can get started immediately, enabling your company to deliver instant results.
Need help hiring top IT talent? Contact us now to find the right people!
A fresh perspective
Innovation and creativity are highly valued skills in the workplace. Project-based hires are usually seasoned veterans and come with varied experience. They bring in a fresh perspective on projects and new approaches that can drive innovation. Fresh faces can help develop the skillsets of your existing workforce and cultivate an environment where employees are constantly learning from one another.
Are you looking to complete an IT project? Links Technologies can help your business complete projects efficiently and cost-effectively. Our service covers IT consulting, project planning, specialist talent recruitment, and implementation. Contact our team now for expert advice on completing your IT project!
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Links International is an industry leader in innovative HR outsourcing with services such as payroll outsourcing, visa application, PEO/EOR Secondment, outplacement, recruitment and more! Contact us for more information on how we can help leverage your HR function.
