Understanding Contractors’ Priorities and Preferences – How to Attract and Retain Them
Using contingent workers for your business can be a big part of your workforce strategy. As we have already written about how hiring contractors can be beneficial to your business, we also discussed why contracts or temporary positions are becoming the preferred type of employment. According to a 2017 Inuit report, contractors occupy 37% of the workforce and it is expected to reach about 43% by 2020.
If your organization needs to hire contractors, for any kind of reasons, such as for short replacements, projects, analysis, etc. Whatever it may be, as an employer, you will need to differentiate yourself from the market by understanding what are contractors’ priorities and preferences to attract the best talent.
What are contractors’ priorities and preferences?
They are usually happy with their current role. More than half of the contractors are satisfied with their jobs.
Contractors are usually motivated by compensations. 43% of the contract workers would say they are looking for compensation and the company culture more than other aspects when accepting an offer. Whereas benefits and career growth are less important to them.
They experience less work pressure. Contractors usually have a clear idea of what they expect in a role, therefore they will be less likely to take extra tasks. They will experience less work pressure and will be happier in their current role.
They will be less likely to leave their current role. Contractors are more loyal to their role than other workers. Due to the nature of their work, they must keep their reputation in the industry. So they will finish their current contract before moving on to the next.
So, if they are happy with their work, feel less pressure, less likely to move on to another role and prefer compensation over benefits, you still have other ways to attract them. For example, promote your company culture. You can work with your HR team or hire a recruitment agency to re-evaluate if the role is to the market expectation. You will need to work on your employer branding such as finding ways to promote the structure of the company, the day to day tasks, the environment of the office, the team that the contractor will be working with, etc. Most importantly, the concept is to think of how this role will bring to the contractor instead of what you really want from them.
When it’s time to retain the contractor, the culture is important when it comes to decision making. As they are deciding on staying, the most important aspect of the culture is an open communication and the strong leadership. Or you can also offer benefits as a key to attract or retain contractors.
As more and more companies will be hiring people with specific skills, it will be important for you to be their employer of choice. To attract or retain these workers, it will be important for you to understand what they value the most and their preferences and work around those aspects to sale your role.