All posts tagged work

Navigating Wage Inflation in 2022

Amid a pandemic that has forced business shutdowns, created supply chain issues and rejiggered the economy and job market, employers are facing challenges like nothing in recent memory. One of the problems to be solved: employee wages, which rose by an estimated 2.7 percent in 2021, are expected to climb another 3 percent in 2022, according to Kiplinger. Many companies, ready to staff up again after the large-scale layoffs witnessed over the past 18 months or so, are finding employees reluctant to return at or near their previous wages. All of which has forced them to strategize on navigating wage inflation.

This shouldn’t come as an enormous surprise to anyone who has been paying attention. Prior to the pandemic, the U.S. economy – and business with it – had enjoyed a good run. Even now, expected wage increases are projected to fall short of the 2022 Social Security cost of living adjustment (5.9 percent), the largest COLA since 1982.

What’s important to note is that these developments figure to be largely temporary. The federal government is generally favorable to business, and as the economy gradually stabilizes, the job market should follow. The question employers need to ask themselves in the meantime: What should be done until then?

First and foremost, you need a long-tail plan for staffing. Start by assessing your business needs and current staffing status. Are you in a position to wait for the economy and job market to normalize? Take a hard look at your company so that you understand your margins. Where can you afford to pay more? What can be categorized as nonessential expenditures until a recovery is in full swing? You will need to have a clear picture of the ebb and flow of your new business, which may dictate increases or decreases in staff needs.

Begin evaluating your current staffing structure, as well as individual employees. Are they performing at optimum levels? Could your staff be leaner, or at least more efficient? Indiscriminate cuts are risky. Hiring new employees is costly and time consuming, which can create a drag on productivity and depress profits in the long term. If you anticipate an uptick in business sooner rather than later, riding out the storm may be the safest approach.

Keep in mind, a contractor who  $55 per hour. last year may now cost $75 per hour. That, in the short term, is the price of doing business. But PeopleCaddie anticipates a not-so-distant future when wages come down again. In order to compete for top talent and maintain viability (let alone thrive) in the interim, companies must assess and, if necessary, restructure – not just staff but perhaps their entire operations.

Boom times always follow lean periods. Take stock and adjust as needed so that your business is in position to take advantage when the eventual turnaround arrives. 

How can PeopleCaddie help? Navigating wage inflation might be easier with the support of a talent cloud.

sgruenNavigating Wage Inflation in 2022

Corporate America Needs More Recruiters

As Corporate America emerges from the pandemic and its economic fallout to resume something approximating business as usual, most companies are finally ready to begin rebuilding or ramping up their workforces. That means hiring. Only one problem: Who, specifically, is going to do it?

With so many of Corporate America’s companies downsizing, restructuring or simply losing employees over the past two years, hiring departments felt the squeeze as well. Fewer new hires meant a diminished need for internal hiring specialists. Now that businesses are beginning to invest again in new talent, many are waking up to the reality that their hiring teams are woefully understaffed.

Filling those roles won’t be easy. It’s an employee’s market, which means competition for the best talent will be fierce. Hiring is expensive and time-consuming in the best of times – and it will take even longer when the team in charge of that process needs more help. The natural tendency for most companies is to want to build their own hiring department. Internal teams can be more cost-effective, and who knows what sort of prospects fit into a given environment better than company-dedicated hiring experts who operate within it?

But what about when those experts aren’t yet in the building? And what if, at this moment, you can’t find the people to fill those roles? Do you have time to wait? Or will you rush to bring aboard hiring personnel, find that they aren’t the right fit and wind up back where you started only a few months from now? Can your business afford not to hire the right recruiters, right now?

An external firm would be more viable in terms of expediency, but an outside hiring agency typically charges 25-30 percent of first-year-compensation up front, for each new hire. That quickly becomes expensive for any company seeking to hire a large number of employees and challenging, if not prohibitive, for small companies.

As an alternative, consider a vendor-partner with a more affordable tech-enabled solution: PeopleCaddie’s platform offers the ability to match companies with the best available independent contractors for the role, hire quickly and be competitive in terms of salary and benefits while maintaining workforce flexibility that isn’t possible with a staff made up of only full-time employees.

PeopleCaddie provides an established network of contract workers that are searchable by experience level, compensation range and skill set. Over time, a company can tap into PeopleCaddie’s talent cloud to re-engage contractors it has employed in the past, bypassing the usual onboarding process and ensuring a seamless transition from new hire to productive employee.

Hiring doesn’t have to be hard, time-consuming or cost-prohibitive. Given the potential opportunity cost, leveraging a talent cloud now to hire the workforce you need today ultimately may be less expensive and more effective than laboring to build an adequately-sized internal recruiting team, a sizeable portion of which may not be needed when the economy cools. The PeopleCaddie platform cuts through the clutter and traditional challenges of hiring to open up a world of possibilities for your company, now and in the future.

Find out how PeopleCaddie can help by clicking here.

sgruenCorporate America Needs More Recruiters

Labor Shortages Necessitate Growth in Contract Workforce

If the past two years have taught us anything, it’s that building a business and maintaining a baseline level of operations during lean times requires a flexible workforce. Many companies shaken by the pandemic, as well as the accompanying government response, have lost both business and employees, prompting widespread restructuring and rethinking of corporate strategies in a still-unsettled economy and job market. The resulting labor shortages are expected to affect businesses across industries, possibly for years to come.

And although that may force a lot of companies to think long and hard about their operating costs, the only way to take advantage of a recovery is to participate in it. The opportunity to capture new business in the coming months and years can only be realized by growing a workforce to account for it.

Yet there’s the rub: Recruiting is one of the most labor-intensive and expensive elements associated with running a business. In this environment, how does a company forge ahead without taking too great a financial risk or falling behind?

The most logical place to start is with a contract workforce. Building a business is all about creating a system, a machine that will activate a specialist or bring a new resource online – even if only temporarily for a specific project. Maybe a company needs only a handful of new employees for a six-month contract. Maybe it’s one for three months to cover a maternity leave. Perhaps it’s a part-timer who can pitch in for a month. Hiring those workers as full-time staff would be grossly inefficient. Outsourcing the work could be expensive and lead to inconsistent results from vendors who lack the experience or understanding of a company’s unique challenges.

In a volatile market where labor shortages pervade, flexibility is one of the most chronically overlooked business assets. A talent cloud offers the flexibility companies need – plus plenty more. At PeopleCaddie, we provide a digital marketplace for professional talent, one that allows a hiring manager to easily and efficiently search for, identify and select proven contract workers.

A talent agency or headhunter may have access to freelancers, but PeopleCaddie maintains a network of contractors, building detailed and informative worker profiles and connecting businesses with the right people for the job – sometimes even contractors who have worked with the company before. Better yet, our platform allows a hiring manager to quickly identify available contractors by experience level, rate, skills and competency, cutting through much of the traditional hiring process in seconds.

During a labor shortage, a business doesn’t have to be defined solely by the availability of its permanent staff. Projecting talent needs into a murky future isn’t just difficult – it amounts to a commitment that can transform into a financial albatross. PeopleCaddie is a partner that can help build a workforce containing the desired percentage of contractors and make connections with other flexible resources for specific and finite projects and tasks. With access to a modern talent cloud, any company can design and adjust a business strategy for growth – even (and perhaps especially) when labor is scarce and at a premium.

Interested in learning how PeopleCaddie’s talent cloud and help your company in this labor market? Click here to see how we can help.

sgruenLabor Shortages Necessitate Growth in Contract Workforce

Canadian Contractors Have Lucrative Opportunities This Year

As we put more distance between us and the worst of the pandemic’s employment fallout, and as more businesses have come to learn the benefit of a remote workforce, the time is ripe for contractors everywhere to find better, flexible job opportunities. In particular, Canadian contractors are in a position to capitalize on a booming freelance market that offers them specific benefits.

Many American public accounting firms, for example, are in search of accountants familiar with U.S. GAAP. At a moment when labor scarcity and competition among firms have driven up pay rates (20-30 percent over the past two years), Canadian contractors have arguably never been more valuable. And given the favorable exchange rate, compensation from U.S.-based employers becomes even more attractive for contractors located over the northern border.

With that in mind, here are some roles in high demand that Canadian contractors are in position to take advantage of:

External auditors. Assurance busy season, which is right around the corner, is an annual right of passage that drives demand for contractors who can supplement internal teams at public accounting firms. The opportunities it creates tend to be contracts lasting roughly four to six months and typically requiring long work weeks. But unlike permanent (salaried) employees, contractors are paid for every hour they work, including overtime. A freelancer who puts in 60 or more hours per week during the busy season has a tremendous opportunity to make a lot of money in a relatively short period of time.

Financial due diligence consultants. The boom in SPACs and M&A transactions has led to strong demand for consultants to assist with preparing for or consummating those deals.

Internal and compliance auditors. Some U.S. accounting firms supplement their teams during the busy season with offshore talent. In the past, auditors from countries like South Africa traveled to the United States for the duration of the audit busy season – a work model that has been disrupted by travel restrictions imposed during the pandemic. This and strong demand for services have pushed accounting firms to look for additional ways to tap into the global talent pool. Now U.S. employers are increasingly looking to Canada as a nearby source of strong English-speaking, GAAP-knowledgeable, time zone-compatible talent. Employers generally  feel more secure about their networks being accessed from Canada, and any necessary trips to headquarters or a client site in the U.S. will be shorter and less expensive than most other countries.

Cybersecurity and IT risk consultants. With the increase in high-profile data breaches and ransomware attacks, senior technology leaders have been aggressively seeking to shore up their security solutions. This has driven steep growth in demand for cybersecurity and IT risk professionals. U.S. companies have often looked to offshore resources and/or skilled non-U.S. residents with green cards or work visas, and the pandemic has forced more reluctant employers to embrace remote work models. Once employees demonstrate the ability to work effectively in a fully remote or hybrid environment, the minds of leadership are often opened to the viability of leveraging the global talent pool.

Recruiters. With so many firms struggling to land good talent, skilled recruiters are in very high demand – particularly those with relevant industry experience. According to a recent Wall Street Journal article, the hardest job to recruit for is recruiters, and monthly U.S. job postings for recruiters have more than doubled since February 2020 to nearly 148,000 in September.

Are you a Canadian contractor interested in working in the U.S. market? Join our talent cloud.

sgruenCanadian Contractors Have Lucrative Opportunities This Year

Global Talent Markets Fueling Present Opportunity for U.S. Companies

The business world has become a much smaller place in a relatively short period of time. With the proliferation of broadband internet and high-speed cellular networks, business has become virtually borderless, and even small-scale companies are able to participate in global talent markets while also searching far and wide for new customers.

Given that so many U.S.-based companies are actively pursuing international clients, it stands to reason that there is an opportunity – and possibly even a moral obligation to local citizens – to seek labor beyond U.S. borders. Rather than think of globalization as a dirty word, or a political cudgel, managers hiring knowledge workers should consider all the ways that staffing a diverse group of domestic and foreign workers can benefit a business.

First, and most simply, companies that open their doors to international labor exponentially expand the talent pool available to them. No longer limited only to employees who happen to reside in the U.S., businesses who consider talent abroad can gain an advantage over competitors who may not have similarly expanded their search.

Additionally, many of these workers offer language skills, knowledge of regional bylaws and customs, as well as the soft skills that may allow them to create cultural connections that would elude Americans . Even if your company doesn’t do business outside the U.S., chances are that many of your clients do – or hail from other countries themselves. Building a geographically-diverse workforce equips any operation with superior capabilities to address a wider variety of business scenarios.

And because the best and fastest way to expand any company is through a conscious global strategy, hiring contractors operating remotely outside the U.S. should be considered essential for businesses with a growth mandate. By onboarding contractors from the regions that are being targeted to help drive new business, a company builds the necessary staffing infrastructure to connect with and meet the needs of these new regional opportunities. Moreover, this hiring strategy allows a company to tap into those workers’ contacts and networks, which is critical for immediately cultivating new customers and, in some cases, helping legitimize a U.S.-based business on foreign soil.

Why place artificial limits on the scope of any hiring search? Why hire and train American contractors to do business with international clients when a company can remotely access the local knowledge of foreign nationals? And why wouldn’t any company with designs on growth explore global markets – both clients and labor – as a means to drive new business?

It can only benefit companies to at least be open to the idea of hiring international contractors. Even for those starting small, there are benefits to taking a bigger swing and trying to reach global talent markets. Thinking locally? Hire globally. And for businesses with something grander in mind, the labor search must match that vision in scale. Go global.

PeopleCaddie’s offers a global talent pool that could help scale your business. See how it works here.

sgruenGlobal Talent Markets Fueling Present Opportunity for U.S. Companies

Increase Your Pay Through Ratings

No matter our chosen profession or political affiliation, most of us look for one thing above all from any employment relationship: ways to increase your pay. Some combination of benefits, a pension and additional perks may also be important to the average worker, but even those elements fall somewhere under the umbrella of compensation.

Put simply: We just want to be paid what we’re worth.

Seems fair enough. But democratizing that process is another story. Factors such as a lack of pay transparency, insular networks, discrimination and even just bad luck can keep talented, productive and experienced workers from climbing to rungs on the pay-scale ladder that are commensurate with the value they deliver.

In the meantime, PeopleCaddie is helping to level the playing field. Our digital talent platform allows professional contractors to set their rates, previous employers to post ratings of those contractors, and prospective employers to decide whether those figures jive. The idea: Good work leads to good ratings, which ultimately leads to higher compensation from future employers.

The traditional hiring process is clunky. Contacting references that are cherry-picked by the candidate takes time and bears questionable fruit. Verifying the professional relationship between the candidate and the reference can be tricky, and the objectivity of the assessment depends heavily upon the specific relationship between the reference and candidate. LinkedIn, for instance, offers the ability to request reviews from fellow members, but that function operates independent of the professional work history or nature of the relationship between two members.

At PeopleCaddie, employers searching through our database of candidates can be assured they are always seeing ratings from that candidate’s direct supervisor at a given position. This brings a level of standardization to reviews, allowing employers to compare apples to apples during the hiring process and ensuring contractors that they are being assessed based on criteria that is consistent from candidate to candidate.

For decades, scale-tippers such as the old boys’ network, the Ivy League pipeline and run-of-the-mill nepotism would often unfairly reward or penalize candidates. Even if a deserving prospect were hired on, they might be compensated at a lower rate or receive fewer career-advancement opportunities based on any number of subjective factors. With PeopleCaddie, contractors are better able to understand their worth in the market and can set their rates accordingly. At the same time, employers can pinpoint candidates based on ratings (as well as experience, skill set, etc.) and move forward with the confidence that a contractor will deliver on expected value.

Annual in-house reviews typically have been a thing for workers to dread. Supervisors could make arbitrary assessments to justify denying a pay raise or promotion, and salary bumps are often highly controlled and barely keep up with the cost of living. But a ratings system like PeopleCaddie’s offers full transparency, solicits reviews after a contractor has moved on from an employer, and establishes a rewards system in which a freelancer is more likely to be noticed while creating demand for their services.

Increase your ratings, increase your pay. That’s all any of us workers could ask for.

Looking for ways to increase your pay? Join PeopleCaddie’s talent cloud, set up a profile and allow employers to consider you. Here’s how it works.

sgruenIncrease Your Pay Through Ratings

Professional Staffing: The Possibilities Talent Clouds Offer

Professional staffing has always been a chore. The need to fill a professional staff role, no matter the position, triggers an exhaustive, often dreaded process: culling through stacks of resumes, identifying quality applicants, vetting the best candidates, scheduling and conducting interviews, and eventually making tough decisions that, after it’s all said and done, don’t always work out.

It’s a necessary burden: most companies need the muscle and institutional knowledge that comes with a full-time workforce. Still, many employers have the ability – and some might call it the luxury – of supplementing that staff with contract workers who offer, among other things, faster onboarding times and maximum flexibility. In fact, with the right partner – a proven third-party talent cloud – bringing aboard freelance talent can be one of the easiest aspects of a hiring manager’s job.

With a talent cloud, not only can the time and efforts of a human resources department be better focused on other duties, but the results of contingent-labor hiring and professional staffing are often more impressive. That’s because a talent cloud, like PeopleCaddie, focuses solely on contract workers, building networks of quality freelancers and sought-after employers, and, through intelligent technology, matching them in professional relationships that create the best fits for each.

Think of a talent cloud as a vending machine for professional staffing. It’s simple to use, and by building a vibrant and engaged online community, talent clouds build strong relationships with contractors. These relationships, ratings from previous employers, and the increasing scale of the online community offer a clear view of the best available freelancers and deliver a near-instant payoff. That speed is crucial. Companies are always chasing business, seeking the next opportunity, and they can’t afford to worry about whether their full-time staff is perfectly calibrated to take on new work. Having the flexibility to ramp up staff and quickly identify and hire skilled talent to fill specialized roles allows a business to meet whatever workforce needs that may arise based on new projects.

By alleviating the pressure point of modulating bandwidth, a talent cloud enables a company to not only scale up but also streamline at the close of seasonal work or after big projects wrap. One of the reasons employers have balked at new business or focused on slow growth in the past is to avoid workforce bloat during leaner moments. Instead of being on the hook to pay an exclusively full-time staff – not to mention laying out for insurance plans, 401ks, pensions – employers who supplement their workforce with a talent cloud can hire freelancers on contracts that align with the flow of business and, if necessary, make unforeseen adjustments on shorter timelines.

With PeopleCaddie, a company is always plugged into a network of carefully cultivated contractors and a platform that offers smart searching and sortability. Cutting through the clutter to get to your next hire – a pre-vetted, rated and reviewed freelancer with a transparent work history and skill set – puts a world of hiring possibilities in employers’ hands.

Find out how PeopleCaddie’s talent cloud works by clicking here.

sgruenProfessional Staffing: The Possibilities Talent Clouds Offer

Hiring Contractors for Busy Season? A Step-by-Step Guide

For hiring managers at public accounting firms, there’s no challenge quite like managing busy season. Determining the workload, identifying shortfalls, scrambling to adequately staff engagements and adjusting in real time – it’s all part of the annual dance. But with a rock-solid plan and a few key resources (might we humbly suggest employing the services of a talent cloud that specializes in public accounting?), you won’t have to white-knuckle through the industry’s most stressful time of year. PeopleCaddie can facilitate hiring contractors who are a fit for your business while helping you prepare with a step-by-step guide to hiring contract resources for busy season:

Steps to Hiring Contractors for Busy Season

  1. Complete demand forecasting and resource planning. Assess your upcoming client needs then take inventory of your existing workforce to identify resource gaps. Before hiring contractors to fill the gaps, are there any existing team members who can be redeployed? 
  1. Determine which partners, groups or teams will need contract resources. Consult with partners and team leaders to learn where your workforce falls short. Are the needs for full-time or part-time resources? How many hours will be required? You’ll ultimately have to determine the best allocation of contract resources, but be sure to take advantage of your leaders’ knowledge of their corner of your business.
  1. Can these resources be sourced by your existing TA team? Do they have experience sourcing contractors? Often, internal HR teams are focused on filling open permanent reqs and don’t have the bandwidth to also focus on filling busy season contract needs. Additionally, recruiting for contractors is a different skill set than recruiting for permanent hires. If you are desirous of having your internal team take on the added responsibility of filling contract needs, make sure that they have both the bandwidth and experience to do so effectively. Busy season is riding on their success.
  1. Will contractors be on-site or remote? This will determine where potential contractors can reside – it may be easier to find a resource when not limited to a small geographic area. It may also influence which contractors are interested in your roles, as some contractors are only interested in remote opportunities. The worksite will also be a factor in terms of employee interactions, work models and even logistics around current COVID regulations.
  1. Determine acceptable bill rates by business unit, practice area or group and seniority level. Even if there’s some leeway in your budget, you’ll want to set certain guidelines. Understanding bill rate ranges is incredibly important, as it will allow your recruiters and/or selected vendor(s) to determine the compensation rates that can be offered to candidates at each seniority level. In a hyper-competitive market for top talent, compensation is critically important to being able to secure desirable resources.
  1. Determine how available contract talent will be shared across the organization and how hiring decisions will be made quickly, as highly desirable talent doesn’t stay on the market for long. Have a plan in place to execute hiring and staffing efficiently. Don’t miss out on the best talent or risk staffing lags that adversely affect productivity.
  1. Engage a partner (talent cloud or agency) to assist you as needed. If you haven’t previously engaged in hiring contractors, make sure you choose a partner with a proven ability to deliver, including assisting with all aspects of the contracting process – from onboarding to offboarding.
  1. Prepare workspace, equipment, security access, IT platform access, time management process, communications, etc., as required to be able to support contractors. If you aren’t proactive and deliberate about these logistics, you’ll wind up with new contractors twiddling their thumbs, uncertain who reports to whom, work getting backlogged and regret over the waste of time and resources.
  1. Move quickly before all of the good talent gets locked up by other firms. Top contractors can take their pick of available roles. Be sure you’ve done everything in your power to position your firm to win the war for this coveted talent. If managed correctly, you can avoid having to settle for second-tier players, burning out your team because of staffing shortages, or opening the door to competitors because you have to decline engagements during busy season.

Looking to hire contractors for busy season? Reach out to our team to see how PeopleCaddie’s talent cloud can help.

sgruenHiring Contractors for Busy Season? A Step-by-Step Guide

Contracting Shouldn’t Be Fear-Filled

So you’ve reached the end of the line. For whatever reason, you’ve decided that you’re finished with the full-time professional grind. It’s time to make a go of the contracting life, to start enjoying all the flexibility and benefits contract work has to offer. You’re ready to be your own boss, make your own schedule. Time to take the plunge. Only one problem:

You’re freaking out.

It’s a significant transition leaping from a structured, one-to-one employment relationship to a world in which you’re management, marketing agency, human resources and the IT guy – and all before you ever lift a finger for the work you’ve actually been hired to do. You have questions, concerns, anxieties. Maybe you’re no-bones-about-it terrified. The good news: you’re not alone. Most every former staff employee went through the same range of emotions before venturing out as a contractor. How, then, do you go about overcoming that initial fear of contracting?

Start by entering into contract work with a comprehensive plan. You won’t get far flying blind, and the more variables you address in advance will give you the peace of mind in your career as a contractor to successfully see it through. Here’s what to consider:

Rates. You’ll want to have a solid idea what the going rate is for a contractor with your skill set and experience. If you have expertise that’s in high demand or simply have a salary expectation in mind, you can adjust accordingly. Just keep in mind: pricing your services competitively is key to consistently drawing the interest from multiple clients that will keep you busy with work.

Preparation. As much as possible, contractors should be ready to hit the ground running when starting a new contract. Many employers pay top dollar for highly-skilled workers, so you should try to maintain the mindset of going above and beyond, overdelivering on a daily basis through the duration of a project. Be prepared to learn a company’s technology quickly, as well as any important protocols or best practices that may be unique to a business.

Relationships. Forge a strong relationship with the right staffing agency for yourself and your career. This can be instrumental in securing proprietary opportunities – often ones that other contractors will never know even existed. What’s more, agencies have relationships with clients who will trust them when they vouch for your skills, integrity, work history and ability to perform in a given role.

Focus. Think about the companies you’d like to learn from and the sort of work you’d like to be doing. Where will you make valuable contacts and pick up new competencies you can’t get elsewhere? Be deliberate about the contracts you choose and the agencies you choose to partner with on your contracting journey. Done correctly, contracting opportunities offer autonomy over your career, with more flexibility, pay and growth options as you get more contracts under your belt.

These are just a few of the considerations you’ll want to give some thought to before making the leap from perm to contracting. Not only can you overcome the apprehension that comes with any new and unfamiliar experience, but by creating a plan and carefully thinking through your objectives in advance, you’ll be able to land more of the projects that interest you, gain experience with desirable clients and keep developing a toolbox of skills that will help position you for more attractive contract work and better rates in the future.

With PeopleCaddie, it’s easy to make the leap to contract work. Check out our jobs page!

sgruenContracting Shouldn’t Be Fear-Filled

Contract Work Is More Lucrative

Most members of the current American labor force were raised during an age when long-term, full-time permanent employment was considered not just an aspirational goal, but the gold standard of employment. Beyond the reward of a regular salary, benefits and job security, the position offered a certain symbolic significance – a preferred status among employees. The reality for today’s workers, however, looks much different than that Norman Rockwell-era portrait of employment where contract work offers more upside.

Not only have some of the typical perks of permanent employment fallen by the wayside over the years, but at the same time options for contract work have improved dramatically. And although there may be advantages on each side, there’s an argument to be made that contingent labor has actually become more attractive and lucrative for some employees than traditional permanent employment.

Every company is different, of course, and certain employees will find value in a permanent position where others don’t. But by and large, today’s labor market favors the enterprising contract worker. Consider why:

Raises. Put simply, with contract work, you can raise your rates whenever you choose. That isn’t as easy for a staff employee who agrees to a salary, then finds their income shackled to annual reviews, company performance and who knows how many other whims. Often, a full-time employee deserves more, especially as they gain experience and build a quality portfolio – yet they simply aren’t aware of it. A talent cloud offers contractors a platform and constant negotiating flexibility, connecting them with interested employers and empowering them to earn what the market will bear at any given moment.

Overtime pay. Many of us have worked full-time, salaried positions for employers who expect us to put in whatever time is required to get the job done. Even if you are required to work 60 or more hours in a week, for most “highly-compensated” employees, you will not be entitled to any incremental compensation for the overtime. With contract work, however, employers are required to compensate you for each hour worked, including overtime. You could be working side-by-side with a salaried employee doing the exact same job for 60 hours in a week. They would get paid for 40 hours, but you would get paid for all 60, and most often, overtime is paid at time and a half. For jobs that customarily require employees to work overtime, it is not uncommon for newly-minted contractors to double their previous compensation solely on the basis of having to be paid for their overtime hours.

Ratings and reviews. Talent cloud performance reviews hold different currency – and tend to be more democratic – than those attached to full-time positions. A salaried employee, for instance, may receive glowing reviews for five years running and still be denied a raise based on their employer’s profits, department restrictions or any number of other factors. A contractor working through PeopleCaddie, on the other hand, has a profile that features all of their ratings and reviews from previous employers within the talent cloud – a profile automatically aggregated for every hiring manager in the network looking for a contractor like them. Talent clouds don’t just help contractors put their best foot forward – they’re on a constant search to find your next great gig.

Benefits. For many, the argument for full-time employment has been an open-and-shut case: benefits. But health insurance, short- and long-term disability and 401k matches are no longer the exclusive purview of companies offering salaried employment. Many talent clouds, including PeopleCaddie, offer benefits to contractors who work within their systems. Often, they’ll even set aside taxes from a contractor’s paychecks to make their annual filings with the IRS less of a hassle – and help them avoid any budgeting issues.

Some workers find comfort in the routine and familiarity of full-time employment, and that’s OK. But many of the internal and external pressures a contractor once felt to find “steady” or “stable” work as a W-2 employee no longer apply. For highly-skilled contractors, the professional job market is a bold – and more lucrative – new world.

Looking to take advantage of our talent cloud? Check out our jobs page.

sgruenContract Work Is More Lucrative