According to the latest statistics released by the Bureau of Labor Statistics, the number of contingent workers in the USA today stands at 2,679,800 – nudging the all-time high record of 2,767,300 set in October 2006. While the economy as a whole has shown a 1.56% increase in the number of jobs available; contingent work has grown at the rate of 7.5%. What is more, a recent survey has 40% of employers stating that they have plans to hire contingent workers this year.
Some factors which influence this growth are not temporary in nature. They have changed the way the world looks at employment and expanded the very definition of work and workers into categories like project-based, crowdsourced, contract-based, short-term, online, on-call, temporary etc.
Even as engaging a contingent workforce is being hailed as a highly advantageous move for any business, not all types of temporary workers are the same. Anyone who fails to understand these differences may risk consequences like overpaying for services rendered; or exposure to legal risks associated with employment regulations as they apply to each category.
When choosing between agency-supplied contractors, freelancers, SOW-based project team, which do you think offer the lowest cost of ownership? Which do you prefer? We’re anxious to hear your thoughts.
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