5 Reasons Why Hiring a Financial Consultant Makes Sense

There’s no doubt that with new technologies and rapid growth demands, the workforce is evolving. The most significant trend we see now is that more and more companies are outsourcing contract workers and consultants. Google, Facebook, Amazon, and Uber are among some of the companies that outsource talent. Also, more than 80% of large corporations plan to substantially increase their use of a flexible workforce in the coming years. We see a shift in the traditional “Corporate America” and businesses that embrace this change will benefit the most. Here’s a list of the five reasons why hiring contract workers is the new way to go.

1. Specialized skills for specific projects

Asking employees to realize short-term goals in areas outside their skill set can be distracting, time-consuming and leads to more errors. Yet, hiring a new full-time employee for a project will mean after the project is done, their skills won’t be required or they have enough day-to-day work, which is costly. Hiring an expert consultant with specialized expertise, such as an IT professional, is your best bet. A consultant will help you actualize a unique task or a one-time project that your company needs.

2. Lower costs

Yes, even though a contract worker’s wage is a similar or higher hourly rate, you’ll usually still end up saving, on average, 20 to 30%  when you compare all the expenses associated with hiring a full-time employee.

Generally, there are four additional costs associated with hiring employees that you don’t need to worry about when hiring a consultant. These additional costs include: 

• Administrative expenses: Accounting fees, payroll taxes, legal fees, etc. 
• Benefits: Health insurance, retirement contributions, paid time off, annual bonus, 
• Overhead: Workspace, computer equipment, office supplies, etc. 

Training: The cost of onboarding and continuous training. Meanwhile, contract workers possess all of the necessary specific skills and qualifications required to complete a specific project. 

3. Fresh eyes

While your internal team is essential to the success of your business, it’s not uncommon that employees miss problems because of bias or from being too close to the issues to see them. Contract workers are not restricted by preconceived ideas and can step in with a fresh perspective. An external contract worker will seek to find new solutions for your business design and be the catalyst that you need to drive your business forward.

4. Faster Delivery

Freelancers and consultants are focused only on the task at hand, without other day-to-day distractions and obligations that employees might encounter. They also know it’s in their best interest to remain viable and meet the goals of their contract within the given specific time frame.

5. More Flexibility

Whether you take on a small-scale project or a much larger one, your business needs are fluid, so having a flexible team is favourable. By hiring consultants and freelancers, you can ensure you have just the right amount of workers along with on-demand skills to accomplish all projects that come with the evolution of your company.

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