What impact does a flexible workforce have on our economy?

11th October 2016

In today’s ultra competitive society, the demand for dynamic workers is higher than ever. For any company, a workforce that is resistant to change is only going to slow down its growth rate and arguably with globalisation, it’s increasingly important for firms to remain competitive within the global economy.

To the individual, the ability to move from project to project allows them to develop their skills through working with a variety of people from different sectors, from different backgrounds and in various locations.

In a study conducted by The Guardian, it’s shown that 65% of companies said flexibility has an important role in creating employment opportunities. It’s only natural that companies hire workers with the best abilities in their given areas of expertise and the more experience you have as a contractor, the more marketable you can make yourself, resulting in an increase of employment opportunities. Developing these skills allows a contractor to become more dynamic and transfer their knowledge and skill set to new projects.

The development of new skills is vital to increased labour productivity. Competitive workers, the option of higher pay and higher morale are also key factors associated with contracting and linked to an increased output.

A fluctuating demand throughout all industries calls for workers that can adapt to different environments. From a company’s perspective, a workforce that is fluid allows growing businesses to respond to rapid growth more effectively , where they can move workers in and out with lower associated costs, risk and administration.

Although the benefit of reduced costs for both companies and contractors is a plus, a flexible workforce also aids improved resource efficiency. For example, it helps:

·        women return to work after maternity leave

·        students to mix work with study

·        assists in creating an overall more positive work/life balance.

A company can improve the flow of their workforce through utilising the option of hiring contractors on a project by project basis. Throughout the UK, the flexible workforce makes up a third of the working population, with those workers classified as Contractors, Freelancers and Directors of their own Limited companies.

Walker Smith’s aim is to enable the flexible workforce, facilitating their specific requirements through various financial services such as accountancy, self employment, international and UK payroll.

Whether you are a recruiter looking to provide the best solutions for your candidates, or a contractor looking to for a the best solution for you personally, drop me an email on RW@WalkerSmithGlobal.com or give me a call on 0161 359 3235