b'FOCUSManaging Contingent Workforce in 2024: Tips and StrategiesThe use of a contingent workforce allows companies to maintain flexibility, manage labor costs, and quickly adapt to changing business needs.Managing contingent workers onlyContingent Workforce vs. Written by Salary.com Staff gets more complex as 2024 movesContract EmployeesMay 27, 2024 further. With more companiesContingent workers are temporary relying on part-time, temporary, and freelance workers, effectively over- employees hired to supplement a seeing a fluid workforce mix requirescompanys full-time staff. They are new strategies. not permanent members of the com-This article will look at thepany and paid by the hour or project. upside and downside of contingentContingent workers allow companies staffing. It will provide tips for maxi- to scale their workforce up or down mizing productivity and engagementas needed without the commitment when other team members are notof hiring full-time employees.actually employees. For those utiliz- On the other hand, contract em-ing contingent workers or consider- ployees are temporary workers hired ing it, learning strategies to manage afor fixed terms, often 3-12 months. blended workforce is key to success. They receive benefits such as health insurance and paid time off. Contrac-What Is a Contingenttors fill temporary staffing needs, but Workforce? companies can hire them on a long-A contingent workforce is composedterm basis.of workers who are not permanentFor companies, contingent work-employees. Companies hire contin- ers offer flexibility and reduced costs gent workers on a temporary basis.since they do not receive benefits. They include independent contrac- But contingent workers may lack loy-tors, freelancers, consultants, tempo- alty and require extra management. rary staff, and part-time workers whoContract employees provide stability work on specific projects, handlebut at a higher cost.short-term assignments, or provideCompanies must weigh the pros specialized skills that are not avail- and cons of each option based on able in the permanent workforce. Thetheir unique needs and situation. use of a contingent workforce allowsContingent and contract work-companies to maintain flexibility,ers play a vital role in the modern manage labor costs, and quicklyworkforce. With the rise of the gig adapt to changing business needs. economy, contingent work is likely to 10ILLINOIS BUSINESS LEADER'