b'Managing Contingent Workforce in 2024: Tips and Strategiesbecome even more com-mon in the coming years.Types ofContingent WorkersThe contingent workforce has become a common fix-ture in various companies. Companies categorize con-tingent workers into three main types: independent contractors,a week. Companies hire part-time temporary workers, and part-timeworkers to save costs on benefits workers. and fill in gaps in the work sched-Independent Contractors ule. Part-time workers earn lower wages and receive fewer benefits than Independent contractors are self-em- full-time employees. They provide ployed individuals who providestability and continuity for more services to companies on a projectroutine tasks.basis. They have the flexibility andUsing a combination of these autonomy in how they do their work.workers along with full-time employ-Companies hire them when theyees gives companies the flexibility need specialized skills for a fixed pe- they need and ensures continuity riod. Independent contractors chargeto adapt to changes in the business higher rates but companies do notenvironment. With clear policies and have to pay benefits. management, the contingent work-Temporary Workers force can be valuable.Companies hire temporary work- Pros and Cons of Hiring ers through staffing agencies forContingent Workersshort-term assignments. The agencyHiring contingent workers provides handles payroll, benefits, and otherboth benefits and drawbacks to administrative tasks. Companiescompanies. On the good side, they use temporary workers to fill in forprovide flexibility and cost savings. employees on leave, handle season- Companies can scale their workforce al workload increases, or work onup or down as needed by hiring them special projects. Temporary workersfor short-term projects or to fill tem-provide flexibility and continuity. porary roles. This allows companies Part-time Workers to avoid the costs of hiring full-time employees when demand is uncertain.Part-time workers have permanentBut there are also risks to relying jobs but work fewer than 35 hourson contingent workers. Lack of loyal-JUNE 202411'