The latest JobsOutlook survey by the Recruitment and Employment Confederation (REC) has revealed that a third of temporary workers (36%) earn more they would if they were on a permanent contract at their company.
This figure has almost doubled from 19% in March 2014.
Only 2% said that they earned less on a temporary contract, with 56% earning approximately the same.
Employers are increasingly turning to temporary staff as a way of gaining short term access to key strategic skills and, it seems, are willing to pay them more to do so.
With many industries experiencing a shortage of key skills it is highly anticipated that the cost of hiring temporary workers is set to increase as the economic climate improves and competition for the best candidates intensifies.
The rising cost of temps highlights the growing need for employers to have systems in place to monitor staff performance, maintain staff levels and control their hiring process.
Forecasting future staffing needs
Having a temporary attendance system in place to manage the entire workforce provides managers with instant visibility of company performance and staff productivity, making it easier to predict future workloads and identify impending staff shortages.
This enables managers to identify when they require short-term replacements and for how long at the earliest possibility.
Reacting fast to recruitment needs allows managers to gain access to the best candidates and plan their working time to the needs of the business.
Shortening and streamlining the recruitment process means organisations can control their recruitment spend to the penny and benefit from increased productivity due to the quality of the candidate hired.
Monitoring short-term temps
But it’s not just by better planning that can help businesses control their recruitment spend. Time and attendance should also be used to manage temporary employees once hired.
Transparency of their working time enables the employer to measure their performance against specific tasks and calculate the ‘actual’ working hours they have received from the contract.
This empowers the employer to measure current agency performance and calculate the invoiced cost for hourly paid temps before the actual bill arrives from the agency.
Clarity of incurred costs enables organisation to reduce overall recruitment spend and budget their staffing requirements with greater accuracy in the future.
For organisations that rely heavily on temporary workers to plug key skills gaps, investing in a time and attendance system makes perfect business sense. Alternatively try partnering with an agency that offers time and attendance solutions as part of its end-to-end recruitment service. Doing so could help you streamline your recruitment so you can get the most of your temporary workers and achieve cost savings.