"Reporting on the potential of a global economic recession is gaining momentum and as such, companies will be looking at various ways to cut costs. People can often find themselves in a situation where a restructure is imminent and unaware of alternative options available to them.
Becoming a contractor allows one to enjoy agile, fast paced and skill specific roles and can open doors to a new world."
- Delphine Tantrum, Associate Consultant – Contracting
As organisations continue to plan for an uncertain future, Forbes is touting contracting to be a prominent hiring trend in 2023.
In the U.S, recession fears have caused demand for contract workers to surge. 70% of economists surveyed by Bloomberg are betting there will be a recession in 2023. Internationally, we are not immune to this tectonic shift in work culture.
Why is contracting becoming so popular?
Contracting is being favored by companies due to the savings opportunities. This comes from contractors generally not receiving generous health benefits, paid time off, stock grants, incentives and perks. This contrasts with the growing demands of full-time employees.
Forbes highlights the ever-growing technology industry as an example. In January 2021, under 6% of tech listings were for contractors. By October 2022, the number of job postings for tech roles jumped by nearly 20%. Across all industries, this trend is not something to be ignored.
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