Why Opt for Contract Resources in Data Science and Data Engineering?
In the fields of Data Science and Data Engineering, the vast majority of talent is found in permanent employment positions,...
In the fields of Data Science and Data Engineering, the vast majority of talent is found in permanent employment positions, accounting for over 90% of the talent pool. However, businesses might be missing out on exceptionally talented and experienced personnel by not considering contract resources.
Contractors choose this path for several reasons, including financial benefits, independence, and the joy of the work they do. When you hire a contractor, you are bringing on someone who has already accomplished the work you need, whereas permanent hires are often based on potential.
While contractors may have slightly higher costs or come from a different budget, the overall expenses might not be as significant as you think. With rising salaries and additional benefits, the actual cost of a permanent employee can quickly escalate. Moreover, permanent hires can bring additional costs, such as recruitment expenses, onboarding time, and potential turnover within a year or two, leading to significant expenses in terms of time, resources, and costs.
For perspective, let’s consider a scenario where you would typically pay around £50,000 for a permanent employee. When you add in bonuses, pensions, holidays, bank holidays, benefits, and taxation, that £50,000 spirals to easily over £80,000. Furthermore, in the course of 12 months, with indirect costs the total will be in the region of £100,000, including time, resources, and other costs.
Contractors can have an immediate impact on bottlenecks
Alternatively, with the same budget, you could hire a contractor who hits the ground running, delivers exceptional work, imparts valuable knowledge to the team, draws from vast experience, and is more focused on the task at hand rather than office politics or career advancement. This flexibility allows you to part ways when needed, saving you both time and money.
By dividing the annual cost of a permanent hire by 48 weeks, you’ll find that hiring a contractor can be more cost-effective on a per-day basis. For example, at £50,000 per year, the cost per day would be a little over £400 per day.
Industries and cultures in certain countries have embraced this flexible resource approach for its benefits. The increased demand for contractors could resulted in more contractors entering the market, then more roles, leading to competitive rates that remain stable.
If you want access to a pool of talented contractors, reach out to us. Surrounding yourself with top-notch individuals will undoubtedly elevate your business units performance and reputation.
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