If your life sciences company has a vacant position, you might be contemplating whether to opt for a permanent or contract hire. Having a clear understanding of the advantages associated with both choices will enable you to make the most informed decision for your business.
EPM Scientific examines the benefits of hiring permanent employees, the advantages of hiring contract workers, and the importance of workplace diversification.
Benefits of hiring permanent employees
Hiring permanent employees has been the norm in the life sciences industry for many years, and offers several advantages. Some of the key benefits of having a permanent workforce include:
Level of company knowledge: Permanent employees gather both institutional and job-specific knowledge, refining their workflows over time. This leads to a high and consistent level of company knowledge, resulting in enhanced productivity.
Loyalty: When you bring someone on board permanently, it conveys a strong commitment from your company. This builds a sense of belonging and encourages employees to form strong relationships with colleagues, participate in company activities, and reamin loyal long-term.
Embracing company culture: Over the years, permanent employees develop a deep connection with your company's mission, objectives, and vision. This strengthens their dedication to your company, contributes to a positive company culture, and promotes effective teamwork.
Career advancement: Permanent employees play a crucial role in your company's growth through their career progression. Unlike contract workers, long-term permanent hires are primed for training and development, enriching institutional knowledge while boosting employee retention.
Stability: Permanent employees offer stability, allowing ample time for the accumulation of job-specific knowledge, refinement of workflows and processes, and maintaining consistency across all departments.
Commitment to long-term success: Some permanent employees choose your company specifically because they envision a long-term future with your organization. This commitment drives them to excel in their roles.
Benefits of hiring contract employees
The advantages of hiring contract employees also make it an appealing option for your company. Some of the benefits include:
Flexibility: Contract workers provide greater flexibility in hiring. Onboarding is quicker and typically involves less bureaucracy than permanent hires. This flexibility helps you maintain a consistent headcount by hiring contract workers during peak periods, safeguarding core staff.
Covering maternity/paternity leave: Contract employees are a suitable choice to fill in for employees on maternity or paternity leave, ensuring seamless operations during their absence.
Project work or specialized skills: Contract employees enable your life sciences company to execute projects requiring specialized skills beyond the scope of your permanent core team. This approach is often more cost-effective than hiring a full-time employee with those skills.
Varied employer contributions and benefit packages: Employers allocate more resources to employer contributions for benefits like health insurance and retirement plans for full-time employees compared to contract workers. This can help reduce your company's overall compensation and benefits expenses.
Diversify your workforce
Diversity is a strength in the workforce, extending beyond the typical demographics. Combining permanent and contract employees can provide your life sciences company with a competitive advantage. In addition to having a dependable core of loyal and motivated permanent employees, contract workers can bring specialized skills and offer temporary assistance during peak periods, parental leave, and other situations, often at a lower cost than permanent staff.
Recruit top talent with EPM Scientific
Ensure you secure the best talent for your life sciences company. Allow us to connect you with top permanent and contract employees to advance your company's objectives. Partner with EPM Scientific by submitting a vacancy or requesting a call back.