Optimising and reducing your contractor costs​

As budgets tighten and the demand on teams to deliver remains, tech leaders need to adopt new approaches.

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Avoid Misclassification: Leveraging Outcome-Based SOW to Retain 1099 Contractors

Are hiring costs hindering your project success?

As a tech leader, you are likely to be constantly balancing the need for additional project support with the imperative to control costs. You’re far from alone in this.

The reliance on traditional contractor staffing firms and large consultancies often comes with exorbitant markups, which inflate your expenses and reduce your overall efficiency.

If this sounds familiar, you're likely struggling with the following:

5 ways to optimise your contractor spend​

1. Strategic workforce planning​

Leaders must align workforce planning with technological advancements to optimise contractor costs.
Anticipating required skills and leveraging automation can streamline management and reduce reliance on expensive short-term solutions.
Strategic planning ensures hiring the right talent at the right time, leading to cost savings and better project outcomes in digital initiatives.

2. Adopt a data-driven approach​

Chief Data Officers are using data analytics and AI to optimise contractor hiring. By analysing performance, timelines, and budgets, organisations can make informed decisions balancing cost and quality. Predictive analytics forecasts staffing needs, while performance data helps negotiate rates and allocate resources effectively, enhancing efficiency and cost management.

3. Balance quality and cost​

Balancing cost and quality in IT contractor hiring involves robust vetting and performance monitoring. Selecting skilled contractors and implementing cost-effective training ensures high-quality outcomes without overspending. Focusing on both aspects helps leaders achieve better project results, driving greater value for their organisations.

4. Build an agile and cost-efficient contractor workforce

Building a flexible, cost-efficient contractor workforce is essential for agility. Creating a scalable pool of contractors allows quick response to project demands, avoiding long-term contract costs. Agile management practices help adjust team sizes efficiently, enhancing operational efficiency and managing costs effectively.

5. Explore new contract models

Innovative contract models like Outcome-based contracts, Time and Material agreements and project-based engagements help reduce hiring costs. Each model fits different project needs, aligning incentives with goals and providing budgetary clarity. Selecting the right contract model optimises hiring processes, reducing costs and improving efficiency.

If this all sounds great but you don't know where to start, you might want to continue reading... 

Gigged.AI is a Virtual Consultancy Practice which seamlessly creates a Statement of Work using AI and instantly matches it to a verified team of consultants from our virtual bench.

Gigged.AI Virtual Consultancy Practice: A new model

Skill shortages, recruitment costs and employee attrition can hinder your project speed.

With our Virtual Consultancy Practice (VCP) you can hire vetted contractors from our 20,000+ strong virtual bench, rapidly and at significantly lower cost than staffing firms or traditional consultancies.

When you create a Statement of Work, we instantly match it with the top independent consultants who have the skills and availability your project requires.

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Post a gig in seconds

Using our AI-powered SoW Creator you can create the perfect project brief without deep technical knowledge in minutes. This typically increases project success by 80%.

Match to consultants

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Our skills matching algorithm highlights the top 5 matches with the skills you need for a project. This saves hiring managers on average 3 days of CV screening.

Scale up and down

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Gigs are milestone-based, which means you only pay for work completed and reduce costly contractor downtime. 

Key benefits:

Ready to see how much we can save your business?

Watch our demo video below:​

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The award winning virtual consultancy streamlining contractor hiring costs for enterprises

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