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Necessary Projects Don’t Stop in a Slow Market

Considering the current economic climate, it’s easy to see why leaders are being selective with which tech projects they want to take on.

And while we can’t predict what’s coming next, we can prepare for the future. The projects you planned to implement are likely still worthy of your time and investment.

But what does that mean in practice?

Below, we’ll cover why using this time to your advantage is critical and how to get the work done with tighter budgets and fewer resources.

Why see projects through?

Right now, it’s tempting to freeze large-scale tech projects. But they aren’t just another budget line item — they are a crucial growth lever for the company.

Finishing these projects can increase your employees’ productivity, spur innovation, and streamline revenue-generating activities. It helps your employees gain new skills and do their jobs faster. It can uncover new whitespace or potential new product features.

Plus, continuing these projects keeps the staff you have engaged with your mission. Putting a project on hold causes employees to lose confidence in the company, causing retention problems in the future.

So, while abandoning the project now may feel like the fiscally responsible thing to do, it could be your kryptonite in the long run. Not pushing these valuable projects through could put your competitive edge at risk.

Even though you may not have a wealth of budget to spend, you likely still have some funds that can be used to upskill your best talent and supplement their work with highly skilled contractors to get high-value projects over the finish line.

Contractors can be your secret weapon

At many companies, there’s a lot of work to be done and not enough resources to do it. Paying for new employees won’t help either — companies have limited permanent employment budgets, and it takes a while for new folks to get hired, onboarded and acclimated to a new company and role.

So, what should leaders do?

Hire contractors.

Contractors are a great way to fill in the gaps and come with a number of benefits. They:

  • Bring fresh perspectives to the table
  • Have niche skills and expertise that are often difficult to find in a permanent resource
  • Don’t need lengthy onboarding, performance management, or other HR oversight
  • Don’t require: bonuses, healthcare and financial benefits, equipment, worker’s compensation insurance, PTO, travel, visas or work permits
  • Reduce your exposure to lawsuits
  • Are relatively easy to swap in and out, meaning you can trial them for a period of time to make sure they’re the right fit
  • Have flexible hours you can scale up or down depending on your budget
  • Know what other competitors might be doing and can configure your tools appropriately

And contractors confer another big bonus — they keep existing employees engaged. Your employees can learn specific skills from contractors that will help them leverage new tools to their fullest potential.

It’s time to get ahead

Tough times are an opportunity for companies to show what they’re made of. And those who capitalize on the opportunity will be the only ones in a position to get and stay ahead.

The good news is that it doesn’t take as much money or effort as you think. Hiring contractors with the right skills and the right time can get your pressing projects over the finish line, giving employees the ability to work on more strategic tasks that move the business forward.

Ready to embrace the moment but not sure where to source fantastic contractors? Reach out to Planet Technology for help. Our recruiters have a network of excellent talent for you to explore and will ensure you find the right person for the job. Request our services today.

Photo Credit: Canva

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