“Nearly 10 million people lost their jobs in April after a record 14.6 million were thrown out of work in March, a government report shows, underscoring the widespread devastation to the U.S. labor market from the coronavirus”. As stated by Market Watches Economic Report.
The unprecedented back-to-back increases in people losing their jobs in March and April reflects the cumulative damage of a nationwide economic shutdown as the U.S. tried to stop the spread of COVID-19”.
That just on the US only, The MENA regions has suffered a major blow. “The Gulf Cooperation Council (GCC) region is currently in recession as the tight restrictions earlier imposed to stem the spread of infections and massive fall in consumer demand in various industries hit businesses. As a result, job losses in the UAE could hit 900,000 and 1.7million in Saudi Arabia, according to Oxford Economics.”.
Many companies have had to be creative and adapt their businesses to cater to new consumer demands if they wanted to survive — a lot did thrive. That meant that part-time workers had to upskill their talents and take up jobs in new sectors. We can argue that this has been a wake-up call to the global workforce, pushing individuals to learn new talents, engage in multiple jobs and enable multiple crisis-proof income channels.
Companies are already leaning in to the future of work and staffing, seeking temporary and flexible solutions to reduce fixed costs amid the market uncertainty. Going forward, we believe that flexible workers will allow businesses the agility to recover in line with the economy.
Here are some of the benefits on why you should seriously consider hiring part-time staff over full time.
1. Scale-up and down swiftly
Part-time staffing will give you the agility scale up and down your workforce easily and with no fixed cost commitments. Being flexible with your work-force is key in these uncertain times. For example, the hospitality industry is a seasonal business and business picks up depending on certain times of the year. Having flexibility to scale up and down is always an advantage.
Fill in your last-minute requests just-in-time in order to keep up with consumer demands.
3. Keeping the cost down
Hiring temporary staff will reduce your expenditure and employee overhead. You will save on costs associated with permanent employees such as visas, health insurance, travel and others.
4. No commitments
Giving you the flexibility to hire temporary staff with no lock-in period or minimum requirements. This will help you scale up and down without any end-of-service/termination costs.
It all boils down to how lean you want to run your business and It is important to weigh the long-term benefits and cost-savings of hiring part-time staff versus full-time.