The Collins Dictionary word of the year for 2022 is “permacrisis,” which they define as “an extended period of instability and insecurity.” For most people, the word perfectly captures this tumultuous year (and the one before).
A result for many workers has been quiet quitting.
With more companies relying on contingent workers in the current economy, maintaining compliance is an even more immediate executive imperative. And the changes to legislation that result from every election makes it even more difficult.
What is quiet quitting?
Quiet quitting has become a common workplace discussion topic, so chances are that you’ve heard of it, formed an opinion on it, or been affected by it. But if you’re part of the untouched minority, here’s what quiet quitting is in a nutshell – employees do the minimum required at their jobs because they feel overworked, disengaged, undervalued, or unhappy.
Quiet quitting has disrupted the day-to-day of workforces and companies. Workers are often no longer devoting extra energy at work (even for the sake of appearances), meeting the job requirements, but not taking on extra responsibility or investing overtime hours. With the tight job market and unemployment rates at historically low levels, those same workers are more confident about finding new – and possibly better – jobs quickly if they need to.
For companies, the struggle is to maintain productivity while recognizing the reasons for dwindling worker outputs. Then the problem becomes how to address it or whether to let quiet quitters go and deal with the turnover.
Finding a solution is on everyone’s minds.
Contingent work: The answer to quiet quitting
Contingent work has been on the rise in the last few years, and its positives are becoming more apparent in today’s erratic economy. If you think about it, contingent work offers almost everything that quiet quitters are looking for – flexibility, clear working terms, diverse roles, and access to more opportunities. And companies also benefit from its cost-effectiveness, capacity to scale according to business needs, visibility and control of their workforce, and filling positions that demand niche skills. Here’s how contingent work could be the answer for both parties.
Advantages for workers
- Flexibility
The biggest factor that workers seek now is flexibility. The workforce is increasingly composed of younger generations, millennials and Gen Z, who don’t want to be confined to fixed schedules and are keen on maintaining their work-life balance. Contingent work ensures that they can choose when and where they do their job – in person, remote, or hybrid – without feeling restricted.
- Larger and more diverse job scope
Contingent work can provide workers with the chance to increase their knowledge, skills, experience, and earning potential. Because they often work on a variety of projects for different companies, contingent workers can gain exposure to different industries, job roles, and work environments. This establishes them as competent candidates and enables them to expand their industry connections and allows them to multiply their income streams. A networked platform like the Crowdstaffing Hiring Marketplace can help them maximize their opportunities.
- Job security and autonomy
Given the fixed nature of contingent work, the ball is in the worker’s court when selecting projects they want to work on and the organizations they want to work for. They don’t have to worry about job ambiguity or curveballs, since the duration of every stint, the compensation, and other terms are agreed upon beforehand.
Advantages for companies
- Lower costs
The cost savings of contingent work can have a positive impact on a company’s books. Since they don’t have to provide the same benefits to contingent workers as they do for full-time employees, like health insurance or retirement plans, they can save money on labor costs. With a partner like Prosperix to manage their contingent workforce needs, they don’t have to take on other responsibilities like compliance and payrolling.
- Scalability
Even with well-planned workforce programs, businesses face fluctuations and challenges due to economic volatility. Contingent work gives them the ability to easily scale their operations and workforce as needed without hindering long-term goals, and seasonal demands and deadline-based projects can be more easily managed. Exponential change is unforeseen but inevitable, and a solution like Prosperix Xponential can help companies become agile and resilient.
- Securing niche talent
Businesses frequently undertake projects that require special skill sets that cannot be provided by existing employees. Contingent work gives them the ability to identify and hire talent from across the globe that is qualified and has the necessary skills for the job.
Ready to make contingent workforce your armor against quiet quitting?
Whether quiet quitting is a temporary trend or a catalyst for permanent change in the way we work, it’s better to be prepared. Prosperix’s comprehensive solutions and services can help you navigate the contingent work space. We help you create jobs, find talent, narrow down the right positions and candidates, connect with capable suppliers, build and nurture your network, and manage the entire workforce lifecycle.
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