Natural disasters are unforeseen and unpredictable: an unexpected hurricane that devastates a coastal area, a tornado that cuts across a city leaving broken buildings and homes in its path, a wildfire that sweeps across states, or a flood that destroys crops and washes away residences.
It is typically these sort of disaster situations that cause an insurance company to turn to interim staff for support and assistance. However, that is not the only instance where contract employees can make a difference. In fact, interim support can have an immediate and lasting positive impact on companies looking to fill a gap during a set time span.
Still unsure as to how interim talent can help your organization in your time of need?
You might be surprised to learn that many of today’s organizations are incorporating contract staff into their current business model. But just what are the benefits of bringing these contract professionals into your workplace?
The Growing Need
During the recent “Great Recession,” many within the insurance industry made a commitment to doing more with less. As staff and budgets were cut, countless business projects were shelved to focus on more immediate and pressing concerns. Now that the economy is starting to look up — with insurance unemployment at a low and revenue growth projections on the rise — companies are taking a second look at these suspended projects and the manpower needed to successfully undertake them.
In addition, recent changes industry-wide are creating a number of new mandates to address. From the Affordable Care Act, regulatory updates, new filing and reporting requirements, and ICD-10 (International Classification of Diseases – 10th Revision), organizations are facing pressure to stay on top of a large number of new requirements.
With companies still understaffed from the hiring freezes and personnel cuts of past years, undertaking these tasks is daunting. Together, the delayed projects and pressing industry changes have combined to highlight a need for short-term talent. In response, these organizations are turning to interim professionals to get the job done.
The Benefits of Contract Staff
For companies looking for an individual who can quickly step in, roll up his or her sleeves and get started, interim employees are great talent solution. In fact, a large number of highly qualified industry professionals have chosen to build their careers as interim staff. They specialize in handling short- and long-term projects, and are adept at stepping in to an organization and hitting the ground running. These skilled professionals require shorter ramp-up time for a project, are very adaptable and can integrate quickly into any workplace environment.
Bringing on full-time professionals can be costly for any organization, with recruiting costs, training costs, benefit payments and any costs associated with employee turnover (severance pay, unemployment benefits, etc.). For a project that has a set start and end date, many companies may be reluctant to incur such large expenses. With interim talent, insurance organizations are able to bring in an experienced individual for a term project without paying the cost of a full-time employee.
Not only are interim professionals a cost-effective solution for project-based work, but they can add significant value to an organization in a short amount of time. The key to finding an impactful interim hire is to work with a talent provider who staffs a broad landscape of interim professionals from entry level all the way up to subject matter experts and executives. It may be surprising for many organizations to learn that there is talent available to fill levels as complex as a CFO or CEO. By offering a deep bench of qualified talent, organizations can easily find an employee that can fill the roles that fall between the lines of standard insurance functions.
Disasters are not the only time when an insurance company should turn to interim talent for support. Contract employees provide a great opportunity for companies to bring on highly qualified professionals for very specific and time-sensitive projects. These professionals can assist your organization in completing backlogged projects, preparing for changing industry rules and regulations, and providing assistance during a leave of absence. Their valuable contributions can certainly make an important and lasting impact on your organization’s success in a short period of time.