If there’s a role to be filled at your life sciences company, you might be wondering whether you should choose a permanent or contract hire. When you know the pros of both options, you are in a better position to make the best decision for your business.
EPM Scientific takes a closer look at the advantages of hiring permanent employees, the advantages of hiring contract employees, and the power of workplace diversification.
Advantages of hiring permanent employees
Hiring permanent employees has been the norm in life science and other industries for decades, and this has various benefits. Some of the greatest advantages of hiring workers on a permanent basis include:
Level of company knowledge: Permanent employees accrue both institutional and job-specific knowledge, and perfect their workflows. The result is a high, stable level of company knowledge and increased productivity.
Loyalty: When you hire someone on a permanent basis, you are demonstrating to them that your company is committed to the decision to appoint them to the role, which increases their sense of belonging. In addition to forming strong interpersonal relationships with their peers, they will also be more likely to engage in company activities and remain loyal to the company in the long term.
Adoption of company culture: Over time, permanent employees build a strong connection to your company’s mission, goals, and vision. This strengthens their commitment to your life science company and contributes to a healthy company culture and stronger teamwork.
Career progression: Permanent employees can help your company grow through their own career progression. Unlike contract employees, long-term permanent hires are ripe for training and development, which will strengthen and enrich institutional knowledge and enhance employee retention.
Stability: The stability of permanent employees allows time for job-specific knowledge accrual, workflow and process refinement, and greater consistency at all levels and in all departments.
Investment in the long-term growth and success of the company: Some permanent employees applied for their jobs at your life sciences company because they wanted to work for your company specifically. As they see themselves as being with your company for the long haul, they are more invested in doing a good job.
Advantages of hiring contract employees
The numerous advantages of hiring contract employees also make this an attractive option. Some of the benefits for your life sciences company include:
Flexibility: Contract workers mean more flexible hiring options. Onboarding is faster and usually with less red tape than with permanent hires. This flexibility also helps protect core staff by allowing you to maintain the headcount throughout the year by only making contract hires during peak times.
Suitability to cover for maternity/paternity leave: Maternity/paternity leave means permanent employees are away for a number of months. Contract employees are a suitable option to cover employees on parental leave.
Project work or for a specialist skill: Contract employees allow your life sciences company to run projects that require specialist skills beyond the scope of your permanent core employees. This option is more cost-effective than hiring a full-time employee with those skills.
Different employer contributions and benefits packages: Employers spend more on employer contributions to health insurance/benefits, retirement, etc. for full-time employees than they do for contract employees. This helps reduce your company’s remuneration/benefits expenses.
Diversify your workforce
A diverse workforce is a strong workforce, and in this case, diversity goes beyond the usual markers. Hiring a range of permanent and contract employees can help give your life science company an edge over the competition.
In addition to having a reliable core of loyal, motivated permanent employees, contract employees can bring specialized skills, as well as provide temporary relief and assistance during peak times, maternity/paternity leave, and other periods, at less cost than permanent workers.
Hire top life sciences talent with EPM Scientific
Make sure you find the best life sciences talent for your company. Let us deliver top permanent and contract employees to further your company’s goals. Partner with EPM Scientific – submit a vacancy or request a call back.