With globalisation hitting every company, what can you do to optimise your expenses?
This has always posed a question mark for many firms trying to cut down their expenses. But, there is something that can work in this area – STAFF AUGMENTATION!
So, what is staff augmentation?
It temporarily uses external personnel or contingent workers to augment an organisation's capacity. Staff augmentation has become increasingly popular with the rise of many global online platforms where the organisation can engage professionals on a freelancing or contract basis.
This specialised hiring model is gaining momentum in 2023, where outsourcing and augmenting your workforce has emerged as a popular strategy for filling the skill gap and balancing the workload efficiently. Augmented specialists either work as team members or work in-house. This hiring strategy is referred to as "resource optimization" or "business enhancement."
Now, the next question arrives, what is the need for augmentation? With the current global economic crisis gripping, business owners must be smart with their hiring choices. They must be clever, systematic, and flexible in how they wish to employ their talents. With a limited budget and other constraints, hiring contingent workers is a suitable solution for small or growing firms.
But what are the key factors that can determine the fate of staff augmentation in India? Read till the end of the article to get your questions answered!
6 Staff Augmentation Trends to Watch Out For!
Several companies in India focus on strategies to reduce costs during talent acquisition by outsourcing personnel on a contract or freelance basis. Although it is a season of recession, several industries expect to see a bloom in their hiring expenses. Staff augmentation during these times can be beneficial and effective in keeping up with emerging market trends.
Various organisations are struggling due to lacking the right employees in the right position. This has become a bottleneck for many businesses, as retaining skilled and experienced staff has become increasingly expensive for small or medium-sized firms. Staff augmentation in these cases is useful as firms do not need to give long-term commitments and other perks such as promotions, hikes, etc. This will reduce the skill gap and help deliver the requirements at a sustainable cost.
Certain departments in a company work relatively better than others and generate fair revenue. However, many a time, companies are unable to maintain a team or proper resources in such departments as hiring the right people becomes a challenge and a determining factor in driving revenue. So, these companies outsource these departments to explore new ways to increase revenues, add new products and services, and increase value for existing offerings.
Companies are embracing a diversified approach to outsourcing by engaging with multiple vendors to match their technology needs. This is also known as multi-sourcing and can help companies attain their goals without disturbing their agility or reactiveness to today's fast-paced business climate.
The current team members might be sufficient for you to handle the existing projects, but what about the projects you plan to annex or expand in the coming months or days? Several small or medium-sized companies are ready to take the risk of hiring full-timers and committing them to the perks as per the official appointment letter. In such cases, staff augmentation assists you in adding innovation and efficiency to the table, ensuring that new projects are attended to quickly and seamlessly.
Staff augmentation is a good solution to reduce your company's expenses. However, before adopting the right staff augmentation, you must be clear about what you want to accomplish.
For example, considering cost-cutting is not feasible if you are looking for a machine-learning expert. However, if you need 100 people to do a task that can be easily trained, you do not need to hire people with high skill-set. With a broad range of staff augmentation models available to organizations, it's important to compare and contrast the pros and cons of each arrangement before selecting the right augmentation model.