Over one in five Kiwi workers are self-employed contractors, according to Statistics NZ. Having contractors is an integral part of the success of many Kiwi businesses, with contractors being well recognised for bringing a unique set of skills and expertise to the table, often possessing specialised knowledge in their respective fields. By engaging contractors, businesses gain access to a flexible workforce capable of adapting to varying project requirements. Contractors are typically highly self-motivated and driven individuals who have honed their skills through extensive experience and professional development. Their ability to hit the ground running, deliver quality work, and swiftly integrate into project teams adds immense value to organisations.
The Value Of Contractors For Kiwi Businesses
One of the key advantages of utilising contractors is the ability to scale a workforce according to specific project needs. Businesses can tap into a diverse pool of contractors with varying levels of experience and expertise, tailoring their team composition to match the demands of each project. This flexibility allows businesses to respond swiftly to changes in workloads, ensuring optimal resource allocation and cost efficiency. By engaging contractors, businesses can avoid the long-term financial commitments associated with hiring full-time employees.
Contractors also have the benefit of reduced training and onboarding time. Hiring full-time employees often requires a significant investment of time and resources for training and onboarding, whereas contractors are typically engaged for their specialised skills, minimising the need for extensive training. They can quickly contribute to projects, often requiring only a brief familiarisation period. This streamlined onboarding process translates into faster project execution, increased productivity, and reduced costs associated with lengthy training programs.
Working with multiple clients across various industries, contractors also bring fresh perspectives and innovative ideas to a business, specific project or task. Their exposure to different work environments and challenges enables them to offer unique insights and approaches to problem-solving. By incorporating contractors into project teams, businesses can foster a culture of innovation and diversity, fueling creativity and driving growth.
Should Contractors Have Health Benefits With Your Company?
While the nature of contracting means that companies are not required to offer employee benefits to contractors, offering health benefits to contractors you employ for substantial time periods (6-12 month contracts and beyond) may actually bring substantial value to your business, and so is something that should be considered. Offering health benefits to contractors means:
You Can Attract And Retain The Best People
In a competitive labour market with record-low unemployment rates, offering health benefits to sought-after contractors can really set a business apart as an employer of choice. Contractors, like full-time employees, value their well-being and desire access to healthcare coverage. By extending health benefits, businesses can attract and retain top talent, ensuring a consistent supply of skilled contractors. This can be especially crucial when competing for in-demand specialists and experts, allowing businesses to build a strong network of reliable and talented contractors.
Enhancing Contractor Loyalty and Commitment
By investing in the health and well-being of contractors, businesses can encourage a sense of loyalty and commitment. When contractors feel valued and supported, they are more likely to prioritise the success of the projects they are engaged in. The provision of health benefits conveys a genuine concern for their welfare, which fosters a positive working relationship and motivates contractors to consistently deliver exceptional results.
Mitigating Risk and Ensuring Continuity
Offering health benefits to contractors can help to mitigate the potential risks associated with unexpected health issues or accidents. Contractors who have access to healthcare coverage are more likely to seek timely medical attention, reducing the risk of prolonged absences due to illness or injury. By safeguarding the health of contractors, businesses can ensure project continuity, avoid delays and maintain productivity levels.
Strengthening Your Brand and Reputation
Demonstrating a commitment to the well-being of contractors reflects positively on a business’s employer brand and corporate reputation. Companies that prioritise the health and welfare of their workforce, regardless of employment status, are regarded as ethical and socially responsible. This fosters a positive image within the industry, attracting other high-calibre contractors and potentially opening doors to future business collaborations.
The #1 Health Benefit For Contractors
While some potential health benefits can be complicated by being run at only specific times (like employee wellness programs), there’s one clear health benefit whose simple, easy and valuable nature makes it the perfect choice – both for contractors and for businesses: employer aid payments.
Employer aid is a one-off payment, the sum of which is decided by the business, that works much in the same way as a digital bank account, presented as a digital card on your phone, and being accepted at any eftpos terminal where Mastercard is accepted. During the time that your contractor is working for you, they will be able to use these funds to access HealthNow’s suite of health providers and services – which you can choose to offer the entire suite or limited health and medical services. This gives you, as an employer, the confidence of knowing that the funds can only be used for health-related services and appointments while giving your contractors control and independence in managing their health in the way they need to – a notion that goes a long way compared to limiting and restrictive private health insurance plans. Any funds that are unused within a contracted period with you – or within a year – are not charged to you.
You even get a breakdown of how the funds were spent overall within a year – meaning that you gain vital information and insight that can help guide future initiatives or wellness planning for both employees and contractors that will be well received, instead of those that will be left unused and unappreciated.
The beauty of employer aid payments is that you’re also showing your contracting team your trust and dedication to their health by enabling them to control how they care for their health – which is a very attractive benefit for a contracting role, and may help make the difference between accepting and turning down that contract – or even whether to return in a contracting capacity to your company in the future.
Ready to take the next step to attract healthy, happy employees? Get started with HealthNow today.