How to Calculate the ROI of Hiring Independent Consultants

By MBO Partners | June 15, 2021

people looking at document img

Independent professional talent offer organizations skilled expertise and on-demand availability. They bring many benefits to the table including an effective way to reduce costs, drive product innovation, and expand a company’s pool of available skills. For many organizations, adding independent talent to their workforce has helped increase organizational agility, boost speed to market, and better develop products and services.

Independent professionals are giving businesses a valuable competitive advantage in today’s increasingly project-based economy. Below, we explore three ways incorporating independent talent in your workforce can offer a substantial return on investment (ROI).

1. Access Skills That are Hard to Find in a Traditional Talent Pool

Companies are continuing to struggle to find workers who have the skills they need—businesses must compete for top talent. But recruiting the very best comes at a financial cost, as companies have to provide competitive benefits packages and other incentives in order to position themselves as an attractive place to work.

Independent talent can help to minimize these costs while giving companies access to the skills they are looking for. Independent professionals are a well-educated, highly-credentialed group that can bring the latest, in-demand skills to a company within their area of expertise. By incorporating independent talent in addition to traditional workers, enterprise managers can help to fill skill gaps in their workforce.

2. Realize Tangible Cost Savings

As more companies reimagine their workforce to include a dynamic mix of salaried employees and independent talent, the cost of not capitalizing on this trend can be high—both from a competitive and financial standpoint.

Outsourcing talent on a project-basis can help minimize the price of traditional employment. An employee hired for their particular set of skills or to work on a specific initiative may become a burden to the company once the project they are working on is complete, or if their skills become outdated. Independents, on the other hand, provide their services for a period of time outlined by a contract and tend to keep their skills up-to-date as the success of their business relies on their expertise.

And because independents operate as their own business, bringing everything needed to the client they engage with, HR teams don’t have to spend as much time on onboarding or training as they would with a traditional employee.

3. Increase Business Agility and Flexibility

Independent professionals allow companies to operate in a more agile and flexible way. With independent talent, companies can expand or contract their workforce as needed during busy times of the year, or if they want to investigate a new line of business, build out a larger team to support a long-term project, or figure out how to expand into a new market.

Incorporating independent talent can also bring a fresh, unbiased perspective to a problem or project. As experts in their industry, independents can pitch creative ideas or provide a different take on how to tackle a particular challenge.

To learn more about the ROI of independent talent, check out our misclassification risk calculator, or contact us today.

Related Posts

consultant talking on headset img

6 Ways to Build a Virtual Talent Pool

June 23, 2022

Building a virtual talent pool is quickly becoming key to being a best-in-class organization.  A virtual bench is a pool of independent contractor talent you’ve identified, vetted, and developed relationships with over time. Independent contractors provide enterprises with access to specialized, industry-specific skills, and are a valuable alternative to investing in a full-time resource. Tap…

man looking at charts img

Achieve Workforce Agility by Engaging Independent Contractors

June 14, 2022

As reliance on independent professional talent becomes more common throughout a wide range of industries, companies are putting strategies in place to successfully attract, engage, and retain top talent. The independent workforce is steadily increasing, providing an indispensable source of talent for businesses. Here’s what you need to know about how independent talent can benefit…

Management System img

How to Source Consultants for Projects

June 8, 2022

Finding the right consultants for your projects can feel daunting if you haven’t done it before. More enterprises than ever before are supplementing their workforce with independent professional talent. Consultants provide in-demand skills and flexibility that allow organizations to work on a project-by-project basis, increasing their agility and giving them the ability to ebb and…

Learn more about the MBO Platform

For Independent Professionals

Start, run, and grow your independent business with MBO

For Enterprises

Find, manage and retain top-tier independent talent