The worldwide recession of the late 2000s left many without a job, but contract labor has been able to help mitigate the loss in production that resulted from the drop in employment, aiding our recovering economy.
No country was left untouched by the global economic downturn of 2008. The housing bubble's burst and the turmoil in the eurozone show just how wide-reaching the economic turbulence of recent years has been. However, some countries, such as the United Kingdom, have been able to better adjust to the fiscal turmoil than others.
A recent report by the Staffing Industry Analysts explains that employment has been been relatively stable because of the availability of contract work in the country. There has been some apprehension surrounding the utilization of temporary labor as it is often seen as a step down from full-time employment, and many who have held permanent jobs for a long time are wary of the perceived insecurity that comes with the position.
However, there is a sense of flexibility that contract labor can afford that is not often available to full-time positions. The source explains that for those who are out of a job, it is a better option than no job at all. A contract position allows people to stay involved in the workforce while still being able to continue working on their employment skills. Additionally, it offers some freedom to employees in that they can choose their hours and what kind of job to take on.
This can be true of the American workforce as well. Nonfarm employment was up by 162,000, according to the U.S. Bureau of Labor Statistics, while the unemployment rate dropped to 7.4 percent. Part of this decrease could be the rising prominence of contingent labor in the country.
There are a number of labor solutions available to companies who are looking to hire, as they emerge from the recession. These forms of staffing can provide jobs for those who are looking while providing training on site so as to help develop their skills in the particular field.