Many recruiters and resourcers are under increasing pressure to source a regular supply of contractors whilst budgets are being cut or frozen.
In just four years the contracting sector in the UK has grown by 12%. Recent research by the PCG estimates that contractors contribute an estimated £100 billion to the UK economy and account for 5-6% of the UK workforce.
Yet despite this growth, the process for companies hiring contractors over the last 20 years has not changed. Traditionally hiring contractors has meant including the recruitment agent in this process and the cost for hiring far exceeds other similar broker-agency industries. Typically, the cost of contractor recruitment in the UK falls between 15% and 30%. In an economic climate when many companies, regardless of size or industry, need to boost their bottom line and reallocate funds for core areas of their business, an alternative has been much sought after.
Cue Elevate Direct Platform ‘Elevate’, which is shaking up the traditional recruitment process for contractors and cutting out the intermediary. Contractors and companies hiring can now engage directly in a closed and secure brokerage environment.
Contractors create detailed profiles on Elevate, including their real-time availability and cost, CV history, education, skills and qualifications. Companies with live requirements can then search for contractors and contact them with details of relevant contract opportunities through the platform. Because of the systemic and consistent format, companies are able to make clear comparisons when seeking the right contractor for the job.
Crucially for companies looking to hire, the mark-up has been reduced to 4%. Already, ‘early birds’ to the Elevate platform are reaping the benefits. NMQA, a Fast Track 100 business is already saving around £1000 pounds a month on every hire they make, while Tata Consultancy Services, a $100bn+ turnover global corporate in central London, is expecting to shave off hundreds of thousands pounds in the first year of using the new platform.
Founded by three experienced recruitment and technology professionals Dan Collier, James Murphy and Michael Delaney, Elevate was initially launched in the UK in March 2012. It is being rolled out to the contracting marketplace in the US and Asia in autumn 2012.
Dan Collier, CEO of Elevate, adds: “We wanted the platform to provide companies with transparency and a true market view on cost. Recruitment agencies often charge hefty margins for searching for candidates through keywords in their own disparate databases, advertising for CVs or chasing down candidates through social media channels.
“Plus there is no temporary work agency involved in the process and the contractor is not an agency worker, so companies can mitigate against the risk of the Agency Workers Regulations.”
Elevate stores and manages all the engagement aspects of the process, arranging interviews, offers and time-sheeting post hire. The platform can also offer payment services through a partnership with a leading payroll firm and built in time–sheeting and management functionality.
Visit Elevate Direct or contact the team on 020 3176 4442