Navigating Regulatory Waters
In the ever-evolving realm of talent acquisition, hiring managers are confronted with an array of challenges, from shifting government regulations to the evolving preferences of skilled contractors. Among these challenges, IR35 stands out as a significant regulatory hurdle, underscoring the critical need for greater flexibility and ingenuity in hiring practices. Yet, despite the call for adaptability, many recruiters and contractors have been slow to embrace more innovative and consultative approaches.
Traditional Models vs. Modern Realities
Rigid Pricing Structures : Traditional pricing structures, anchored to rigid day or hourly rates, often fail to accommodate the dynamic nature of modern consultancy style working.Changing Work Dynamics : Today's consultants excel at juggling multiple clients and projects, engaging in diverse work, and shying away from long-term, 9-5 commitments.A Shift Towards Milestone-Based Contracting
At Hubbado, we champion a shift towards milestone-based contracting—a progressive approach centred around fixed sum payments for each achieved milestone. This dynamic framework offers a more agile and responsive platform for both clients and consultants alike.
Advantages of Milestone-Based Contracting
Harmony with IR35 : By structuring payments around project milestones rather than hours worked, we mitigate the risk of regulatory non-compliance, ensuring adherence and fostering transparency.Enhanced Quality Control : Consultants are incentivised to work efficiently and deliver tangible results at each milestone, resulting in heightened work quality and enhanced satisfaction for all parties involved.Meeting Deadlines and Budgets : Milestone-based contracts mitigate the risk of late delivery and ensure you don't go over budget on your projects.Driving Retention and Efficiency
Retention of Top Talent : By offering an equitable and competitive compensation structure linked to project milestones, at Hubabdo we foster a more stable environment for consultants, ultimately benefiting our clients by retaining top-tier talent.Cost Efficiency : Our milestone-based approach eradicates the costs associated with unproductive days, maximising value for our clients. With payments contingent on the attainment of meaningful milestones, clients only pay for actual work completed, minimising waste and inefficiency.Reshaping the Contracting Landscape
By embracing innovation and responding to the evolving workforce landscape, hiring managers can navigate regulatory hurdles like IR35 while nurturing a more fruitful and mutually beneficial rapport with consultants. At Hubbado, we are steadfast in our commitment to reshape the contracting landscape—one milestone at a time.
