Category: Expertise strategy
This article discusses the main benefits of extending your team by hiring consultants on Time and Material contracts. You can use these flexible contracts locally on-site or via our Nearshoring centres in Poland.
emagine’s core business is the delivery of consultants on a Time & Material basis. One thing often unclear for many companies is how Time & Material contracts can be an advantage when you extend your team.
We discuss four of the main advantages:
Four main benefits: Gives flexibility > Requires agility > The choice of experts > Demands budget control.
The most significant advantage of Time and Material contracts is their flexibility.
Time and material contracts are simple to make and extend and easy to end. That makes it possible to quickly or efficiently scale up and down in resources as needs and demand change.
And precisely, the ability to scale up and down in resources efficiently and flexibly is vital for many modern companies – especially for IT-centric companies. Furthermore, Time and Material contracts are flexible, where you can either have resources added full-time, part-time or just for a few hours. It all depends on your needs.
Time and Material contracts characteristics:
Read also: How to hire external consultants successfully
In the process of bringing a consultant on board, the simple time-based contract terms make it possible to get resources quickly.
In a development organization dealing with change, the ability to change direction is vital. Agility has become a more prominent competitive parameter than ever before.
Adjusting your “start position” may be necessary to meet customer and market demand. It is a need that can happen overnight when you need to act quickly to keep the flow in development. Time-based contracts both require and give that readiness and agility.
In bringing a consultant on board, the simple time-based contract terms make it possible to get resources quickly, so development and progress do not stop.
However, a fixed-price agreement involves much time to define a scope that can then be a starting point for a price. Furthermore, fixed-price contracts often reduce flexibility and the ability to handle change, as project scope changes require you to revisit the original agreement.
In bringing a consultant on board, the simple time-based contract terms make it possible to get resources quickly, so development and progress do not stop.
The “Gig-economy” is upon us – especially in the IT industry. There is a growing trend amongst specialists to seek out project-oriented work.
Hourly contracts are the preferred choice and the industry standard. So, if you want your hands on the sharpest IT professionals, then Time and Material contracts are inevitable.
The traditional employer-employee relationship is under pressure. Increasingly, many IT professionals will seek the path of independence, and the Time and Material contract will be a choice for many IT professionals.
Check out:
When negotiating flexible contracts with IT experts, the basic time and material based option is popular among consultants.
Compared to fixed-price agreements, it is clear that with hourly contracts, you do not get a specific solution or service for a certain amount of money.
Therefore, you must keep track of progress and hourly consumption to ensure you get the desired value from the consultant.
A tight budget control ensures you keep your budget, and with the Client module, it is even easier to check the status, so the expenses do not get out of hand.
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