Work Practices: Part-Time vs. Full-Time
What are the pros and cons of hiring full-time employees and part-time employees?
1. Part-time employees are generally more flexible and enjoy a good work-life balance.
2. However, they can end up being less productive and loyal.
3. Full-time employees are more driven and productive and enjoy numerous benefits.
4. Their salaries can take a large portion of a business’ monthly budget.
Employees are the building blocks of any company – which is why you must invest in their happiness with you if they prove to be assets to the business. After all, you don’t want to be labeled as a horrible boss.
One of the things that you need to keep in mind to make your employees happy is whether prefer to full-time or part-time employees. Of course, you need to decide even before posting job ads what you would like to label your employees. However, it is also beneficial for you to note what your future employees would love. This is why being knowledgeable on the pros and cons of both full-time and part-time setups will definitely help you decide.
Part-timers get paid on an hourly basis, which guarantees that they get the compensation that is worth the amount of the work that they do. Additionally, the schedule is oftentimes very flexible; usually to the convenience of both the employer and the employee. This kind of setup gives people, specifically the ones that can’t commit to a full-time job, a means to be able to work and earn money. It is an attractive setup for those that have other responsibilities such as college students, housewives, artists, etc.
If you plan to have an even more flexible schedule than usual, then you, as an employer, can reallocate human resources when there is a need. You can ask employees to come in on their days off since there is a guarantee of extra pay for them. Doing so on busy days will allow you to be able to meet the client’s urgent demand.
Since there is less commitment in a part-time contract, there is also less loyalty. This is because companies are not mandated by law to give benefits. In addition, the salary is usually very low. This makes part-timers view the job as just a job to earn money and not a viable means for securing the future. They would often leave to find a new job that is more convenient for them. For this reason, they are often less productive and turnovers are a lot higher. For the latter, you – as an employer – will need to spend more money for training costs of new employees all the time.
Full-timers are shown to be more loyal to a company. With the right benefits, pay, and working conditions, such employees can see their careers blooming with a full-time job. This is because of the benefits and the higher chances of promotion. These things are definitely motivating factors that make employees a better component for work. Whether they are in a team or on their own, they have the drive to get the job done.
Since they have a higher value to the company, their compensation is usually much higher as well. A workforce with plenty of full-time employees can eat away at the monthly budget with just their salaries. For this reason, there is a tendency for companies to reduce the workforce but with the same workload. In turn, there is also a tendency for overwork and burnout to increase when this happens. To avoid this, strategic workforce planning is needed and more time must be allocated to finding the most suitable employees.
Generally, full-time employees are more productive than part-timers. However, they tend to cost more. When you have a startup company, it may be a good start with a few part-timers to save up on some costs. At the same time, you will be giving these people a means to earn money while having time for their other responsibilities.
The true key to managing any workforce – whether fully full-time, fully part-time, or a combination – the key is strategic workforce planning. You want your employees to be able to work hard while never overworked at the same time. Do this and you will keep your employees happy and your business growing.