In August 2021 Finfeed changed from a website that covered ASX listed news to a website
that covered a select range of ASX
listed small cap Biotech stocks that we are personally invested in: find out more.
The old Finfeed website, and all of the old articles are kept here for record keeping purposes.VISIT NEW SITE
A thousand new full-time jobs by next year?
2 minute read
An innovative approach to corporate collaboration and talent sharing is showing the way for businesses to create jobs, according to one Australian company.
By “loaning out” or sub-contracting under-utilised staff to work with other businesses during quiet periods but still retaining their services for the next big contract, companies are saving enough cash flow to allow them to hire new talent.
“Business is always being urged to create new jobs but they’re held back by inconsistent contracts and insufficient cash flow to cover salaries,” said BenchOn CEO Tim Walmsley.
“So, you have the hard-to-sustain situation of valuable staff sitting on the bench waiting for the next contract. It is a waste of talent and a huge drain on the company’s resources,” said Walmsley.
Global employee under-utilisation has been put at a rate of 27% by SPI Research. With an average salary of $86,000, a company with 100 staff is losing approximately $2.3 million each year in under-utilisation costs. This money could be better spent creating up to 23 new jobs.
“The solution is to release that talent to support other companies until their services are needed. It is a win-win situation for both businesses and employees and good for the country.”
So convinced is Walmsley of this breakthrough arrangement he is challenging Australian businesses to create 1,000 new full-time jobs over the next 12 months.
Through research and modelling, BenchOn has devised a pledge model which directly addresses businesses greatest concerns, empowers them to work collaboratively and to grow their business sustainably.
The pledge provides businesses with contracts to fill the gaps in their forecasts, increasing their cash-flow and creating new jobs. For every $100,000 a company saves in cash flow, the 1,000 Jobs Pledge will tally up one new full-time job.
“It’s a measure of increased cash-flow in small to medium businesses which sets the conditions for new job creation,” Walmsley said.
The 1,000 Jobs Pledge requires enterprises to place their short-term contracts through the BenchOn platform, with the largest job creator each month being publically acknowledged and the biggest annual job creator to be announced at the BenchOn 2018 Awards night.
In only three days 48 companies have made the pledge to support small business growth, including Logistic Engineering Services, Anywise Consulting and SoftWareHouse, with the number growing each day.
“It’s free to pledge. There is nothing to lose and industry has everything to gain,” said Walmsley. “Collaboratively, we can make new jobs a reality rather than just talking about it.”
To join the BenchOn 1,000 Jobs Pledge visit www.benchon.com.au/1000-jobs-pledge/