By April Murphy
BenchOn is a sharing economy platform that allows businesses to earn extra revenue by loaning their staff to other companies in need. Created in Australia, the organisation works to ensure that employees don’t lose their jobs due to a lack of funds within their workplace.
The unique business model matches companies to paid opportunities based on their available staff’s qualifications, skill sets and experience. Tim Walmsley, CEO and Co-Founder of BenchOn came up with the idea when working as a business developer in the defence industry.
He realised that the problem of employee underutilisation was two-sided. “Large organisations are frustrated that they do not have a ‘bench’ of high-quality staff ready to respond to short notice tasks from their clients,” he says. The platform is considered as secondment and not relocation.
Since the company was launched in 2016, they have obtained over 100 million dollars’ worth of contracts. Each contract lasting from one day up to three years. BenchOn encompasses over 700 corporate clients including global enterprises and even small businesses.
BenchOn state that there’s a lot more at stake when you lose an employee. Managers also need to consider, turn-over costs, reputational damage, opportunity cost and damage to the company culture.
The employee keeps all accrued leave and tenure. “Feedback given by employees is that they find the change exciting, they value their employer more for their loyalty and appreciate the new skills that they acquired while on the contract,” says Walmsley.
The company is said to provide businesses revenue, when they really need it, create job stability for your employees, stimulate sustainable business growth and address the national talent shortage.
The platform is not for job seekers or employment agencies, but any registered business can take advantage of this opportunity. Industries such as Defence, IT, Mining, Oil & Gas, Professional Services, Telecommunications, Marketing, HR, Education, Health and Construction are supported by BenchOn.
Tim Walmsley says that it is an exciting time for the company. The platform will be released in India this December. In 2020, Tim plans to enter the market in the UK, US, Canada and New Zealand. Plus, companies will soon be able to accept contracts and access their profile all from a mobile app. “We want to re-educate the market that there is a better way than just cutting your staff,” says Tim.