One way to survive the labor shortage without compromising on talent and product quality is to hire interim talent. This is especially true when you need top-level leadership and management to get your business through the current turbulent times.
The Great Resignation has made it tough for businesses to fill positions, especially at their higher levels. We already know that it takes nine months to onboard new hires and costs between $8,000 (for employees earning less than $40,000) and $200,000 (for CEOs).
That's why out-of-the-box thinking is necessary to relieve the pain from the current labor shortage. Hiring interim talent is one of the best ways to do this, and here are four reasons why.
America's domestic labor supply chain is broken. One of the main reasons is not in dispute either: an acute shortage of workers. There are 5.5 million more job openings than there are workers available to fill them, according to information from the Labor Department.
In such a constrained hiring market, taking months to fill a position is untenable. Why does it take so long when employees are eager to fill positions and employees can't wait to get started? Here are some of the reasons.
Hiring interim talent removes or minimizes the impact of all these hurdles. Since the ROI of interim talent is in their present value, you are only interested in what they can do, as opposed to what they will become and how they will fit in.
This flexibility is important. It attracts qualified candidates who don't have to persist through long hiring processes or jump through many hurdles. Hiring interim experts is a long-term solution for the current supply chain issues.
Interim talent can get started in as soon as a few days, unlike full-time talent.
Long onboarding processes are meant to acclimatize employees to the company's values and philosophies. But, why is it so important to make employees feel like part of the team? Answer: to maximize retention.
Increased employee retention has many documented benefits. These include decreasing hiring costs, improving skills, and increasing productivity.
Interim talent provides all these benefits without the need for months of onboarding.
Hiring interim talent allows organizations to immediately address constraints. For example, interim talent provides critical leadership and drive during periods of business transformation.
Interim talent also allows you to scale up and down quickly. Due to layoffs during the pandemic, organizations found it very hard to recover without a timely supply of willing candidates. Interim hires provide labor, skills, and leadership on-demand.
Layoffs are a reflex reaction to economic downturns. Basic economics says that cost-cutting is inevitable to keep companies afloat. However, as we are now discovering, recovery becomes that much harder after laying off your most important employees.
Today, the economy is still unpredictable and tough. A recent survey among leaders in the manufacturing industry found that 59 percent of them believe a recession is more likely in the next 12 months due to growing inflation.
With such fears, companies are again looking to take financial action to survive. Hiring interim talent is one way to make sure that you can get the talent you need on demand without the workforce impact of laying off employees.
Interim talent is a cost-effective measure because it is on an as-needed basis. They only get paid for the days they work, with no costs for retention.
Interim talent consists of experts in niche areas. These include management, technology, software development, engineering, and many others. The Great Resignation and layoffs have created skill gaps and a labor shortage in many vital business processes, which interim talent can help fill.
The SHRM estimates that 60 percent of organizations can't find suitable applicants with the right skills. On the other hand, 30 percent of jobseekers think their skills don't match the descriptions on available jobs.
Interim talent allows you to fill skill gaps in many ways, including:
Hiring interim talent is a radical approach to solving labor shortage challenges. The key is to work with a partner who will supply the interim talent you need when you need it.
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