Budgets are a part of life for any company. Regardless of economic booms or busts, a smart company knows how it’s spending its money and bases decisions on realistic numbers.
At the same time, a good leader knows that the financial cost is only one of the factors that determines value. Harvard Business Review identifies 30 elements that don’t carry a price tag, but influence value because they meet needs, such as saving time or reducing anxiety. This value contributes in real ways to a company’s bottom line.
That’s why it’s not always the best idea to cut costs in the short term by paying fewer salaries. Workers are a company’s greatest asset because they contribute to many elements of value, such as product innovation and customer loyalty. The cost of layoffs may be more significant than the long-term benefits. Not only are there severance and employee exit considerations, but the impact on morale can lead to lower productivity. You keep your competitive edge with the right people on your team.
When you’re making hiring decisions during a season of financial uncertainty, it makes sense to work with a tech recruiter. Tech recruiters are experts, and experts add value.
As a rule of thumb, you’ll invest 10,000 hours to become an expert in any given skill – that’s 20 hours of work a week for 10 years. It’s easy to underestimate the value of expertise because this level of focus and commitment is difficult to conceptualize.
The classic illustration is the story of Pablo Picasso. Although details are *sketchy* (it’s an internet Urban Legend, after all!) Picasso was once approached by an admirer, who begged him to sketch something on her napkin. Picasso obliged. When he gave the napkin back to her, he asked for a million francs. The woman was shocked and asked why he felt justified to charge such a high price for a drawing that took him only five minutes to complete. “No,” Picasso replied, “It took me 40 years to draw this in five minutes.”
Like watching Picasso whipping up a masterpiece, tech recruiting isn’t as easy as it looks. Working with an expert can save you valuable time and money.
1. An open position costs money.
When the tasks of an open position aren’t getting done, other team members compensate by taking up the slack. This takes time away from the jobs that they’re responsible for. Morale takes a hit and increases the probability of burnout.
A tech recruiter has the resources to tackle the tough recruiting situations to fill the role with a solid fit. This also frees up your time, so you can focus on the leadership responsibilities that you’re not able to delegate.
2. A tech recruiter knows how to streamline the hiring processes.
It’s a balance of being thorough, yet efficient- from sourcing to onboarding.
They have access to passive candidates that aren’t looking at job postings. 73% of candidates consider themselves to be passive job seekers. Often, top talent isn’t looking to switch roles, but they’re willing to transition for the right opportunity.
They invest in technology to streamline the recruiting steps that can be automated, such as filtering applicants. This frees up time to invest in the steps that require human relationships, such as the interviews.
They outline the interview process to best meet the needs of the company. If the process is too long, candidates may drop out of the process or get snatched by a competitor. If the process is too short, you may not have enough information to determine whether the candidate is a good fit regarding skill set, personality, and corporate culture.
A good recruiter understands the nuances of the tech industry. This includes the technical skill set necessary to fill a role, and competitive comp packages and salary ranges.
3. RecruitGyan takes a holistic approach to hiring, so that your company is structured to attract top talent and keep the right people in the right roles.
Our Compass Leadership Method aligns key decision makers to your company’s mission and values. From there, we facilitate the creation of a strategic hiring plan that will allow you to best pursue your vision. We prioritize the order in which hiring decisions need to be made. We also look for places where current job descriptions can be restructured, to avoid the necessity of a new hire.
The hiring process starts with connecting with potential candidates. A savvy candidate will do their research before responding to an outreach. Our First Impression System ensures that your website, LinkedIn business page, job description, and all candidate touch points are designed to attract top talent and are in sync with your company’s mission and vision.
Retention is the main goal of the hiring process. Candidates stick when they’re a good fit for your company culture. Our Cohesive Culture Method helps you find candidates who are the perfect fit on paper and in the role. Your culture is modeled by the way you relate to applicants and make decisions. Prioritizing a good cultural fit throughout the process cuts down on irrelevant resumes, early dropouts, and time-consuming interviews.
Sometimes slow and steady wins the race. When things are slow, invest time and money in the things that will keep your business steady. Your people are your best bet.
