As technology continues to evolve, so do your IT talent needs. Unfortunately, the battle for tech talent is heating up and doesn’t show signs of cooling off anytime soon. Want to win the talent war? Don’t go it alone. Partnering with an IT staffing provider gives you a strategic advantage.
No doubt about it, finding the right talent takes a lot of time, money and resources. Partnering with a staffing provider can not only help save you on all three, it also widens your potential talent pool. This is particularly important when unemployment rates are low which makes finding top talent even more challenging.
Simply put, hiring is a time-consuming process. According to SHRM, it takes organizations an average of 42 days is to fill a given position. Benjamin Franklin famously said, Time is Money! Therefore, your time – rather how you spend it – has a direct impact on the bottom line. Initially, it may seem like doing it yourself is the “best” way to go since it appears to be less expensive. However, in the long run it is typically more expensive when you consider the cost of your time. Partnering with the right staffing provider helps you make the most of your time.
Adjusting employee headcount to match business needs is a necessary part of doing business. However, how you make those adjustments can drastically affect the bottom line. Leveraging a flexible staffing strategy (a mix of full-time and contract workers) allows you to pay for talent only when it’s needed. A staffing provider gives you immediate access to top-quality talent that adapts quickly to the position, the organization and the culture providing greater resource deployment flexibility.
The financial commitment required to hire new talent goes far beyond salary. According to SHRM, the average cost per hire is $4,129, but does vary depending on job level and hiring practices. For example, the recruiting cost per hire for an IT professional is between $9,777 and $19,219. Add in the costs associated with salary, benefits and taxes, hiring a new employee is a significant investment.
However, working with a staffing provider can help reduce both hiring and employment costs. Staffing providers give organizations a predictable cost per hire and contracted employees often fall under the staffing provider’s benefits program. In addition, according to a Harvard Business School survey of CEO’s, the average break-even point for a new hire is about 6.2 months. Since many IT projects last approximately six months, it is more cost effective for organizations to utilize contracted talent for these short-term projects.
Find Talent Fast
Every day a position remains vacant leads to delayed projects, reduced productivity, lost business and ultimately a negative impact on the bottom line. Partnering with a staffing provider significantly speeds up the hiring process by eliminating the time-intensive process of advertising job openings, sorting through stacks of resumes, and screening applicants to find qualified candidates. Typically, a staffing firm will provide you with pre-screened candidates within a few days.
Try Before You Buy
Most staffing providers offer contract to hire options for securing talent. In other words, you bring someone into your organization as a contract employee for a specific amount of time before making an offer for permanent employment. This approach allows you to determine if their skills and personality are a good fit for your organization and reduces the risk of a hiring mismatch.
A Guaranteed Hire
According to Leadership IQ, 46 percent of all new hires fail within 18 months. With all the time, money, and resources associated with hiring and onboarding, missing the mark nearly half the time can be very costly. Most staffing providers offer a guarantee or free replacement on their talent if expectations are not met.
As you can see, partnering with an IT staffing provider gives you several advantages in the battle to secure top technology professionals. Are you ready to experience these benefits for yourself? If so, contact us today to discover how partnering with PSI can help you win the talent war.