Let’s be honest, there are more jobs than qualified accounting, finance, and IT professionals seeking advancement opportunities right now. We are officially in a talent dearth and given recent national and local economic trends, we can only anticipate the issue continuing to be a hurdle for hiring manager and employers. Over the past few months, we have spoken with several fellow recruiters, both agencies and internal corporate recruiters, as well as hiring managers all are experiencing the same frustrations. Given the increased competition for qualified talent, counter-offers and, multiple offers are now commonplace. Employers are also witnessing candidates accepting offers from competitors before they have a chance to get the through their hiring process which is causing, requisitions to stay open way longer than the hiring manager’s feel comfortable with.
On average, a talent search lasts between 2 and 3 months. From the moment an employee puts in their two weeks’ notice through the final stages of the hiring process, most hiring manager’s struggle to keep up with the responsibilities associated with the open role. Generally speaking responsibilities are temporarily assigned to other team members, but managers continuously worry about burning out their staff. After 10 years in contract recruiting and consulting, I’ve often asked hiring managers why they don’t utilize a consultant to help fill the gap. Their typical response?
- “We are just going to shift work around until we hire.”
- “Our industry, system and processes are too complicated to bring in a consultant or temporary employee.”
- “XYZ Company doesn’t’t use consultants.”
Although I can understand why employers are nervous to bring in temporary employees or consultants, I challenge them to answer the following question, “Do any of these reasons justify losing another employee to burnout?” Statistics show it can cost 2-3 times an employees salary to replace them due to lost production, acquiring talent, onboarding, and training. Oftentimes these costs are overlooked or simply rolled into the administrative burning of day to day operations. The fact remains that the cost associated with losing an employee is oftentimes greater than the costs associated with potentially leveraging temporary support.