The Great Recession, or so it has been called, has come a long way since the financial sector began to crumble on its rotten foundations in 2008. Through the implementation of various, sometimes massive, stimulus measures by the government federal government, some corporations that faced unstable and uncertain futures have managed to survive and in some cases even prosper. Other companies, some of which had enjoyed tremendous success for decades or more, were unable to weather the storm and have since been forced to close their doors. It goes without saying that the business environment has not been easy in recent years, and for many companies, both large and small, it has been and continues to be an uphill climb. As businesses struggle to survive, thrive, expand, and stay relevant in these uncertain economic times, many face a sobering challenge: How do we continue to implement our initiatives and move forward in these uncertain and unstable economic times?
This question that was posed does not lead to an easy to define answer, however there are some current trends in the business environment that can certainly help in the struggle that companies around the world are facing and will probably face continuously for some time. weather. in the future. One thing is certain and that is that astute companies that are determined to get out of this recession must make solid and tactical investments in their businesses to avoid stagnation. In today’s business world, many companies are afraid to achieve optimal levels of human resources for fear of a double dip in the economy. However, in today’s dynamic world, companies can no longer afford to wait for better times to generate innovation, rather it must be a continuous cycle that drives the company forward. To weather the storm, a growing trend of sophisticated businesses has emerged and has become the go-to solution. The flexible staffing model, which can provide the necessary resources to address initiatives on a temporary, as-needed, or just-in-time basis, enables companies to continue to ride out the storm while maintaining staffing flexibility and operating under a solid and agile structure. when hiring new FTEs is too risky to be a viable option. Below, we examine some of the top reasons to consider the benefits of following a flexible staffing model when advancing your company’s staffing initiatives.
1. Leave it to the experts:
Let’s be honest; Hiring top talent is likely not among your core competencies, nor is it an experience of most employers. Any hiring manager who has ever been tasked with attracting new talent knows that it can often be a surprisingly daunting task. Challenging, frustrating, and extremely time consuming, the interview process can take several full-time weeks, or sometimes even longer, to find the right one for your project. In most cases, her time would be better spent focusing on the core responsibilities required of her career. By doing the recruiting process yourself, your ‘real work’ can start to add up as you interview one mismatched candidate after another; watching the hours go by as another candidate is escorted out of the building and another resume is reviewed for consideration.
Outsourcing this function to experts can not only save you a lot of time, but more importantly, you’ll likely get better results. Companies that offer flexible staffing and augmentation services specialize in this role, have developed advanced recruiting and selection methodologies, and have access to top talent and consultants with real subject matter expertise. Why not consider letting them do the work for you, or at least help them streamline the process so you can focus on what your true core responsibilities are?
2. Seamless transition:
One of the key benefits of using flexible staffing and augmentation services is their ability to provide a seamless transition of talent to a project. Companies offering these services typically provide trained subject matter experts with advanced past performance working on similar projects, with the ability to dive right in and start leading teams, programs, or initiatives for the business. The cost savings on training alone in this case is a huge factor to consider when evaluating all options for leading initiatives in the Great Recession, and should help position the company to emerge from the recession on top.
3. Flexible Staffing Model: The Many Risks of Becoming an FTE
Even today, many corporations, which launched mass layoffs after the onset of the Great Recession, continue to operate well below pre-recession (suboptimal) staffing levels. Unfortunately, this is now beginning to cause increasing levels of stagnation in companies across many industries. Many companies that were forced to undertake radical downsizing measures now do not have enough staff to complete new projects that will get them going. Augmenting your staff with creative and flexible models can serve as a solution to provide the capabilities needed to complete programs and initiatives, while remaining flexible as needs change and projects are completed.
Fear of a double dip makes managers afraid to hire new full-time workers, and for good reason. If forced to make mass layoffs yet again, companies may be forced to pay a heavy price. For one, it can cause a monetary hit in a number of ways. Companies often have to pay severance pay which can be expensive and lead to bad press for job cuts. This can cause a ripple effect by creating fear among shareholders, driving down the share price and ultimately, as a result, the value of the company.
These models provide flexibility and often allow employers to hire consultants and subject matter experts who augment staff for a period limited to the duration of projects or initiatives to completion, eliminating waste and maximizing efficiency, operating with flexibility and significantly limiting risk. .
4. Profitability.
Perhaps the most recognizable of its benefits, the profitability of flexible staffing solutions, should not be overlooked. By adopting a ramp-up model and waiving FTE hiring, the employer does not pay benefits or any other costs associated with hiring full-time workers. In addition, a company that adopts this model will save significant time and money in providing subject matter experts, while forgoing the training, sourcing, and hiring expenses that often come with employers hiring directly and in-house.
5. Conversion option:
A final benefit of using a flexible staffing solution to weather the economic storm is that many companies that offer these services will also offer the option of turning a consultant or subject matter expert into a full-time employee for a fee. So using this model can be a smart, safe, and cost-effective way to try-before-you-buy an employee, bringing the necessary skills to the project, just in time.
Conclution
As described in this article, adopting a staffing solution for your company is becoming a trend in these uncertain economic times, and it is helping savvy companies weather the storm, allowing them to break out of the recession at the top, leaving behind the previous stagnation. competitors who have since lost relevance in this rapidly changing world.
