How to reduce hiring times and save costs
Hiring is one of the biggest challenges of running a business in 2024. To keep up with the pace of growth demanded by the market, investors and competition, instead of looking to fill positions you’re on a quest for individuals with specific skill sets that match your immediate and strategic needs. Combined with the issue of a shrinking talent pool, you might well struggle to run a hiring process that doesn’t run beyond the desirable timescales and put you at a disadvantage.
Navigating these hiring challenges is not just an operational necessity — it's a critical success factor. This post will explore the main challenges businesses face in the hiring process today and explore how YunoJuno can offer innovative solutions to efficiently bridge the gap between companies and the skilled professionals they need to succeed.
The challenges of prolonged hiring processes
Prolonged hiring times have a substantial negative knock on effect on many different areas of your business.
Delayed projects
Delays in hiring times extend the duration before new talent can contribute to projects, leading to delays in project milestones and the potential for missed deadlines. This domino effect can result in the company falling behind competitors, missing critical market opportunities, and impacting overall business growth.
Overburdened existing teams
In a bid not to fall behind, projects often continue anyway. Under these circumstances, the absence of specialised skills places undue pressure on current employees to fill the gap, often leading them to take on additional responsibilities outside their expertise.
This increased workload risks employee burnout and can significantly lower team morale, impacting productivity and job satisfaction which increases the risk of attrition. It goes without saying that if your efforts to hire are risking employees leaving then you need to do something about it.
Erosion of competitive advantage
The right skills on the right projects are critical for maintaining a competitive edge as they enable organisations to have the agility to quickly adapt to market changes and meet customer demands efficiently.
Having a workforce equipped with the necessary skills and the ability to pivot swiftly ensures that you can capitalise on new opportunities, address challenges effectively, and stay ahead of competitors.
Financial costs
Extended periods of vacancy for specialised roles incur both direct and indirect costs, significantly impacting your business’s bottom line. Costs include lost productivity, as tasks and projects that require specific expertise are delayed or performed suboptimally, affecting service delivery and revenue generation.
Prolonged recruitment efforts also escalate costs related to sourcing, interviewing, and assessing candidates over a more extended period. These efforts also divert existing staff's time and resources away from their main duties, compounding the loss of productivity and increasing operational costs.
Missed opportunities with candidates
During extended hiring processes, candidates, especially those with in-demand skills, may receive and accept other job offers while waiting to hear back from their initial choice. This situation not only narrows the pool of available talent but also forces you to restart the recruitment process, further delaying the filling of critical roles and compounding the challenges associated with prolonged vacancies.
| Aspect | Employee | Independent Contractor |
|---|---|---|
| Control and supervision | Direct control over how, when, and where to work | Freedom to set their own schedules and methods |
| Payment | Regular wages; taxes withheld by employer | Paid per project; responsible for their own taxes |
| Benefits | Health insurance, retirment plans, paid leave | Must arrange their own benefits |
| Termination | Often requires notice and may include severance | Can usually be terminated at any time without benefits |
| Tools and equipment | Provided by the employer | Typically use their own tools |
How to reduce time to hire
With all these risks and more arising from prolonged hiring cycles, it’s clear that you need to have a strategy in place to ensure you minimise the impact.
Hire freelancers to fill skills gaps
Using a freelancer management system offers an ideal solution to streamline the hiring process, significantly reducing the time to hire by connecting your business directly with a curated pool of highly-skilled freelancers. With YunoJuno, for example, you can hire and onboard a freelancer in just 6 hours, compared to the average time to hire in the US of 44 days, that’s a big saving!
Open up to talent on a global scale
One of the main reasons companies find it hard to source talent quickly is that the dearth of prospective employees within the limited talent pool they’re searching in. This problem is compounded when companies only look to hire locally for an in-office role. Opening up to remote work globally can make it significantly easier to find the right person to fill the role.
With direct access to a diverse range of talent across various industries and from over 150 countries, YunoJuno enables you to quickly identify and engage with specialists, reducing the time and complexity traditionally associated with sourcing and hiring the right talent. This approach not only accelerates the hiring process but also ensures a precise match between your project's needs and the freelancer's expertise.
Verify skills before you hire
With skills hiring an important trend in 2024, designing an interview and onboarding process that quickly determines a prospective worker’s suitability for the role can save a lot of time in the long run by ensuring you hire the right person for the role.
YunoJuno can save you time with this with a comprehensive verification process that ensures freelancers meet the precise skill requirements you need, saving you time from filtering through applications and narrowing down a wide field of applicants.
Don’t get caught up in compliance complexities
International contractor compliance is becoming more and more complicated. If you hire contractors, particularly on a global scale, you don’t want to put all your efforts into hiring an individual you later find out is unable to legally work in the role you intended them to, or worse - be fined for non-compliance with local employment laws.
By handling the complexities of global compliance, YunoJuno quickly mitigates the risk of legal issues and ensures that hiring practices are fully compliant with international standards, protecting both your business and the freelancers and contractors you engage with in what is a rapidly changing legal landscape.
Get started with YunoJuno today!
Ready to elevate your hiring process and gain access to elite global talent? Explore YunoJuno’s freelancer management system today and discover how we can support your targeted hiring needs, ensuring your projects stay on track and your business stays ahead.
