As an IT leader in your organization, you are directly tied to the production and quality of the talent on your team. You cannot do it all yourself. Making sure your hiring process is as agile and innovative as the product you bring to market, helps you stay ahead of your competition. You could be doing everything right, offering:
Training and Continued Education
Remote work and flexible hours
Growth and more responsibility
401K matching and stock options
Recognition programs with quarterly awards
New and disruptive technologies
So how could you possibly lose out on talent to the other guys? Because you let them beat you to it.
Creating a sense of urgency in your hiring process is imperative to winning the battle for top talent and reducing your cost of vacancy. Cost of vacancy? Did you just make that up? Essentially Cost of Vacancy refers to the lost revenue a company experiences while a position goes unfilled. For every week that a seat remains open, your productivity loss could reach tens of thousands of dollars.
You can supplement that loss with consulting or contracting fees, but those costs build up as well. So what do you have in place to quickly backfill or upgrade your talent?
1. Job description ready to go public the day a job requisition has been approved
2. Trusted internal and external partners with a proven record, tech knowledge, and network to hit the ground running
3. Established interview and assessment process that you are committed to and that the organization backs 100%
4. Condensed timeline. With the average candidate being on the market for approximately two weeks, you have to be efficient
5. Understanding that a positive candidate experience does wonders for your reputation and ability to hire now and into the future
6. Ability to put your best offer first. Talented candidates have multiple offers and will not tolerate a long negotiation process
The reality of being a Manager of people in the tech space is that those people will inevitably leave. Even with the best culture and employee engagement platform, no company has a 100% retention rate. If you truly believe people are your #1 asset, then make it your #1 goal in 2020 to keep the “NO” on.
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Interested in our Talent Solutions services? Contact Michael Whaley here.