Even when done right, the hiring process is challenging. Add in a recession, an unstable stock market and skyrocketing inflation rates, and the once challenging task now feels almost impossible. The only certainty right now is uncertainty. Chances are you’ll find yourself in one of three scenarios:
Smooth Sailing: Tons of money in the coffers. Growth is top of mind. Hire. Hire. Hire.
Clouds forming: Can’t tell what is coming so hiring is frozen for now.
Stormy Weather: Austerity measures are needed. Layoffs have happened or are going to happen.
So what do you do when the work has to get done, you implemented a hiring freeze and/or have layoffs looming in the distance? Can business really continue as usual? Take a deep breath, because one of the solutions to the problem is something that is already familiar to you. Contractors and freelancers have been around long before these turbulent economic times. A lifestyle often sought after for better work life balance, workload control and independence, this community of people are likely the answer to your most daunting staffing problems.
Let’s break this down:
- Smooth Sailing: Have Plenty of Capital and Still Hiring and Fast
You find yourself in the lucky position of having plenty of resources and are in need of a lot of hiring. The market is loosening so you have some choices but you know hiringing wrong is expensive. This is where our concept of “Hire Slow, Rent Fast” comes in. Many companies use 10x’s Tech Talent to improve their hiring process by renting high level talent so that they have the runway to take time in finding the right fulltime/long term hire.
Hire Slow, Rent Fast mantra has been a staple in the 10x world for a long time. It’s a simple mantra that saves customers time and money. Everyone knows and can feel the effects of a bad hire but let’s spend a moment exploring this.
Let’s start with how a bad hire can shift the overall culture of the company. It’s easy to look past this when you are in a bind to hire. You may be so vested in a candidate’s experience and technical value, that you completely miss if they will fit in with the culture, plans, mission and values of your company. Hard skills and shared understanding of company culture and values must align in order for a long term hire to be a success.
And then there are the negative financial implications of a bad hire. Like the blog post suggests, a bad hire can cost a company upwards of $800k and the company can continue to feel the ripple effects of that bad hire long after that employee is gone. The Undercover Recruiter also concludes 10% of all sales opportunities are lost, when you hire the wrong person. So this person is not only costing you a lot of money for compensation, benefits, onboarding and training, but is also causing a loss in new business.
So, how do you make sure you hire the right person? Well the trick is not to rush and take your time. With the candidate pool growing and the choices increasing, it can take a lot of time to sift through and find the right person. But the longer you take to sort it all out, the longer the job sits undone. Business has to get going again, so you should employ the second part of the mantra, Rent Fast. With the help of 10x, you have fast and reliable choices that can get the job going again. No project is too short or long, big or small, for our 10xers to tackle. So when you’re still figuring out if your full time candidate is right or not, you have a 10xer to help you out in the meantime.
- Clouds Forming: Hiring Freeze and Everything in Murky
You may be thinking, wow these trying economic times have hit me and my company hard. We have to stop the hiring process and pause our full time candidate search. Don’t panic, because you’re not alone. Many major tech companies are in a place where they need to implement a hiring freeze. Once again, you’re in a position where you need to get the work done, but are not able to bring on the right long term hires at the moment.
The beauty and effortlessness of working with contractors is that they can come aboard and help at any stage of the process. So if you need a fast solution to solve your product design needs or software troubles, but a hiring freeze has been implemented, now is the time to think of using a freelancer. They can be onboarded quickly, with less friction and greater ease. Keep them around to help with lingering issues or get the job done and move back towards your full time search, these contractors and freelancers are very adaptable and flexible to whatever your needs are.
- Stormy Weather: Austerity is needed. Layoffs are happening/happened
But maybe you’re in an even harder position, you need to make tough decisions and layoff some of your existing staff. We recognize this is a position no one wants to be in. Unsure of what the future brings, but knowing you have to say goodbye to some great talent. Often rocking overall team morale and shifting culture, layoffs are not great but sometimes necessary. Likely happening at an inopportune time, layoffs can lead projects to a screeching halt.
Maintaining momentum through layoffs is challenging, but important. Layoffs often place more workload on existing employees, causing burnout and resentment. But it doesn’t necessarily have to be that way. Hiring freelancers to fill in the gaps after layoffs can prove to be very beneficial for business growth. According to Talentdesk, outsourcing tasks and projects to freelancers will free up staff time and give the company space to dive deeper into how goals are achieved; giving existing employees the right environment to help the business succeed. The freelancers also can teach and train employees with new skills and techniques, which will have lasting effects.
So what do you do when you have to lay off a key player on your team? Again this is where 10x can help. Our high level, vigorously vetted, tech professionals are on the ready to jump in where needed. Because we represent the best of the best, our 10xers won’t need a lot of time to be brought up to speed. And with the majority of our roster having worked on prior projects with all sorts of teams, they will be able to work alongside your existing staff and help get the job done.
Saying these times are tough is a bit of an understatement. And if you’re trying to run a business, these times feel even tougher. But I’m here to say there is hope. No matter what the state of the world, freelancers and contractors are a high quality solution. And 10x represents an eager, talented group of professionals ready to tackle your most complex and demanding tech needs.