Why You Need to Maintain Your Budgets

Why You Need to Maintain Your Budgets

Although last year brought with it a fair amount of economic uncertainty, with some industries impacted more than others, there are sectors that have continued to do well and businesses who are experiencing success like never before. Take for example, the atmospheric rise of tech firms like Amazon and Zoom, and the explosion of the e-commerce industry.

Covid-19 dramatically accelerated digitalization, so it is no surprise that LinkedIn reported that tech talent continues to be a hot commodity. LinkedIn reported that recruitment for technical roles such as Oracle Specialists, User Interface Designers, Cloud Engineers and many more, saw a big increase in demand last year. Technology continues to play a big part in ongoing business success, not just in the tech sector but also where companies from different industries are viewing technology as an essential business need. During times such as these, it might be tempting for companies to cut budgets when it comes to hiring, but it is important that you maintain your hiring budgets and put yourself in a position for long term business success.

In this article, we take a deeper look into 3 key reasons to avoid budget cuts when it comes to hiring:

The Quality of Your Candidate
Top quality candidates contribute to your business in several ways, some tangible, and others are not so much, but no less important. The best candidates are highly skilled professionals who are stars of productivity; they are efficient and effective at their jobs and repeatedly deliver.

When you hire right, you hire an asset, an industry specialist to deliver on your business objectives. An investment for the long term that quickly pays back in spades. Reducing budgets for the same skill set previously required due to current market conditions may affect overall business performance and lead to increased costs further down the line.

Experienced professionals are in greater demand than pre-COVID-19 and finding the right talent has never been more critical. By 2030, demand for skilled workers will outstrip supply resulting in a global talent shortage of more than 85 million people. The war for talent rages on.

The Price You Pay
We know that talented candidates can come costly. However, finding yourself the right talent for your complex projects is vital to the success and completion of the task at hand.

Experience delivers and you need to keep your business objectives front of mind and ensure you continue to recruit the quality of talent that meets your needs. Do not sacrifice skill and experience for low budget.

Your Long-Term View
It is also important you think about the long term. Lowering budgets and hiring a “quick fix” and you could find yourself feeling the effects for a long time, or even needing to re-hire again within a short period of time because things did not work out.

By continuing to invest in your future workforce, recognising employees as the key assets they are and by maintaining your hiring budgets you ensure that you get the quality hire you deserve. Kick back while you reap the benefits and watch project after project over deliver on expectations.

So, the real question is not “can you afford to maintain your hiring budgets?” but rather, “can you afford NOT to?”

Monroe Consulting Group offers creative solutions to workforce challenges and has partnered with various multinational and local companies to cultivate careers and build businesses across all industries, including consumer goods, health, industrial, professional and technology. Contact us today: Monroe Consulting Group Offices

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