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.