The rise (and somewhat fall) of remote and hybrid working.
The growth of cloud computing.
An intensified focus on data security.
The acceleration of artificial intelligence (AI).
The world is always changing, especially from a technology standpoint—and it’s spinning faster than ever. In fact, the COVID-19 pandemic accelerated the adoption of digital technologies by three to four years.
In a world marked by change, uncertainty is the only certainty and technology and IT companies must be ready to respond on a dime. That includes how they recruit and hire top talent. In 2023 and beyond, agile hire will no longer be a nice-to-have tactic. It’ll be a necessity.
3 Benefits of Agile Hiring for Technology and IT Companies
Flexibility in Scaling Operations
The technology and IT landscapes are constantly in flux, forcing companies to pivot quickly to keep pace, stay competitive, and seize opportunities.
Consider the rise of AI. With the global AI market expected to grow at a compound annual growth rate (CAGR) of more than 37% between now and 2030, companies will look to introduce the future-facing technology into their product or operation. For example, Grammarly recently introduced GrammarlyGO, an end-to-end AI writing assistance that helps you generate text and provides revision suggestions.
We don’t know how much AI expertise Grammarly had on staff before developing and launching GrammarlyGo, but imagine if the answer was none. They’d have to quickly pivot their hiring strategy, identify candidates with these skill sets, and bring them up to speed—or risk their competitor’s moving first.
2. Faster Employee Onboarding and Shorter Time-to-Value (TTV)
First come, first serve isn’t typically a saying tied to the tech industry, but it does apply to an extent. The industry is primarily a game of speed. The company that brings a product or feature to the market first often establishes itself and maintains footing for the long haul—assuming they do it right.
While much of the technology world’s speed relies on investments and capital, employees also play a big part, but they need to deliver value as soon as they’re hired.
Unfortunately, the average onboarding time is long, and most technology and IT companies take weeks, sometimes months, to get new hires to a point where they’re delivering value to the company. That’s slowing the company’s advancement and costing them money and missed opportunities.
Agile hiring prioritizes speed, but it also shines a spotlight on the candidate’s fit to ensure the new hire is technically sound but also capable of getting the ball rolling in a new and fast-paced environment. This speed helps companies keep pace, minimize disruption, and ensure they deliver value to their customers.
3. Cost-Effectiveness
While hiring the best talent is essential and often comes with a higher price tag, technology and IT companies still need to be wary of their overhead costs amid the uncertain economy. The average cost of a bad hire is still up to 30% of the employee’s first-year earnings. Agile hiring prioritizes fit just as much as speed, meaning companies can hire with confidence knowing the new hires will work out.
On top of that, agile hiring practices give technology and IT companies the flexibility to scale up and down based on requirements and market conditions, allowing them to remain lean and reduce overhead costs.
Agile hiring strategies can also include elements of project-based work, meaning that companies don’t have to maintain a large full-time workforce tied to larger compensation packages. Instead, they can hire on a project-by-project basis with specific skill sets and immediate needs in mind.
Reducing Risk with Agile Hiring
Risk mitigation is paramount in an uncertain economy and technology and IT companies need to do everything in their power to protect themselves from what’s to come.
Agile hiring does that by introducing flexibility into the workforce and giving companies access to talent with diverse skill sets that help them be resilient in the face of uncertainty.
Want to learn more about how Wellington Steele & Associates can help you remain agile and make smart hiring decisions in today’s—and tomorrow’s—uncertain economy? Reach out today.